The designation, in writing by a donor, of a person to be assigned the rights and duties associated with the donor's account at the Charitable Gift Fund upon the donor's death. Successors are eligible only after the deaths of all donors named on the account. The donor designates an individual as the successor, or the donor may choose to recommend that one or more charitable organizations receive the proceeds of any remaining units in the account upon the donor's death. A nonprofit organization which, because it engages in charitable activities, does not have to pay state or federal taxes. An organization must apply to both the IRS and its state Attorney General's office to receive tax-exempt status.
Trustees are responsible for setting foundation policy and making fund decisions.
Special appreciation is extended to The Donors Forum of Chicago, Judith Pickford, The Council on Foundations, The Foundation Center, and The Associated Grantmakers of Massachusetts for their definitions of many of these terms.