GLOSSARY:

CHARTER BOARD MEMBERS - any of the founders or original members of an organization, esp. an organization with a charter.

CORPUS - the principal of an estate or trust. Corpus can also refer to the principal of a bond.

EMERITUS BOARD MEMBERS - someone who once held a position or office and who, although not required, can keep his title.

FAMILY EDUCATIONAL RIGHTS & PRIVACY ACT (FERPA) – is a federal law that affords parents the right to have access to their children’s education records, the right to seek to have the records amended, and the right to have some control over the disclosure of personally identifiable information from the education records. When a student turns 18 years old, or enters a postsecondary institution at any age, the rights under FERPA transfer from the parents to the student (“eligible student”).

FOUNDATION – an entity controlled by members of a family or by a small group of individuals, and derives much of its support from a small number of sources and from investment income. Because they are less open to public scrutiny, private foundations are subject to various operating restrictions and to excise taxes for failure to comply with those restrictions.

PRINCIPAL - a sum of money or capital that can earn interest.

MEMORANDUM OF UNDERSTANDING (MOU) - an agreement between two or more parties outlined in a formal document.

RESTRICTED FUND - are monies set aside for a particular purpose as a result of designated giving. They are permanently restricted to that purpose and cannot be used for other expenses of the nonprofit.

UNRESTRICTED FUND - are monies that may be used for any legal purpose appropriate to the organization.

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