Julep’s Nonprofit Glossary

-W-

Welfare: The state of doing well; governmental aid to help the disabled or disadvantaged.

Wills: Normally a legally executed written instrument by which a person makes disposition of his or her property to take effect after death.

• Holographic will: A will written and signed by the testator or maker in his or her own hand.

• Nuncupative will: An oral will made by a person in his or her last illness or extremity before a witness, often not honored in a court of law.

• Pour-over will: A will whereby assets controlled by the will are directed to be poured over into a trust.

• Reciprocal wills: Wills made by two persons in which each leave everything to the other.

Women’s Funds: A focused fund or foundation that builds women’s philanthropic leadership and raises financial resources and focuses its grantmaking on projects that benefit women and girls.

Working Capital: The portion of an organization’s assets which is not invested in fixed assets or obligated to pay current liabilities but is available to fund day to day working needs.