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Development Budget

The projection of costs to develop a real estate project. Covers the planning, acquisition and construction period, until the project is sold or rented up.

Development Impact Bond

To provide public services in developing countries, development impact bonds are an adaptation of social impact bonds--money from investors is channeled to local public and private service providers. If they achieve set results, the government and donors repay the investors plus a financial return linked to performance.


A pro rata distribution of a company's earnings, with amounts determined by the terms associated with the particular class of the investor.

Donor-Advised Fund

A donor-advised fund is a separately identified fund or account maintained and operated by a public charity exempt from tax under Code Section 501(c)(3) (the sponsoring organization). It is a vehicle that gives donors the opportunity to contribute to a charitable organization on a tax-deductible basis, enjoy philanthropic rewards in an advisory capacity, and limit personal administrative responsibility. 

Donor-Imposed Condition

A donor stipulation that specifies a future and uncertain event whose occurrence or failure to occur gives the promisor a right of return of the assets it has transferred or releases the promisor from its obligation to transfer its assets.

Donor-Imposed Restriction

A donor stipulation that specifies a use for the contributed asset that is more specific than broad limits resulting from the nature of the organization, the environment in which it operates, and the purposes specified in its articles of incorporation or bylaws or comparable documents for an unincorporated association. A restriction on an organization's use of the asset contributed may be temporary or permanent. The Uniform Prudent Management of Institutional Funds Act of most states governs compliance with donor-imposed restrictions. Note that donor-imposed restrictions may affect donor's deductibility of the gift. 

Double Bottom Line (DBL) Investments

Investments that deliver both risk-adjusted market-rate financial returns and social and/or environmental impact.

Due Diligence

An in-depth process of evaluating the opportunities and risks of a particular investment, including the careful confirmation of all critical assumptions and facts presented by a borrower. This includes verifying sources of income, accuracy of financial statements, value of assets that will serve as collateral, the tax status of the borrower, and other material legal and financial information.

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