Glossary

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Unconditional Promise To Give

A promise to give that depends only on passage of time or demand by the promise for performance.

Unearned Income

Income received by an organization for which no service or good is given. Normally this refers to charitable donations made by foundations, government, corporations, or individuals.

Universal Commercial Code (UCC) Filing

The public recording of the security interest held by the lender in association with a debt obligation. The UCC filing helps to secure the loan and establish the payment priority of the creditor, as well as specify the collateral.

Unrealized Gain/Loss

Gain or loss that has not become actual. It becomes actual when the asset in which there is a gain or loss is actually sold. Also called a paper gain or loss.

Unrelated Business Taxable Income (UBTI)

Gross income from any unrelated trade or business, as defined in Section 512(a) of the Code.

Unrestricted Net Assets

The part of net assets of an organization that is neither permanently restricted nor temporarily restricted by donor-imposed stipulations.

Unrestricted Support

Revenues or gains from contributions that are not restricted by donors.

Unsecured Loan

A loan issued and supported by the borrower's creditworthiness and not secured by corresponding collateral. As an example, a foundation having a longstanding relationship with a grantee, having done satisfactory due diligence, and having documented justification, terms and a clear repayment plan may find it appropriate to issue an unsecured loan to the nonprofit.

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