endowment n1 : the act or process of endowing
2 : a result or product of endowing: as
a : the income of an institution derived from donations [the university's ability to attract ]
b : the property (as a fund) donated to an institution or organization that is invested and producing income [an to maintain the gallery]
3 : an endowed organization or institution
: foundation [chairwoman of the state's arts ]
4 : endowment insurance
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.