EQUITY INSTRUMENT covers any share (or part thereof) in the equity share capital of a company (or a comparable member's interest in a close corporation). The term also includes share options and any other financial instrument convertible into a share (such as a convertible debenture).
TERM ENDOWMENT are endowments with time restrictions required by the donor such as a restriction that the income from the endowment may not be utilized until a future period or a specific date for condition is met.
PHANTOM PROFIT is hypothetical profit, i.e., no cash flow is generated. Appreciation on any asset, e.g. stock, is considered phantom profit unless or until the asset is sold, thereby generating cash flow.
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