SPLIT-INTEREST AGREEMENT Definition

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SPLIT-INTEREST AGREEMENT, in not-for-profits, is a contribution to the institution in which the institution must share the investment income/benefits with the donor and other beneficiaries if designated.

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BIFURCATED generally means to be divided into or made up of two parts. In accounting an example would be: to split the cash account in the accounting records into two accounts, cash - principal and cash - income.

PMSI is Purchase-Money Security Interest; it is normally a lien resulting from a purchase, e.g. an auto loan.

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