Terms Used In South Carolina Code > Title 59 > Chapter 69 - School Funds Generally

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bequest: Property gifted by will.
• Conviction: A judgement of guilt against a criminal defendant.
• Devise: To gift property by will.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Oath: A promise to tell the truth.
• Personal property: All property that is not real property.
• Trustee: A person or institution holding and administering property in trust.