Assets, property or funds bestowed upon an individual or institution for a specific purpose.

For endowment, think charitable gifts that serve a productive use.

The classic example of an endowment is a fund put together by university alum to help fund their alma-mater. The university invests or makes use of the endowment to such that a regular income is earned for the school.

But endowments may be even more directed, funding a specific project or program. For example a fund to construct a new hospital wing, or an ongoing endowment to fund continued economic research.