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December 23, 1990
What Are the Default, Include, and Omit Selections?

For each lot in GiftVal, you can specify if payments are explicitly included with the gift, explicitly omitted from the gift, or if they are included or omitted according to the default behavior of the software.

"Payments" encompasses any accrual or principal of the security that isn't innately tied to its price: Dividends and accruals and mortgaged-backed principal and so on.

The "default behavior" is what EVP Systems considers the right thing to do, for any given circumstance. For instance, if a dividend is "of-record" when the gift is made, the default behavior will omit the payment, as the giftor (as the owner on the record date) will receive the payment, instead of the recipient of the gift. Partial accruals, by default, are included in the gift, as the recipient will receive that money -- along with the rest of the accrued coupon -- when the accrual period completes and a payment is made.

To change this behavior, simply change the drop-down to the explicit action you want for the lot. Or leave it and let GiftVal manage the process.