These words denote something given freely to a person, group or institution for use or pleasure. Present and gift are the most general words, and they are applied to anything, large or small, material or non-material, that is given without expectation of return or compensation. Present and gift may be used interchangeably to denote things bestowed upon another: a birthday present ; a Christmas gift . However, present is a less formal word than gift and is more likely to be applied to things of nominal cost, while gift may suggest a donation of considerable value.

• Each child brought a present to the teacher; The foundation made a gift of a million dollars to the university.

An admirable quality or talent which seems to have been bestowed miraculously by nature is also called a gift , but never a present : the gift of prophecy; a gift for writing poetry.

Largess is a somewhat pompous word for a bountiful gift conferred in an ostentatious manner, often among many recipients. The word hints at condescension on the part of the giver and is often used ironically: an indifferent salesman who received orders through the largess of his wealthy uncle; the poor who live on the largess of public assistance.

A grant is a gift of money or its equivalent to a person or an institution to enable the recipient to accomplish a specific end: a grant to a scholar to do research; a grant to a university to purchase a computer. Grants commonly involve considerable sums and are often given by public authority: a grant of land to establish an agricultural college.

A bonus is something paid or given in addition to what is usual or stipulated. An employer may give his staff a cash bonus at the end of the year, or he may reward a particularly valued employee with a bonus of an extra week’s holiday. A bonus is also a grant , as of money or insurance, to citizens who have rendered military service.

Gratuity and tip both imply an unspecified sum of money given voluntarily in return for a service or the expectation of special attention. Gratuity is the more formal word and points to a more substantial gift than does tip : a tip to a waiter or porter; a gratuity on retiring from the firm he had served faithfully for 30 years.