The Collaborative International Dictionary of English v.0.48:

Donee \Do*nee"\, n. [OF. don['e], F. donn['e], p. p. See the
   preceding word.]
   1. The person to whom a gift or donation is made.
      [1913 Webster]

   2. (Law) Anciently, one to whom lands were given; in later
      use, one to whom lands and tenements are given in tail; in
      modern use, one on whom a power is conferred for
      execution; -- sometimes called the appointor.
      [1913 Webster]

WordNet (r) 3.0 (2006):

donee
    n 1: the recipient of funds or other benefits [syn:
         beneficiary, donee]