The Collaborative International Dictionary of English v.0.48:

Liberality \Lib`er*al"i*ty\ (-[a^]l"[i^]*t[y^]), n.; pl.
   Liberalities (-t[i^]z). [L. liberalitas: cf. F.
   lib['e]ralit['e].]
   1. The quality or state of being liberal; liberal disposition
      or practice; freedom from narrowness or prejudice;
      generosity; candor; charity.
      [1913 Webster]

            That liberality is but cast away
            Which makes us borrow what we can not pay. --Denham.
      [1913 Webster]

   2. A gift; a gratuity; -- sometimes in the plural; as, a
      prudent man is not impoverished by his liberalities.
      [1913 Webster]

WordNet (r) 3.0 (2006):

liberality
    n 1: an inclination to favor progress and individual freedom
         [syn: liberality, liberalness]
    2: the trait of being generous in behavior and temperament [syn:
       liberality, liberalness] [ant: illiberality]