Michigan Laws 18.1403 – Definitions; I to R
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(1) “Imprest cash” means an account with the state treasurer into which a fixed amount of money is placed for the purpose of minor or emergency disbursements.
(2) “Indirect cost” means an amount which is received from the federal government relative to administering an award, contract, or grant made by the federal government.
Terms Used In Michigan Laws 18.1403
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(3) “Operating fund” means a fund in which the revenues and expenditures are subject to appropriation control.
(4) “Petty cash” means a sum of money set aside on an imprest basis for the purpose of making change or paying small obligations.
(5) “Receipt” means payment received.