Michigan Laws 206.1067 – Interest, earnings, and gifts; expenditures
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Terms Used In Michigan Laws 206.1067
- 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
- Fund: means the Kiwanis fund created in section 5. See Michigan Laws 206.1063
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(1) The money, interest, and earnings of the fund shall be expended solely for the purposes described in this act.
(2) Money granted or received as a gift or donation to the fund is available for distribution upon appropriation to each county from which a contribution, gift, or donation was received.