Glossary – G to K

G

Grant

A transfer payment to an individual or organization that is not subject to being accounted for or audited. Eligibility and entitlement for a grant may be verified or the recipient may need to meet pre-conditions. However, the government does not expect to receive any goods or services directly in return, to be repaid, or to receive a financial return, if the individual or organization meets all eligibility or other entitlement requirements. ABC does not issue grants.

I

Incorporation

The act of forming a legal corporation.

Incremental revenues

Revenues resulting from the implementation of a specific project or initiative.

Infrastructure development

A service or other activity that provides a framework for the establishment, acquisition, modernization or expansion of one of more commercial operations and may include construction of access roads, power lines, sewers, water and ancillary or incremental waste treatment or other similar activities, but does not include the cost of land or community infrastructure development.

In-kind contributions

Goods or services offered in a form other than cash.

Innovation

As defined within the context of the ABC program, innovation represents a significant change in the operation of a business and an improvement in profitability. It must be something new, and ideally, be a change that helps meet or exceed industry standards.

Intangible asset

See non-cash asset

.

J

Joint venture

A business relationship between two parties to undertake economic activity together. All parties agree to share in the profits and losses of the enterprise.