Definitions

Section 540 Section 540.20  Definitions Act – Public Act 83-1349, effective September 8, 1984 (Ill. Rev. Stat. 1984 Supp., ch. 127, par. 46.19a), which creates the Technology Innovation and Commercialization Program. Application – A request for program funds including the required statistical and narrative information and attachments. Department – The Illinois Department of Commerce and Community Affairs. Financial Aid – Grant to business wherein the Department requires repayment. Grant – Funds provided from the Department through this program. Grant Award – Contractual agreement between the Department and recipient, which includes the scope of work to be provided, the budget, and all terms and conditions of the contact. Nonexpendable Personal Property – Tangible personal property having a useful life of more than one year and an acquisition cost of $300 or more per unit. Program – The Technology Commercialization Grant-In-Aid Program. Program Income – Earnings by the recipient realized from grant supported activities. Project – An activity or activities funded under this program. Recipient – Any eligible applicant receiving funds under this program.