Useful Life
An accounting estimate of the number of years it is likely for an asset to remain in service for the purpose of cost-effective revenue generation.
An investment agreement offered by financial institutions (e.g., banks or insurance companies) which pays a stated rate of return on invested Bond proceeds for a stated term. In order to establish the fair market value of a Guaranteed Investment Contract for purposes of meeting the requirements under the Code and Treasury Regulations for Tax-Exempt Bonds, bids must be sought for Guaranteed Investment Contracts.
An accounting estimate of the number of years it is likely for an asset to remain in service for the purpose of cost-effective revenue generation.