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.
bond-basics
Guaranteed Investment Contract (GIC)
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.
