Michigan Administrative Code
Department - Agriculture and Rural Development
Executive Division
RegulationNo 351 - Julian-Stille Value-Added Agricultural Development Fund
Part 1 - GENERAL PROVISIONS
Section R. 285.351 - Definitions

Universal Citation: MI Admin Code R. 285.351

Current through Vol. 24-16, September 15, 2024

Rule 1.

(1) As used in these rules:

(a) "Act" means sections 1 and 2 of 2000 PA322, MCL 285.301 and 285.302.

(b) "Applicant" means any 1 of the following entities that does, or applies to do, value-added agricultural processing or related agricultural production operations, or both, in the state of Michigan:
(i) An individual.

(ii) A farmer-owned cooperative.

(iii) A partnership.

(iv) A limited liability company.

(v) A private or public corporation.

(vi) A local unit of government.

(vii) A producer-funded commodity organization that is legislatively authorized in Michigan.

(c) "Application instructions" means the document issued by the department to applicants that describes information required to participate in the agricultural development fund program in the given state fiscal year.

(d) "Business plan" means the documents that define the business, identify the goals, and serve as the firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis.

(e) "Department" means the Michigan department of agriculture.

(f) "Director" means the director of the department or his or her designee.

(g) "Feasibility study" means a written study document that consists of an expert analysis of all of the following elements of the proposed venture:
(i) Economic feasibility.

(ii) Market feasibility.

(iii) Technical feasibility.

(iv) Financial feasibility.

(v) Management feasibility.

(h) "Grantee" means any applicant to whom the director has awarded a grant from the agricultural development fund on the project proposal.

(i) "Job" means a direct employment position with the grantee created or retained as a result of the completion of the project and expressed in terms of a full-time equivalent as defined by the United States department of labor.

(j) "Public notification" means 1 or more press releases sent to appropriate Michigan news media outlets and a public posting on the department's web site.

(k) "Project" means a venture or an activity, which is funded or proposed to be funded from the agriculture development fund.
(1) "Risk management" means the level at which the applicant minimizes exposure to financial risk.

(2) Any financial terms or definitions shall be consistent with generally accepted accounting principles, unless otherwise defined in these rules.

(3) The terms defined in the act have the same meanings when used in these rules.

Disclaimer: These regulations may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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