Definition:
A subvention refers to the act of providing financial assistance to another person. It can be seen as a monetary gift intended to contribute towards the payment of a particular expense. Typically, subventions are granted with the purpose of aiding a specific project or objective.
Subvention refers to a form of financial aid or support provided by a government or another entity to an organisation or individual. It serves as a subsidy that assists in sustaining the recipient’s endeavors or objectives. For instance, a government grants a subvention to a non-profit organisation to aid in financing its programs and services. Similarly, a local economic development agency offers a subvention to a small business to help with the expenses associated with expanding its operations. Additionally, a research foundation may provide a subvention to a university to back a specific research project. These instances demonstrate how subventions can be utilised to offer financial assistance to a diverse range of entities and individuals. By providing funding that may not otherwise be accessible, subventions play a crucial role in promoting significant social, economic, and scientific objectives.
Subvention refers to a financial assistance or subsidy provided by a government or organisation to support a specific project or activity.
Subvention can be provided to individuals, businesses, non-profit organisations, or government entities, depending on the specific criteria set by the granting authority.
To apply for subvention, you typically need to submit an application to the granting authority, providing detailed information about your project or activity, its purpose, and the financial assistance required.
Eligibility criteria for subvention vary depending on the granting authority. Generally, factors such as the nature of the project, its potential impact, financial need, and compliance with specific guidelines are considered.
Subvention may or may not be taxable, depending on the jurisdiction and the purpose for which it is granted. It is advisable to consult with a tax professional to determine the tax implications of receiving subvention.
Yes, subvention can be revoked or discontinued if the recipient fails to comply with the terms and conditions set by the granting authority or if the project or activity for which the subvention was provided is not progressing as planned.
Subvention is typically granted for specific purposes, such as funding research, supporting community development, or promoting certain industries. It is generally not intended for personal expenses unless explicitly stated otherwise.
In most cases, subvention cannot be transferred or assigned to another party without the prior approval of the granting authority. Any such transfer or assignment may require a formal request and justification.
Subvention recipients are often required to provide periodic reports to the granting authority, detailing the progress of the project or activity, financial utilization, and any other information specified in the terms and conditions of the subvention.
Misusing or misappropriating subvention funds can have serious legal consequences. It may result in legal action, repayment obligations, fines, and even criminal charges. It is essential to use subvention funds strictly for the intended purpose and in accordance with the terms and conditions set by the granting authority.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/subvention/
- Modern Language Association (MLA):Subvention. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/subvention/.
- Chicago Manual of Style (CMS):Subvention. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/subvention/ (accessed: May 09 2024).
- American Psychological Association (APA):Subvention. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/subvention/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts