What Are Progress Billings? Progress billings are invoices requesting payment for work completed to date. Progress billings are prepared and submitted for payment at different stages in the process of a major project. This type of billing is common in projects that last a long time. It allows the person billing—usually a contractor—to fund the
What Is a Progressive Tax? A progressive tax involves a tax rate that increases (or progresses) as taxable income increases. It imposes a lower tax rate on low-income earners and a higher tax rate on those with a higher income. This is usually achieved by creating tax brackets that group taxpayers by income ranges. The
What Is Project Completion Restriction? A project completion restriction is a clause often found in municipal bond indentures that requires the issuing party to sell additional debt securities (typically revenue bonds) to finance the full completion of a project. In general, a municipal bond issuer repays a lender by using revenue that results from a
What Is Project Management? Project management involves the planning and organization of a company’s resources to move a specific task, event, or duty towards completion. It can involve a one-time project or an ongoing activity, and resources managed include personnel, finances, technology, and intellectual property. Project management is often associated with fields in engineering and
What Are Project Notes? Project notes are short-term debt obligations issued to finance a project or endeavor past a specified milestone, or to fund multiple small projects on a short-term basis. Project notes are often used by municipalities to fund urban renewal programs and are guaranteed by the U.S Department of Housing and Urban Development.
What Is a Promotion? Promotion refers to a variety of actions intended to raise greater awareness or advancement of an item. In terms of a career, promotion refers to advancing an employee’s rank or position in a hierarchical structure. In marketing, promotion refers to increasing intention on a product through advertising or a discounted price.
What Is a Promotional Certificate of Deposit (CD) Rate? A promotional certificate of deposit (CD) rate, also referred to as a bonus CD rate, is a higher-than-normal rate of return on a CD offered by banks and credit unions to attract new deposits. Often this promotional rate is limited to certain deposit amounts or for
What Is Proof of Assignment (PoA)? Proof of Assignment (PoA) is a cryptographic consensus mechanism that requires less power and can run on relatively low-end hardware compared to its precursors. PoA claims to score higher than traditional consensus algorithms such as Proof of Work (PoW) and Proof of Stake (PoS), which appear to consume more energy and require
What Is Proof of Capacity (PoC) for Cryptocurrencies? Proof of capacity (PoC) is a consensus mechanism algorithm used in blockchains that allows for mining devices in the network to use their available hard drive space to decide mining rights and validate transactions. This is in contrast to using the mining device’s computational power (as in
What Is Proof of Charitable Contributions? Proof of charitable contributions refers to the substantiation required by the Internal Revenue Service (IRS) for a taxpayer to claim a donation of money, property, or financial assets as an itemized deduction on their federal tax return. Proof can be provided in the form of an official receipt or
