Annual receipts means the payments received by the fund under section 6m(2)(a), (b), (c), and (d) during a calendar year.

Annual receipts means “total income” (or in the case of a sole proprietorship, “gross income”) plus “cost of goods sold” as these terms are defined and reported on Internal Revenue Service tax return forms. The term does not include net capital gains or losses; taxes collected for and remitted to a taxing authority if included in gross or total income, such as sales or other taxes collected from customers and excluding taxes levied on the concern or its employees; proceeds from transactions between a concern and its domestic or foreign affiliates; and amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker. For size determination purposes, the only exclusions from receipts are those specifically provided for in this paragraph. All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer's request, and employee-based costs such as payroll taxes, may not be excluded from receipts. Receipts are averaged over a concern's latest three (3) completed fiscal years to determine its average annual receipts. If a concern has not been in business for three (3) years, the average weekly revenue for the number of weeks the concern has been in business is multiplied by 52 to determine its average annual receipts.

Annual receipts. ' means the gross income (less returns and allowances, sales of fixed assets, and inter-affiliate transactions) of a concern (and its domestic and foreign affiliates) from sales of products and services, interest, rents, fees, commissions, and/or from whatever source derived, as entered on its regular books of account for its most recently completed fiscal year (whether on a cash, accrual, completed contracts, percentage or completion, or other acceptable accounting basis) and, in the case of a concern subject to U.S. Federal income taxation, reported or to be reported to the U.S. Treasury Department, Internal Revenue Service, for Federal income tax purposes. If a concern which has been in business more than 12 months changes its accounting period (fiscal year), its annual receipts will be determined from its most recently completed 12- month period in business. For corporations and partnerships, gross income is calculated by adding the cost of goods sold and total income.

Examples of Annual receipts in a sentence

Annual receipts are calculated as average total income plus cost of goods sold for the five most recent years.
Check the SBA’s compliance guide for size and affiliation for more detailed information.• Annual receipts: This is the “total income” (or “gross income”) plus the “cost of goods sold.” These numbers can normally be found on the business’s IRS tax return forms.
Annual receipts of a concern that has been in business for less than 3 complete fiscal years means its total receipts for the period it has been in business, divided by the number of weeks including fractions of a week that it has been in business, and multiplied by 52.
Annual receipts are defined in SBA's size regulations at 13 CFR  121.104.
Annual receipts of a concern that has been in business for 3 or more complete fiscal years means the annual average gross revenue of the concern taken for the last 3 fiscal years.

More Definitions of Annual receipts

Annual receipts means the total amount of contributions received by a qualified organization for improvements to an eligible school, which qualify for a tax credit permitted by this section, during the qualified organization's calendar or fiscal year;

Annual receipts means the total amount of contributions received by a qualified scholarship-granting organization for a scholarship program from which tax credits are awarded under this section during the qualified scholarship-granting organization's calendar or fiscal year;

Annual receipts means revenue derived from the Rental

Annual receipts means the total amount of contributions received by a qualified tuition assistance organization during the qualified tuition assistance organization's calendar or fiscal year for tuition assistance programs;

Annual receipts means revenue derived from the Rental Housing Support Program State surcharge from July 1 through June 30 on deposit in the Rental Housing Support Program Fund that is appropriated each year for distribution by the Authority for the Program.

Annual receipts means the total amount of contributions received by a qualified scholarship-granting organization for a scholarship program from which scholarships are awarded under this section during the qualified scholarship- granting organization's calendar or fiscal year, as applicable, and any interest earned thereon;