Handbook of Business Procedures
Common Business and Financial Terminology
* A B C
D E F
G H I J K L M N
O P Q R
S T U V W X Y Z
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*AQAFRS
The University of Texas Automated Financial Report System, used to prepare parts of the Annual Financial Report (AFR).
*DEFINE
A financial application used by The University of Texas at Austin and other UT System components. Acronym for Departmental Financial Information Network.
*DPUSER
An application used to maintain profiles of each department and each mainframe user ID. Contact the Information Technology Services help line at (512) 471-8800 for assistance with *DPUSER.
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Academic competitive scholarship
A scholarship awarded on the basis of academic performance as indicated by GPA, test scores, or other measurement. Non-residents of Texas pay resident tuition rates as part of the scholarship.
Academic department
A department reporting under a School or College and having a teaching curriculum.
Acceptance of offer
The agreement of a buyer to an offer submitted by a seller.
Acceptance of order
The agreement of a seller to transfer goods to a buyer for a particular price.
Account group
The first two digits of an account number. Classifies the source or purpose of funds. See the Account Groups publication for further information.
Account number
A ten-digit number assigned to an account and used for recording accounting transactions. The first two digits indicate account group; the first eight digits indicate budget group; and the last two digits indicate subaccount.
Account roll over
A process by which account numbers are copied from one fiscal year into the upcoming fiscal year. Whether an account is rolled over is determined by its status. Accounts with status C, D, or I that have zero balances are not rolled over. See also Account status.
Account status
Assigned at budget group or account level by accountants in the Office of Accounting. Controls what types of transactions can be processed on an account:
A — Active. Will allow all transactions to be processed.
B — Inactive. Set up for budget only.
C — Closed. Will allow only journal vouchers (VJx documents) and cash receipt vouchers (VCx documents) to process. No service dates required.
D — Inactive/To be deleted. Will not allow transactions of any kind.
E — Expired. Will allow documents to process with service dates within the contract period.
I — Inactive. Will not allow transactions of any kind.
P — Proposed account.
Account title
An account has two titles: an official title set up by the Office of Accounting, and a departmental title.
Acknowledgment
A formal declaration before an authorized official, such as a notary public, by someone who signs a document and confirms that the signature is authentic. Also, the certificate of the officer on such instrument indicating that the document has been so acknowledged. (Definition courtesy of the State Office of Risk Management.)
Adjusted balance
The month end balance in your checkbook after outstanding deposits and checks have been accounted for.
Administrator
See Unit head.
Affidavit
A voluntary declaration of facts, written down and sworn to or affirmed by the declarant ("affiant") before a Notary Public or other officer having the authority to administer an oath. (Definition courtesy of the State Office of Risk Management.)
Affirmation
The act of affirming the truth of a document, not an oath. "I solemnly affirm and declare the foregoing to be a true statement." Note that an affidavit may appear in two forms: a sworn affidavit with oath, or an affirmed affidavit with affirmation. Each has the same legal import. (Definition courtesy of the State Office of Risk Management.)
AFR
Annual Financial Report
Agency-peculiar property
Government-owned personal property that is peculiar to the mission
of one agency (e.g., military or space property). It excludes Government
material, special test equipment, special tooling, and facilities.
Amusement services
Entertainment, recreation, sport, or diversion that is an enjoyable occupation of the senses. Includes, but are not limited to, live or recorded performances, exhibitions, spectator sports, participatory sports, fairs, or carnivals.
Appropriated funds
Funds appropriated under the General Appropriations Act.
APS
Authorization for Professional Services.
Asset
A property or investment, such as real estate, stock, mutual fund, or equipment, that has monetary value that could be realized if sold. (Definition courtesy of Wachovia Wealth Management.)
Authorized signer
Persons with signature authority for a unit or budget group.
Average coach airfare
The arithmetic mean of the unrestricted "Y" class fares offered by all commercial airlines to a particular destination as quoted in the Sabre® Passenger Reservation System or the Worldspan reservations system.
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Balance forward
A transaction that brings the remaining account balance from the previous fiscal year into the new fiscal year.
Benefits of travel
Information on a Request for Travel Authorization indicating how the University will benefit from a trip.
Budget category
See Subaccount.
Budget group
A group of related accounts having the same first eight digits in the account number. Budget groups are assigned to the units responsible for administering the funds.
Budget pool
A group of accounts within a budget group. Accounts may be pooled together if there are no transfer restrictions between them. The free balances of the accounts in a budget pool are added together to calculate the pool balance, and when an account is audited for sufficient funds to process a transaction, it is the pool balance, not the free balance of the account, that determines whether sufficient funds are available.
Bulk vending machine
A vending machine that contains unsorted items and dispenses them at random; customer does not select the item.
Building Code
A 4-digit code assigned to University buildings by The Office of Institutional Research.
Bundle
Any inventoried item with one or more elements that has been given the same inventory number. A bundle may contain multiple elements due to several costs or parts associated with it.
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Cancellation charge
A fee, charge, or payment that a provider of travel services assesses or retains because of the cancellation or change of a travel reservation or other travel plan. For example, a non-refundable purchase of an airline ticket becomes a cancellation charge when the ticket becomes unusable because of changed travel plans.
Cannibalization
The removal or exchange of parts or assemblies from an item of equipment to replace a damaged or worn out part or assembly of another item of equipment.
Capital
Accumulated possessions calculated to bring in income. (Definition courtesy of Merriam-Webster Online)
Capital equipment
A term used by some Government agencies to identify equipment having an acquisition cost over a certain dollar amount and an expected service life of a certain number of years. See the controlled and capitalized object codes publication for more information.
Cash receipt voucher
A voucher that documents cash receipt amounts to
be deposited in the bank.
Cash Sales
Sales made by cash, check, or credit card.
Casual employee
An individual who has been determined to be an employee for income tax purposes based on the evaluation of the individual's relationship with The University and the degree of control over the individual. The term casual employee was created by The University to distinguish this type of employee from regular full, part-time, or temporary University employees appointed through Human Resource Services.
CCART
The Capitalized and Controlled Asset Removal and Transfer System (CCART) provides a web-based means for inventory contacts or other persons responsible for inventory to assist in the management of their inventoried assets. The system enforces present business rules regarding the transfer of assets at The University of Texas at Austin pursuant to Part 16. Inventory Control and Property Management of the Handbook of Business Procedures.
Centrally billed travel
Travel booked through a UT-contracted travel agency and charged to a University account. Travel Management Services or Office of Accounting Travel Services processes the payments directly to the travel vendor.
Change fund (non-retail)
A fund used to make change for sales operations using a cash box or drawer without a cash register.
Check
A written order that is considered legal tender and directly payable by a bank. This includes pre-printed checks, traveler's checks, money orders, and temporary checks.
CFR
Code of Federal Regulations. Regulations of federal agencies adopted under authority of laws enacted by the United States Congress.
Class Code
A 3-digit code assigned by the State of Texas to categorize equipment.
Commercial lodging establishment
(1) A motel, hotel, inn, apartment, house, or similar establishment that provides lodging to the public for pay; or
(2) a person or establishment that provides lodging for pay that the comptroller determines to have a sufficient number of the characteristics of a commercial lodging establishment for the purposes of the Travel Regulations Act. The term includes lodging provided by: (1) a governmental entity on property controlled by that entity; or (2) a religious organization on property controlled by that organization; or (3) a private educational institution on property controlled by that institution.
Commercial transportation company
An entity that offers transportation of people or goods to the public
for pay.
Common carrier
A company licensed by the state or federal government to transport goods and passengers for the general public. Examples include UPS and Federal Express.
Common trust fund
A fund maintained by a bank or trust company exclusively for the collective investment of money for trust customers. (Definition courtesy of Wachovia Wealth Management.)
Confidential state record
Any state record to which public access is or may be restricted or denied under the Public Information Act, Chapter 552, or other state or federal law.
Conflict of interest
A conflict between the private interests and the official responsibilities of a person in a position of trust. (Definition courtesy of Merriam-Webster OnLine.)
Consultant [petty cash]
An individual who advises The University on how to undertake a project, such as a contractor who is hired to advise us on how to remove asbestos from University buildings. In contrast, someone who performs a task that is within the scope and mission of The University, such as giving a lecture, collaborating on a research project, or teaching a continuing education course, is not a consultant. The State of Texas defines a consultant service as follows:
"A study conducted for a state agency or advice provided to a state agency under contract that does not involve the traditional relationship of employer and employee. The term does not include a routine service that is necessary for the functioning of a state agency's programs."
Conterminous United States
Consists of the District of Columbia and all states of the United States except Alaska and Hawaii.
Contract [contracts and grants accounting]
A contract [definition from Public Law 95-224 (1978)] is the appropriate agreement to be used in a relationship between the federal government and a recipient whenever
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The principal purpose of the instrument is the acquisition (by purchase, lease, or barter) of property or services for the direct benefit or use of the federal government; or
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An executive agency determines in a specific instance that the use of a type of procurement contract is appropriate.
Contracting officer
Person at the federal agency whom approves the contract or grant.
Contractor-acquired property
Property procured from or otherwise provided by the contractor for
the performance of a contract and for the cost of which the contractor
is entitled to be reimbursed as a direct item of cost under such contract.
Title to contractor-acquired property is vested in either the Government
or the contractor as determined by the terms of the contract. If the Government
retains title to property that was contractor-acquired under a contract
or grant and subsequently transfers accountability to another contract
or grant, the property will be classified under the gaining instrument
as contractor-acquired property.
Controlled item
Assets that the State of Texas requires the Univeristy to monitor regardless of value. For more information see the Texas Comptroller of Public Accounts.
Convenience copy
All copies of a record other than the master record that were created for purposes of reference or research. If a convenience copy is kept after the master record has been destroyed, the convenience copy becomes the master record.
Credit
A transaction that adds funds to an account balance. Examples include deposits, transfers to, and disencumbrances.
CRV
See Cash receipt voucher.
Custodian
The person who has physical possession of a petty cash fund. Custodians are designated by the responsible person.
County
When used in a provision that applies to a location outside Texas, includes a parish of Louisiana.
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D/S
"Duration of status," term indicated on I-94 indicating that the non-resident may stay as long as he is continuing his objective and has a valid document (i.e. I-20 or DS-2019).
Data processing services
Includes word processing, data entry, data retrieval, data search, collection of information, payroll and business accounting data production, and other information storage or manipulation.
Debit
A transaction that subtracts funds from an account balance. Examples include expenditures, transfers from, and encumbrances.
Deductible
The amount that a department is required to pay before an insurance carrier will begin to reimburse for damage or loss.
Delegated signer
Person who is given authority to sign manual accounting documents on an account. May be permanent or temporary.
Department code [records management]
A two, three, or four letter code in the prefix of the Record Series number in the Records Retention Schedule. This code identifies the University department or office that uses the Record Series. Record Series that begin with "AALL" can be used by anyone on campus.
Depreciated value
The current value of an asset based on its useful life in months.
Designated headquarters
The area within the boundaries of the incorporated municipality in which a state employee's place of employment is located. If an employee's place of employment is located within an unincorporated area, then the area within a five-mile radius of the place of employment is the employee's designated headquarters. If an incorporated municipality or an unincorporated area is completely surrounded by the incorporated municipality in which an employee's place of employment is located, then the employee's designated headquarters includes the surrounded municipality or area.
Destination
A location to which an authorized person is to travel in order to conduct state business.
Disability
A physical or mental impairment of a person that substantially limits
one or more of the person's major life activities.
Disencumbrance
Reversal of an encumbrance.
Diversification
The practice of investing among several categories of investments (including different industries, countries, or investment vehicles) to enhance return and reduce risk. Avoids excessive exposure to any one source of risk. (Definition courtesy of Wachovia Wealth Management.)
DS-2019
An immigration document issued to a J-1 student, visiting scholar, or researcher. After processing at the port of entry, the non-immigrant should just have the pink copy. This form indicates the name of the school, the activity of the participant, and the dates of stay.
Duty point
The destination, other than a place of employment, to which a state employee travels to conduct official state business. If the destination is outside the employee's designated headquarters, then the duty point is: (1) the incorporated municipality in which the destination is located; or (2)
the area within a five-mile radius of the destination if it is located in an unincorporated area.
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Educational and General Funds
Net tuition; special course fees charged under TEX. EDUC. CODE ANN. § 54.051(e), (l) (Vernon Supp. 2005); lab fees; student teaching fees; organized activity fees; proceeds from the sale of educational and general equipment; indirect cost recovery fees; or hospital and clinic fees received by a state–owned clinical care facility that is operated using general revenue fund appropriations for patient care.
Electronic signature
An electronic identifier intended by the person using it to have the same force and effect as the use of a manual signature.
Electronic signature authority
The authority to approve electronic accounting documents. Maintained by electronic office managers.
Element
A different line item within an inventoried bundle. Elements represent separate costs or parts associated with an inventory item.
Encumbrance
A means of reserving funds for future expenditures by debiting the free balance of an account. Purchase orders and other documents commit funds for future payments by creating encumbrance transactions, which remove funds from the free balances of accounts. Encumbrances must be reversed (disencumbered) when the expenditure takes place.
Endowment
A group of funds donated to a tax-exempt organization that uses the earnings to advance its mission. The principal is not spent.
Exhibitions
Examples include but are not limited to animal shows; antique shows; arts and crafts; museums; and auto shows.
Expendable property
Property that is expended or consumed in use. It includes raw and
processed materials, supplies, small tools, etc.
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FAR
See Federal Acquisition Regulation.
Fabricated equipment
Equipment made or constructed from raw or processed materials, supplies,
parts, small tools, components, etc. in accordance with the terms of a
contract or grant to accomplish specific research purposes or goals. A
detailed explanation is provided in Section 16.5.2 of this publication.
Federal Acquisition Regulation (FAR)
The FAR is the single regulation for use by most federal agencies
in their acquisition of supplies and services with appropriated funds.
It should be administered in conjunction with agency-specific supplemental
regulations.
Fiduciary
An individual or institution responsible for acting in the best interests of another party. A fiduciary is bound by law and duty to put aside personal interests and act in good faith when making decisions for the benefit of another. (Definition courtesy of Wachovia Wealth Management.)
Fiscal year
A twelve-month period for which
budgets, employee appointments, and external financial reporting are done. The University of Texas fiscal year begins on September 1 and ends on August 31.
Fixed price contract
A contract is characterized by payments of predetermined amounts from a sponsor in support of research activity. Payments may be made periodically or in a lump sum, and they may require a payment request from the University.
Foreign source income
Income earned by an independent contractor for services rendered outside the U.S.
Foreign travel certification
Section 2.02(B) of the State of Texas Travel Allowance Guide states that
a state agency may pay or reimburse a state employee for travel expenses
incurred while traveling to or from, or staying at a duty point in a
foreign country only if the agency's chief administrator (or someone
designated by the chief administrator) provides prior written approval.
This approval is not required for Canada, Mexico or U.S. possessions. Electronic travel documents (VE5, VE6, and VP5) require
the document creators to certify that foreign travel on state accounts
for employees and prospective employees has prior written approval from the applicable Dean or Vice President.
Free balance
The balance for an individual account. Represents the estimated available budget for future expenditures.
Fund balance
The total amount of a petty cash fund. It includes cash on hand, disbursements not yet vouchered, and vouchers in transit.
Fund group
A designation prescribed by the National Association of Colleges and University Business Officers (NACUBO) to classify the source of funds for reporting purposes. Each account number established at the University of Texas Office of Accounting must be assigned a three-digit fund group number.
FY
Fiscal Year
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General Appropriations Act
The General Appropriations Act (GAA) covering fiscal years 2006-07 or a subsequent GAA to the extent it is consistent with the GAA for fiscal years 2006-07.
Government-furnished property
Property in the possession of, or directly acquired by the Government
and subsequently made available to the contractor (FAR 45.101).
Government property
All property owned by or leased to the Government or acquired by the
Government under the terms of the contract. It includes Government-furnished
property (FAR 45.101).
Gratuity
Something given voluntarily or beyond obligation, usually in response
to or in anticipation of a service.
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Hired vehicle
An automobile that U.T. leases, hires, rents, or borrows. This does not include employee-owned vehicles.
Historical Value
The cost of an asset at the time of purchase.
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I-20
An immigration document issued to students admitted to study in the U.S. as F-1. The form indicates information concerning the school they will attend, the program and the expected date of completion.
I-94
A small white card issued at the port of entry of the U.S. indicating the status of the person entering and the length of stay allowed.
I-94w
A small green version of the I-94 issued to citizens entering on the visa waiver program.
IDT
See Interdepartmental transfer.
Imprest fund
A revolving cash fund used for making purchases. Imprest funds are reimbursed by preparing a payment voucher, attaching receipts supporting the purchases, and submitting the voucher with supporting documentation to the Office of Accounting.
Imprest Fund ID
An identifier for each imprest fund. The ID needs to be put on each reimbursement voucher in order to verify signature authority. IDs are maintained by the Cash Management section in the Office of Accounting (2-2104).
Incidental expense
An expense incurred while traveling on official state business. The term includes a mandatory insurance or service charge and an applicable tax, except a tax based on the cost of a meal. The term does not include a meal, lodging, or transportation expense; a personal expense; an expense that an individual would incur regardless of whether the individual were traveling on official state business; and, a tip or gratuity.
Income
Interest, rents dividends, and other non-capital returns on investments. (Definition courtesy of Wachovia Wealth Management.)
Independent contractor
An individual who has been determined to be a non-employee for income tax purposes based on the evaluation of the individual's relationship with The University and the degree of control over the individual.
Indirect cost categories
Educational institutions have the following indirect cost categories:
depreciation and use allowances, general administrative and general expenses,
sponsored project administration, operation and maintenance expenses,
library expenses, departmental administration expenses, and student administration
and services.
Indirect costs
Indirect costs are those that are incurred for common or joint objectives
and therefore cannot be identified readily and specifically with a particular
sponsored project, instructional activity or any other institutional activity.
Information services
Furnishing general or specialized news or other current information, including financial information. Examples include but are not limited to newsletters, scouting reports and surveys, mailing lists, and bad check lists (only that percentage which represents names of persons located in Texas is taxable).
Institutional funds
Also known as local funds. All funds collected at the institution that are not appropriated educational and general funds. After funds are deposited at UT, they are considered UT's funds and must follow UT System's regulations and UT's rules. There are various types of institutional funds: restricted gift funds, unrestricted gift funds, contracts and grants, and sales from tickets, food, or printing services.
Interdepartmental transfer
Charges processed between University of Texas departments for goods or services, or movement of charges between accounts.
Inventory
(1) The amount of property on hand at any given time; (2) An itemized listing of amounts of property indicated as on hand at a particular time. A physical inventory is one determined by an actual physical count of the items. A book inventory is one determined from records maintained in connection with day-to-day business activities.
Inventory contact
The individual on the department level who is responsible for managing inventoried assets. See the GG5 command in *DEFINE for a list of inventory contacts.
Inventory number
A 6-digit number used to identify equipment. For official inventory records, this number corresponds to the number on the inventory tag attached to the equipment.
Inventory record
Each item of University property can have an inventory record. Official inventory records are created by the Inventory Processing Department. All capitalized and controlled assets are recorded on the official inventory. An inventory tag is affixed to these items when possible. The 6-digit number assigned to an item corresponds with its identification tag.
Inventory scanner
An inventory scanner is a data-recording and data-storing device that is used for inventory purposes. It is a handheld device capable of capturing data from barcode font 39 (on UT equipment), or from manual data entry. Scanners may be requested by UT departments by sending an email message to Inventory Services.
The following information should be included in the request:
1) Valid UT mainframe logon ID for the person(s) using the scanner
2) Unit code (subunit) being worked on
3) Building(s) being inventoried
Inventory status
The inventory record display screens (NVM screens) show a status in the "S" column of each screen. The possible status values are:
I - Item is inactive
S - Last action was a split
T - Last action was a transfer between UT departments
M - Item has been marked as Missing or Stolen
G - Item was a gift
C - Item was constructed in the department
F - Item was found in the department
B - Item is federal or personal excess property
A - Item is an active item brought in from the NU1
4 - Item was transferred from another state agency into UT
L - Items loaded to ARL inventory system
* - There is activity this year (unless activity is to inactivate or if none of the above)
Investment
The outlay of money usually for income or profit; capital outlay; also the sum invested or the property purchased. (Definition courtesy of Merriam-Webster OnLine.)
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Jurat
A certification added to an affidavit or document stating when, where, and before who such affidavit was made. (Definition courtesy of the State Office of Risk Management.)
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LBB
Legislative Budget Board
Lease
A contract with a term of at least one month that gives the lessee possession and use of property or equipment while the lessor retains ownership of it.
Ledger sheet
See Statement of account.
Liquidity
The flexibility of being able to obtain the cash value of investments without incurring significant loss. (Definition courtesy of Wachovia Wealth Management.)
Live performances
Examples include but are not limited to ballet performances; ice skating shows; motion pictures; musical concerts; and circuses.
Local funds
See Institutional funds.
Lodging expense
A charge imposed by a commercial lodging establishment as consideration for providing lodging. The term does not include money paid as a donation, gratuity, or tip to the establishment.
Lowest available airfare
The lowest available airfare as quoted in the Sabre® Passenger Reservation System or the Worldspan reservations system.
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Magazine
A publication that is usually paper-backed and sometimes illustrated, appearing at regular intervals. It contains advertisements, stories, articles, and essays by various writers.
Major functions
Major functions of an educational institution are instruction, organized
research, other sponsored projects, and other institutional activities.
Manual signature authority
The authority to sign or approve manual accounting documents. Maintained at the budget group level.
Manufacturer's warranty
A guarantee by the manufacturer that the product is operable and will remain so for a specified period of time.
Market value
The closing market price of a security on the date of the report. The values are based on the best information available at the time that the report was produced. In the case of assets not traded in a securities market, the prices may be updated on a less frequent basis, or derived from the work of valuation specialists. (Definition courtesy of Wachovia Wealth Management.)
Master copy
A document that is kept on file as an original or official or master record for the total retention period. Distinct from a "working" or "convenience" copy, which is a duplicate used for reference purposes.
Material encumbrance
An encumbrance transaction created on a purchasing document.
Meal Expense
Includes a tax that is based on the cost of a meal. The term does not include a tip, a gratuity, or a mandatory service charge paid or imposed in conjunction with a meal.
MFR
Monthly Financial Report
Money market fund
A mutual fund of short-term investments. They are valued at par and thus have no principal value fluctuations. The interest paid will vary based on prevailing short-term interest rates. Refers to mutual funds investing solely in money market instruments. (Definition courtesy of Wachovia Wealth Management.)
Monthly close-out
The point at which the Office of Accounting closes its books for the previous month and no more entries for the month may be posted so that the ending balances for the month will remain intact.
MTA
Mass Transit Authority
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Newspaper
A newspaper is defined as a publication that is printed on newsprint and distributed at short intervals for the circulation of general interest. The average sales price for each copy over a 30-day period must not be more than $0.75.
Non-expendable property
Equipment that is complete in itself. It is reported, inventoried,
and accounted for in accordance with policies of the applicable U.S. Government
agency.
Non-official inventory record
Non-official records are created for University property that is actually federally or privately owned.
Non-owned vehicle
An automobile that U.T. does not own, lease, hire, rent, or borrow. This includes employee-owned vehicles that are being driven for U.T. business.
Non-working hours
All hours in a calendar day except working hours.
NT1
The electronic document used to transfer inventory items from one unit to another. An NT1 is generated when a CCART is processed.
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OASI
Social Security taxes that are withheld from payroll checks.
Oath
A solemn declaration, accompanied by a swearing to a revered person or thing, that one's statement is true or that one will be bound to a promise. The person making the oath implicitly invites punishment if the statement is untrue or the promise is broken. (Definition courtesy of the State Office of Risk Management.)
Object audit group
Groups of object class codes assigned to each subsidiary account. Used to control what types of transactions may be processed on an account.
Object class code
Four-digit code used to categorize transactions for reporting purposes. Every accounting transaction must be assigned an object class code. Commonly referred to as "object code."
Object code
See Object class code.
Official signer
Person who is automatically authorized to sign manual accounting documents on an account. Includes unit head of the unit to which an account
belongs, co-administrators of the account, and unit heads to which the unit reports.
Official University business
Activities that support the mission of the University of Texas.
ONRRO
Office of Naval Research Regional Office
Operating equipment
Equipment owned by U.T. Austin, having an acquisition cost of over
$1000.00 and an expected service life of one year or more.
Outstanding checks
Checks you have written that have not yet cleared the bank.
Outstanding deposits
Deposits not yet credited on the bank statement.
Outstanding reimbursements
Consists of disbursements not yet vouchered (purchase receipts and cash) plus vouchers in transit.
Overhead
See Indirect costs.
Owning Unit
The unit that purchased the asset or currently owns it.
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Participatory sports
Examples include but are not limited to athletic clubs; bowling games; court fees - tennis, handball, etc.; golf courses; pool (billiards) games; and swimming pools.
Partnership
A business owned by two or more individuals.
Passport
A formal document issued by the country of citizenship; must be valid at all times.
Payee identification number
See Vendor identification number.
Payment voucher
A document (form) used to pay vendors for goods or services rendered or to replenish imprest funds.
PIN (Payee identification number)
See Vendor identification number.
Place of employment
The office or other location at which a state employee most frequently conducts official state business.
Plant equipment
Personal property of a capital nature (including equipment, machine
tools, test equipment, furniture, vehicles, and accessory and auxiliary
items) for use in manufacturing supplies, in performing services, or for
any administrative or general plant purpose. It does not include special
tooling or special test equipment (FAR 45.101).
Pool balance
The sum of the free balances of all accounts in a budget pool. Used to determine sufficiency of funds for a transaction.
Portfolio
The combined investment holdings of an individual or an institution. (Definition courtesy of Wachovia Wealth Management.)
Post-payment auditing
Process that allows departments to approve many documents paying under $1000 without a pre-payment audit by the Office of Accounting.
Documents that approve at the department level will be audited for compliance with payment rules on a post-payment basis.
Presidential Policy Memoranda
Memoranda prepared by the Office of the President at The University of Texas at Austin. They apply to UT-Austin only. See http://www.utexas.edu/policies/hoppm/tocpm.html.
Principal
The assets of an account other than income derived from those assets. The specific assets or amounts from which income is earned. (Definition courtesy of Wachovia Wealth Management.)
Processing unit
A unit responsible for final approval of a document after departmental approvals are complete. Examples include Payroll and Accounts Payable.
Professional services
Services that cannot be performed in an efficient and timely manner by regular University personnel. Departments may obtain the services of individuals outside the University to fulfill these needs. Prior approval and authorization for the procurement of these professional services are required.
Project director
A term used to refer to the individual with primary
responsibility for a contract or grant. The terms Project Director and
Principal Investigator are synonymous.
Property administrator
Authorized representative of the Contracting Officer assigned to administer
the contract requirements and obligations relating to Government property.
NOTE: most DoD contracts and grants are administered by the Office of
Naval Research Regional Office (ONRRO), San Diego Regional Office, San
Diego, CA.
Prospective state employee
A person who is being considered for employment with a state agency.
Protest
A notary public's written statement that, upon presentment for payment or acceptance, a negotiable instrument was neither paid nor accepted. (Definition courtesy of the State Office of Risk Management.)
Purpose code
Used by the Office of Accounting to code certain transactions for reporting purposes.
Purpose of travel
Information on a Request for Travel Authorization indicating the reasons that a trip is to take place.
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Real property
Land or rights in land, ground improvements, buildings, etc.
Record
Any written, photographic, machine-readable, or other information created or received that documents activities in the conduct of State business.
Record copy
A document that is kept on file as an original or official or master record for the total retention period. Distinct from a "working" or "convenience" copy, which is a duplicate used for reference purposes.
Recorded performances
Examples include but are not limited to ballet performances; ice skating shows; motion pictures; musical concerts; and circuses.
Records retention schedule
A listing of all types of records and their required retention periods.
Records series
A category of related records with the same function and retention period that is evaluated as a unit for retention scheduling purposes.
Regents' Rules and Regulations
General rules governing how funds and supporting documentation must be handled by all University of Texas campuses. See http://www.utsystem.edu/bor/rules.htm.
Rented or public conveyance
A motor vehicle, train, aircraft, boat, or bicycle that a state employee rents or pays a fare to use for a period of less than one month.
Reporting type
Simplified transaction type that summarizes all accounting transactions based on the balances they update.
Request for Travel Authorization (RTA)
An official document that authorizes an individual (employee, prospective employee, student or non-employee) to travel for UT business purposes and to be reimbursed for related travel expenditures. The RTA must be completed and approved prior to the beginning travel date if the traveler type is an employee or prospective employee. An RTA for non-employee travelers is only created when the traveler will not receive a fee for services or an honorarium payment. The RTA supports the legality and fiscal responsibility of a travel payment or reimbursement, or for both purposes.
Resale certificate
If a purchase is made for resale, lease, or rental to others, the purchaser must provide you with a resale certificate. This certificate entitles one to make tax-free purchases. The certificate must be signed by the purchaser and include the purchaser's name and address; state the purchaser's tax permit number or that the application for a tax permit is pending before the comptroller, and contain a description of the property /taxable service sold, leased, or rented by the purchaser in the regular course of business.
Responsible person [petty cash funds]
Generally the department head. Imprest funds are kept in this person's name. The responsible person assigns custodians and should ensure that proper internal controls are in place
Retention period
The amount of time a records series must be retained before destruction or archival preservation.
Return
Profit earned by a capital investment or other type of security. (Definition courtesy of Wachovia Wealth Management.)
RTA
See Request for Travel Authorization.
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Sales tax
A tax on the sale, lease, or rental of taxable tangible personal property and taxable services within the State of Texas.
Salvage
Property that, because of its worn, damaged, deteriorated, incomplete
condition, or specialized nature, has no reasonable prospect of sale or
use as serviceable property without major repairs, but has some value
in excess of its scrap value (FAR 45.501).
Scrap
Personal property that has no value except for its basic material
content (FAR 45.501).
Sensitive items
Items of property for which the theft, loss, or misplacement could
be potentially dangerous to the public safety or community security, and
which must be subject to exceptional physical security, protection, control,
and accountability. The following types of property should be designated
as "sensitive" in the University's property management system. Weapons,
ammunition, explosives, narcotics and drugs, radioactive material, hazardous
material, hazardous waste, precious metals, and any other item designated
by a Defense Agency to be sensitive.
Signature authority
The authority to sign or approve accounting documents manually or electronically. Assigned at unit or budget group level.
SOA
See Statement of account.
Social security number
A nine-digit number used for
personnel appointments, vendor files, and student records.
Sole proprietor
An individual who holds sole ownership of a business.
Special handling [inventory]
There are three possible values for special handling of inventory items:
None - Most items do not require special handling; therefore None is the default option.
Safety - Items that contain bio-hazardous materials require notification to the Environmental Health & Safety Office prior to transfer to Surplus. For assistance, contact the Environmental Health & Safety Office.
Computer - Hard drives must be wiped before being transferred to Surplus so that information cannot be recovered. For assistance, contact your departmental LAN personnel.
Special test equipment
Single or multi-purpose integrated test units engineered, designed,
fabricated, or modified to accomplish special purpose testing in performing
a contract. It consists of items or assemblies of equipment including
standard or general purpose items or components that are interconnected
and interdependent so as to become a new functional entity for special
testing purposes. It does not include material, special tooling, facilities
(except foundations and similar improvements necessary for installing
special test equipment), and plant equipment items used for general plant
testing purposes. (FAR 45.101)
Special tooling
"Special tooling," as used in this part, means jigs, dies, fixtures,
molds, patterns, taps, gauges, other equipment and manufacturing aids.
All components of these items, and replacement of these items, which are
of specialized nature that without substantial modification or alteration
their use is limited to the development or production of particular supplies
or parts thereof or to the performance of particular services. It does
not include material, special test equipment, facilities (except foundations
and similar improvements necessary for installing special tooling), general
or special machine tools, or similar capital items.
Spectator sports
Examples include but are not limited to horse shows; motorcycle races; automobile races; rodeo; sporting events such as football, baseball, basketball, hockey and soccer games; and wrestling, or boxing.
Speculation
Undertaking a risky investment with the objective of earning a better profit than might be available with a risk-free investment. (Definition courtesy of Wachovia Wealth Management.)
Sponsor
A governmental agency or private company that funds research at The
University.
Sponsored project
An externally funded research project undertaken at The University.
SSN
See Social security number.
State funds
Funds appropriated to a state agency by the Texas legislature and on deposit with the State Treasury until disbursement. Institutional funds held in the State Treasury are also considered to be state funds; examples include tuition and fees. All state funds are subject to State expenditure rules.
Statement of account
An official listing of all accounting transactions occurring on an account.
Subaccount
The last two digits of an account number, used to divide a budget group into categories, such as salaries, equipment, scholarships, or other expenses.
Subunit
A subdivision of an official University of Texas entity. The last three digits of a unit code divide the official unit into subunits, which may indicate individuals, such as Principal Investigators, or other programs or projects within the official unit. The "000" subunit is reserved for the official unit as recognized by the Office of the President.
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Tangible personal property
Personal property that can be seen, felt, measured or that is apparent to the senses in any other way. It includes computer programs.
Tax exempt
Not subject to sales tax due to the nature of the purchasing organization or the way the merchandise is to be used.
Tax exempt organizations
Governmental entities (the United States, the State of Texas, or a county, city, special district, or other subdivision of the state), religious, educational, and public service organizations are among the organizations that are considered tax exempt.
Tax Exempt Certificate
A certificate which, when properly executed, allows the tax-free purchase of an item that would otherwise be subject to sales tax.
Tax rate
The percentage that is charged based on the taxable sale. The rate will depend on where the sale takes place.
Tax treaty
A treaty between the United States and another country allowing nonresidents to be exempt from the required 30% income tax withholding if the proper procedures are followed.
Taxpayer identification number
See Social security number.
TCPA
Texas Comptroller of Public Accounts.
TIN
See Social security number.
Tip
See Gratuity.
Transaction type
Determines the account balances to update when a transaction is processed.
Transitory information
As defined by the Texas State Retention Schedule: Records of temporary usefulness that are not an integral part of a records series of an agency, that are not regularly filed within an agency's record keeping system, and that are required only for a limited period of time for the completion of an action by an official or employee of the agency or in the preparation of an on-going records series. See Record Management Services for further information.
Travel expense
Transportation, meal, lodging, or incidental expense.
Travel Regualtions Act
Refers to Texas Government Code, Chapter 660.
Trust
A legal, fiduciary relationship in which an individual or institution (the trustee) holds legal title to property with the responsibility for keeping or managing this property for the benefit of another person or beneficiary. (Definition courtesy of Wachovia Wealth Management.)
Twenty Factor Test
The common name for a list of 20 factors compiled by the U.S. Internal Revenue Service that is used to determine the status of a worker as an employee or an independent contractor.
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Unit
An official University of Texas entity, such as an academic department, administrative department, organized research unit, or project director responsible for a sponsored project.
Unit code
A seven-digit code assigned to an official University of Texas entity. The first four digits indicate an official University department or organization. The last three digits divide the official unit into subunits, which may indicate individuals, such as Principal Investigators, or other programs or projects within the official unit. The "000" subunit is reserved for the official unit as recognized by the Office of the President.
Unit head
The administrator of a unit. For an official unit (a unit that ends in "000"), the unit head is the chairman, director, dean, or vice president. The unit head for a subunit is an administrator assigned responsibility for a subdivision of the official unit.
Unit level
A one-digit code assigned to a unit indicating its location in the organizational hierarchy. Unit levels are as follows:
1 — President
2 — Vice President
3 — Associate/Assistant Vice President
4 — Dean
5 — Academic Department
6 — Organized Research Unit
7 — Non-Academic Department
8 — Principal Investigator
9 — Miscellaneous Other Department
U.S. source income
Income earned by an independent contractor for services rendered inside the U.S.
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Vendor identification number
Unique 14-digit number that identifies a payee. Contains the following components:
Digit 1: Prefix indicating the type of payee. 1 is used for non- individuals; 2 for individuals or sole-ownerships.
Digits 2-10: Federal Employers Identification (FEI) number for non-individuals; Social Security Number (SSN) for individuals.
Digit 11: Automatically generated check digit.
Digits 12-14: Mail code indicating where payment is to be sent.
Verification
A formal declaration by which one swears to or affirms the truth of the statements in a document. In addition, the statement of a notary public that the person appearing before the notary has been properly identified as being the person purported to be appearing. (Definition courtesy of the State Office of Risk Management.)
VID
See Vendor identification number.
VIN
Vehicle Identification Number.
Visa
A stamp in the passport issued by the U.S. Consulate for entry to the U.S.; must be valid for each entry, may expire during stay.
Visa waiver
Allows citizens from certain countries to enter the U.S. without a visa stamp for business and tourism. They do, however, receive an I-94w at the port of entry.
Voucher
An accounting document that creates accounting transactions.
Voucher number
A unique seven-character number assigned to a voucher when it is final approved. Consists of one alpha character followed by six automatically generated numeric characters. The alpha character indicates the type of voucher:
L — Local check was cut for payment
S — State warrant was cut for payment
C — Cash received
B — Balance forward entry
R — Year-end adjusting entry
O — Material encumbrance
T — Interdepartmental transfer
J — Does not fall into one of the categories listed above
Voucher transmittal form
A printed document submitted with supporting documentation for a voucher to a processing office. Usually obtained by using the PRT (Print) Action in an electronic document.
Vouchers in transit
Reimbursement vouchers that you have submitted but have not finished processing.
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Work day
A day on which an employee is regularly required to conduct state
business.
Working hours
The hours during which an employee is regularly scheduled to conduct state
business.
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