Glossary | Business Affairs

Glossary

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1042-S Form: Form for Foreign Person's U.S. Source Income Subject To Withholding issued to non-resident aliens for income received during a calendar year.
1098 T Statements: This is a Tuition Payment Statement that is provided to students to compute the Hope and Lifetime Learning that is prepared on form 8863 to be filed with a Federal tax return. Business Affairs Student Finance prepares these statements.
1099 Miscellaneous Statements: Reports of taxable income paid to individuals and companies by Oregon State University. They are produced every January for the prior tax year. Per IRS regulations, these statements must be mailed on or before January 31 or a penalty is assessed. The Business Affairs Payables department is responsible for producing the statements.

Academic Employee: A person employed in an Academic position.
Academic Position: Academic positions include teaching, research, and some administrative positions. Academic employment is specified by law to be unclassified and, in general, is governed by the Administrative Rules of the Oregon Board of Higher Education and by Oregon State University regulations.
Academic Support: Expenses incurred for administrative and support services such as in the Deans' offices, academic departments and divisions, educational media services, and centers/departmental administrative offices that benefit common or joint departmental activities.
Account Code: The third element of a FOAPAL used to identify specific financial transactions. Account codes define the type of activity taking place, such as revenues, expenses, and transfers in the Operating Ledger, and assets, liabilities, and fund balances in the General Ledger. Account codes with similar characteristics can be grouped into account types.
Account Index: See Index Code.
Accountable Property: Property acquired for a current sponsored project that has not been released unconditionally to Oregon State University (OSU).
Accounts Payable: An expense that has been incurred but check has not been issued.
Accounts Receivable: Any person, organization or agency that incurs charges, fines, or penalties at Oregon State University establishes an accounts receivable at OSU. An account becomes past due when not paid by the due date. Payment due dates are stated in each bill. Specific payment deadlines for students are listed in the Schedule of Classes. For financial reporting purposes, accounts receivable is revenue earned but not received by the close of the fiscal year. Revenue has been earned if goods were sold or services were provided, either completely or substantially in full, by the close of the fiscal year.
ACH: See Automated Clearing House.
Acknowledgements: Acknowledgements are sometimes issued by vendors to confirm their receipt of an order. Data appearing on the acknowledgement form should match order information on BANNER-FIS PO and/or in your pending file to verify that the vendor has recorded the order correctly. Note any discrepancies and vendor comments. Acknowledgements, as well as packing slips, work orders, quote sheets, etc. may show unit prices but are never used as invoices. These are documentation for files only.
Activity Code: The fifth element of a FOAPAL accounting string. These codes are available to the department to facilitate more detailed reporting and tracking.
Address Changes: Forward all notifications of vendor remittance, correspondence, or order address changes to the Accounts Payable Office. Employees should contact their department with changes, and students should go to the web, or kiosk to change their address.
Advertising: There are two kinds of advertising, Classified and Display. Enough information should be on file to verify the ad contents and date of publication. A tear sheet (printed copy of the advertisement) should be kept in departmental files. Beware of con artists who, without your knowledge or approval, reprint an ad that validly appeared in a different publication, then "invoice" you for the bogus ad. OSU is under no obligation to pay for unsolicited advertising. Examples include Employment Digest, Military Digest, Professional Employer, Chronicle of Science, and National Employment Advertiser.
Affiliated Foundation: Supports the activities of the institution and must be approved by the president of the institution. OSU affiliated foundations are Oregon State University Foundation and Agricultural Research Foundation.
Agency Funds: Used to account for funds external organizations while the funds are in the custody of the University. The University acts as the fiscal agent for the owner of the funds. Examples include trust funds held by the Memorial Union and payroll deduction funds held by the Business Affairs Office.
Agency-Owned Property: Property owned by a federal agency and furnished (on loan) for a specific project.
Allocable Costs: Goods or services that is chargeable or assignable to a particular project.
Allowable Working Capital: Retained earnings representing no more than 60 days operating expenditures, excluding capital items or non-cash expenses such as depreciation or amortization. This is calculated as the average operation expenditures of the last three years of operations multiplied by .1667 (60 days divided by 360 days).
Appropriation: An authorization granted by a legislative body to make expenditures and to incur obligations for specific purposes. An appropriation is usually limited in amount and the time within which it may be expended.
Approval Process: See also Implied Approval. After a FIS transaction document is completed, it is subject to the approvals process. Some documents will receive implied approvals. Other documents will be routed to reviewers through approval queues. Documents receiving approval may then be posted. See also disapproval.
Approval Queue: The approval queues route FIS documents to various individuals (approvers) for review in the approvals process. The FOAPAL elements and/or dollar amounts determine which queues are required. Once reviewed, the document is either approved and sent to posting, or is disapproved.
Approvals Process: After a FIS transaction document is completed, it is subject to the approvals process. All BANNER invoices (except those having to do with hosting and travel account codes, and those paying with a fund and account) will route through department level approval queues before routing to Business Affairs Payables final approval. The BANNER invoice label must be completed and attached to all payments. Forward the payable document to Business Affairs Payables. Some documents will receive implied approvals. Other documents will be routed to reviewers through approval queue. Documents receiving approval may then be posted to the operating or general ledger. See also Disapproval. The BANNER invoice label must be completed and attached to all payments. The BANNER document requires two people verifying the transaction - the person completing the document and the department budget approver.
Asset Tag: A permanent identifying label or decal attached to a piece of equipment. Federally- owned equipment also requires a "Property of U.S. Government" tag.
Assets: Property owned, such as cash, receivables, inventories, investments, land, buildings and equipment, intangibles, prepaid expenses, and anything that has a value to the owner or is available for the payment of a debt. The financial value of property or economic benefits that are owned. Typical assets include: Cash (A0xxx-A1xxx), Accounts Receivable (A3xxx), Inventories (A4xxx), and Prepaid Expense (A5xxx), Fixed Assets or Capitalized Assets (A8XXX).
Assignment: See Payroll Draw definition.
Audit: * To evaluate whether the statements prepared from the accounts present fairly the financial position of the institution.
* To evaluate whether the results of institutional financial operations of the constituent funds and balanced groups are consistent with the previous year
Auto-Pays (Centralized Processing): Selected vendors have been contracted by OSU to submit their billings centrally to Business Affairs Payables for processing. See FIS 408: Centralized Processing of Expenditures for more information.
Automated Clearing House (ACH): An electronic item that is processed through the Automatic Clearing House established as a clearing and settlement facility for financial institutions. ACH transfers take 2 to 4 business days to reach their destination and can be recalled or returned for a variety of reasons.
Auxiliary Enterprises/Funds: An entity which exists to furnish a service to students, faculty or staff, and which charges a fee that is directly related to, although not necessarily equal to, the cost of the service. The general public may incidentally be served by some auxiliary enterprises. The term may include dormitories, residence halls, dining halls, college unions, parking facilities, student health services, and intercollegiate athletics. These funds are used to account for operations that are financed and operated in a manner similar to private business enterprises and not directly related to the educational mission of the University. Goods and services are provided on a self-supporting basis.
Awards - See Also Employee Recognition Awards: Per Dictionary: Something that is conferred or bestowed, usually on the basis of merit. Per IRS: An award must be included as gross income unless it is transferred to charity or, if for employee achievement, the employer's cost for the award does not exceed the amount allowable as a deduction for the cost of the award. Per OUS: Student Employee Awards, account code 10507, are amounts awarded to student employees in recognition of special service or accomplishments. These amounts are subject to income tax and social security/Medicare withholding and must be included in the employee's gross income for year-end W-2 reporting. An award may also be a reward for achievement or performance that is generally more specific than the other categories, and is often given at the end of a school year. Awards, also called prizes, are usually small ($200-$500) and may be non-monetary (a plaque, etc.). Monetary awards may impact financial aid recipients, and processing must be handled through the Office of Financial Aid and Scholarships. The Scholarships & Awards Authorization for Payment (SAAP) form and instructions may be obtained online at the lucre website.

Bad Debt Allowance: A bad debt expense is assessed to all departments submitting charges to be billed through accounts receivable. The individual funds record the applicable SIS accounts receivable, as well as an allowance for bad debt. The allowance is based on the balance of the accounts receivable on June 30. Currently, the allowance is approximately 12% of the accounts receivable. The University is moving towards establishing the allowance based on the bad debt history of the individual fund, rather than a single rate for all funds. The calculation is done by the Office of Business Affairs, and is adjusted annually.
Bankruptcy Notices And Assignments: Forward bankruptcy and assignments notices to Business Affairs Payables. Bankruptcies and Assignments usually involve issuance of the check to a financial intermediary rather than the vendor providing the goods and/or services.
Block: A section of a FIS forms containing related pieces of information. Each form has a "key" block at the top that controls the information viewed in a form, and one or more framed data blocks below, each of which generally focuses on one area of data. A block can store many records.
Budgeted Operating Funds: Funds used to account for unrestricted resources that are available for current operations. Revenue sources include state appropriations (general funds), student instruction fees, sales and service income of educational departments, certain investment income, indirect cost reimbursements and unrestricted gifts.
Building Fee: A fee assessed each term to all students attending Oregon University System colleges and universities. The funds are pooled on a statewide basis from which building projects are funded for non-instructional buildings. These projects include recreational and student union types of buildings.
Building Use Credits: Building Use Credits are funds that are set aside from Facilities and Administration (F&A)/Indirect Cost recoveries on sponsored grants and contracts. The requirement to reserve these funds and how they are to be expended is found in OMB Circular A-21; section J.12. See FIS 1404-01: Building Use Credits.
Business Expense: Charges for goods or services, whether paid, committed, or accrued, that foster or support the ongoing missions of the university. These charges may include expenses (expenditures), debt service payment, and capital outlays.

Calendar Year: The period between January 1st, through December 31st.
Cancellation Of Loan: The result of a Federal Perkins Loan borrower meeting specific requirements established by Federal regulations that release the borrower from partial or full obligation to repayment of a Federal Perkins Loan. Cancellation results in the principal being paid by the Federal government. Cancellation is not automatic. Contact the Oregon State University Student Loan Office for more information.
Cancelled (Cashed) Check Copies: Copies of checks that have been cashed require a Vendor Inquiry Form to be completed. A final or cleared check shows an "F" by the check number in FOIDOCH. Send a Vendor Inquiry Form to Business Affairs Payables to obtain a copy of the check and endorsement to provide proof of payment.
Capital Lease: A fixed-term rental agreement that meets certain tests; considered for accounting purposes to be similar to a purchase. See Lease Test. The Accounting Department in the Business Affairs Office is responsible for reporting on leases to determine future financial obligation. See also Operating Lease.
Capital Outlay: Purchases of equipment, buildings, major remodeling, or improvements other than buildings (such as art work, outside lighting systems, sidewalks, etc.) that meet the dollar threshold and other criteria for capitalization. Results in the acquisition of or addition to fixed assets, and investment in plant. Term includes both capital construction and capital improvements.
Capital Project: Projects pertaining to the purchase or construction of buildings, major remodeling, improvements other than buildings (such as art work, outside lighting systems, etc.) or infrastructure (such as sewer systems, electrical delivery systems and water delivery systems).
Capital Value: The original purchase price or the fair market value of an item at the time of donation, loan, lease, or construction.
Capitalized Equipment: Capitalized, non-expendable assets. Tangible, personal property that is loaned, leased, controlled, or possessed by an institution and that meets the following criteria:

* Are not consumed in the normal course of business
* Have a value of $5000 or more
* Have a useful life that exceeds one year
There is one exception to the threshold of $5000
Carryover - Designated Operations: Uncommitted funds, from one fiscal year to the next, are limited to $20,000 or 20% of the annual revenue credited to the fund, whichever is greater. The Director of Business Affairs and the OUS Controller must approve any amount in excess of this. Excess uncommitted funds at year-end not approved for carryover are credited to the Current General Fund of the University.
CAS Disclosure Statement (DS-2)
Cash: Currency; coins and bills. Also used for all cash equivalents such as checks. Often used in the plural: cash receipts or monies.
Cash Receipts: Money in any form: currency (coins and bills), check, wire transfer, credit card charge, ACH (direct deposit), other electronic funds transfers, etc.
Chart Of Accounts: Code in Banner that indicates the institution within OUS. Oregon State University's chart code is "C".
Charter Services: Airlines that do not participate in franchised airline reservation systems (e.g., Southwest and Reno Air).
City Pair Rates: City pairs are State of Oregon contracted, discounted, unrestricted, one-way airfares, the use of which is restricted to University employees and candidates for employment or graduate school. All other non-employees are restricted from using the city pair fare rates.
Classified Employee: A person employed in a classified position.
Classified Position: Positions Classified by the State System. Classified employment policies conform to the merit system rules of the State of Oregon; all positions within this system are classified by the state Department of Administrative Services, Personnel and Labor Relations Division.
Close-Out: Completing the reporting and financial requirements of a sponsored agreement. This includes deliverables, technical reporting and patent reporting.
Closing Of The Books: A process completed at fiscal year end to close all revenue and expense accounts. An additional fiscal period (accrual period 14) is opened in July for any adjustments needed after period 12 is closed. No changes can be made to the financial records in FIS for the fiscal year after closing.
Collections: When a student leaves OSU owing money, his/her receivable account balance is placed in collection status. A collection fee is assessed and collection procedures are initiated. Collection procedures are also performed for non-student receivables. Typically, collection fees are not assessed to A/R accounts. However, if the account in collection is assigned to an outside agency, that agency may assess fees.
Commercial Lodging: Travel requiring overnight absence from an employee's official station during which expenses arising from the use of commercial lodging are expected.
Commit (FIS): To formally enter a new or updated record into the FIS database; the data displayed on-screen on a form is not saved until it has been "committed." Records extracted from the database for updating are not available to other users until they have been recommitted.
Complete Documents: When you reach the end of entering a FIS document, you should generally complete it. A complete document will receive an approval or implied approval. Approved documents are then posted.
Compliance: To ensure expenditures are conducted in accordance with all applicable laws, regulations, policies, procedures and sound business practices.
Conference Travel: Travel for attending a conference. As an exception to per diem rates, conference lodging and meals may be based on reasonable actual expenses with appropriate receipts and authorization.
Conflict Of Interest: Outside professional activities of faculty are encouraged but the level and type of engagement must avoid ethical and legal conflicts of interest and commitment. Conflicts of interest cover a range of situations, such as placing the financial interests of an outside organization or individual ahead of those of the university, attempting to influence a university decision that would benefit a company in which the faculty member has a financial interest; and directing students in research that is devised principally to serve the faculty member's outside consulting interests. Conflicts of commitment covering such areas as the level of time and creative energy devoted to consulting, compromises the faculty commitment to university responsibilities and expectations. Sponsored program proposals submitted to the National Science Foundation or the Public Health Service require specific disclosures of all significant financial interests.
Contract: Per FASOM, the written agreement, including OUS's or any of its institution's solicitation document and the accepted portions of a bid or proposal, between OUS or any of its institutions and the contractor describing the work to be done and the obligations of the parties. Depending upon the goods and services being procured, OUS or any of its institutions may use "contract" as meaning a purchase order, price agreement, or other contract document in addition to OUS's or any of its institution's solicitation document and the accepted portions of a bid or proposal.
Contract: The written agreement, including OUS or any of its institution's solicitation document and the accepted portions of a bid or proposal, between OUS or any of its institutions and the contractor describing the work to be done and the obligations of the parties. Depending upon the goods and services being procured, OUS or any of its institutions may use "contract" as meaning a purchase order, price agreement, or other contract document in addition to OUS's or any of its institution's solicitation document and the accepted portions of a bid or proposal.
Contract Officer: A person authorized by the VP of Finance and Administration to enter into formal purchasing agreements and contracts. (There are only a handful of CO's on campus).
Contracted Agencies: State contracted agencies for airline tickets and car rentals:
Azumano Travel, Teels Travel, Enterprise Rent-A-Car, Budget Rent-A-Car.
Contractor: The individual, firm, corporation, or entity awarded the contract to furnish OUS or any of its institutions the goods, services, or work procured through a competitive process.
Contractor-Acquired Property: Property acquired by OSU, which is purchased with sponsored project funds.
Contributed Capital: A permanent transfer of money or other asset from a source external to a service department. Contributed capital is tracked using account code D0110. For example: a subsidy from non-federal other funds to cover a service department's operating deficit, the transfer of beginning balances from non-federal other funds at inception of the service department, the transfer or conversion of a non-federally funded storeroom inventory to a service department, or the purchase or transfer of equipment from non-federal other funds to a service department.
Contributions: The Oregon University System has no authority or obligation to make disbursements for voluntary contributions, donations or funds solicited for various causes.
Control Account: Summary of year-to-date activity (revenue, expense, budget, and transfers) that connects the General and Operating Ledgers.
Control Accounts: Account Codes used in the General Ledger that summarize current fiscal year revenue and expense, budget, and transfer activity from the Operating Ledger.
Cooperative Agreement: An agreement that provides for a mutual undertaking by the awarding agency and other parties to perform research. Both parties take part in the project and are mutually interested in the aims and benefits, even though there may be a difference in the scope of that interest.
Corporate Travel Card: A personal liability credit card, issued to employees for official travel and related expenses associated with University business. All authorized employees are encouraged to use the corporate card for official travel expenses including restaurants, hotels, car rentals, cash advances, and airfare, which is not purchased through OSU travel agencies. Reimbursement for travel expenses will be made by the University to employees in compliance with OSU travel policies and procedures. The employee is solely responsible for payment to US Bank for all charges made on the card.
Cost Accounting Standards Board (CASB): A rule-making body established by Congress. CASB has issued four (4) cost accounting standards that apply to educational institutions and have been incorporated into Office of Management and Budget (OMB) Circular A-21
Cost Overrun: Costs that are incurred for the project that are greater than what was authorized by the sponsor for reimbursement. See section 703 Grant and Contract Overrun Policy.
Cost Principles for Educational Institutions.: See section 300-08 Cost Accounting Standards Guidelines.
Cost Sharing: The financial relationship that results when OSU provides non-sponsored support (usually from education and general funds) for conducting a project. Cost sharing may be mandatory or voluntary, depending on the terms of the award or contract. Cost sharing is recorded in an unrestricted fund series. This fund is identified with the sponsored fund in its title and numbering system.

Cost sharing shown in the proposal is considered mandatory. See section 702 Cost Share Policy.
Counseling / Health Service Fee: Fees which are assessed of all students each term. Rates are established on each campus and vary, depending upon such factors as enrollment, level of service offered to students, and operation costs of the facilities. The fee entitles the student to avail himself or herself of the health care and counseling services offered. It is required as a prerequisite to purchasing student health insurance. The fee is not health insurance.
Course Fees: There are some Oregon State University courses that require course fees. A listing of fees associated with specific courses can be found in the Schedule of Classes.
Credit Memo: A document issued by a vendor to adjust a previous invoice, to refund an overpayment or adjust for returned merchandise.
Current Period: The current period for hourly employees is the 16th of one month to the 15th of next. For salaried employees it is 1st through the 31st of this month.
Custodian: An individual authorized by their department head to manage and be responsible for a function. The Custodian should be a permanent (full or part-time) staff member. Custodians may be designated for the following functions: Petty Cash Fund, VISA/MasterCard Transactions, or Procurement Card.

DAS: Department of Administrative Services (State of Oregon).
Database: The place where financial data is stored; data in the FIS database is accessed by all FIS modules, providing consistency and uniformity of data formats.
Deadline: A scheduled date on which pay authorization documents must be received in OHR or Payroll to be processed for a specific payroll.
Debt Service: All payments in connection with funds borrowed by an institution: principal payments, interest charges, trustee's service charges, legal expenses and other items related to indebtedness.
Default On Loan: The failure of a borrower to repay a Federal Perkins Loan according to the terms agreed to when the promissory note was signed. Usually default is established once loan payments are more than 180 days past due. Defaults can result in serious legal consequences for the borrower.
Default Pay: A computerized payroll processing system, from which monthly pay is generated.
Deferment Of Loan: A period of time during which a borrower of a Federal Perkins Loan is not required to make regular monthly payments. To qualify for a deferment, the borrower must meet one or more of a number of requirements established by Federal regulations. Principal need not be paid and interest will not accrue during this time. Deferment is not automatic. Oregon State University Student Loan Office must be officially notified.
Delinquency: The failure of a borrower to make a loan payment by the due date. Delinquencies greater than 30 days are reported to national credit bureaus.
Department Delivery: One of three pay delivery options. With this option an employee's paycheck is routed to the employing department through campus mail.
Departmental Research: Research, development and scholarly activities that are not sponsored research. That is, they are not separately budgeted and accounted for. See the OSU Research website for information on sponsored research.
Depreciation: Depreciation expense for capital assets is measured by allocating the net cost of the depreciable assets over their useful lives. Depreciation is calculated using the straight-line method. The equipment depreciation process is run monthly.
Designated Operations: The 05xxxx series of funds used to account for self-sustaining activities related to instruction, testing, and public service. For more information, see FIS 1403-01: Designated Operations.
Detail: A breakdown of a transaction into its basic data contents.
Detail Codes: Detail codes are used by the Banner accounting system to process accounts receivable charges and credits; including but not limited to course fees. All charges to accounts require the use of a detail code, and they must be established before charges can be processed. Departments seeking to put charges on a student A/R account should request a detail code by submitting the index, account number, billing description, and the intended use of the detail code to the Dean of the College and then to Business Affairs for their review and setup. Detail Code Request Forms may be obtained online.
Direct Costs: Those expenses which can be charged directly as part of the cost of a service department or operating unit, as distinguished from overhead and other indirect costs which must be prorated among several services, departments or operating units.
Direct Deposit: One of three pay delivery options. With this option an employee's net pay is deposited via ACH to his/her checking or savings account.
Disapproval: See also approval process. After a FIS transaction document is completed, it is subject to the approvals process. A document may be disapproved if it contains errors or fails to meet all applicable requirements. Disapproved documents become coded as incomplete and the person who originated the document will receive a BANNER message telling them why it was disapproved. The originating user may then make the corrections and re-complete the document or delete it.
Discounts - Vendor Invoices: Vendors may give a cost discount for prompt payment. Discount terms are usually counted from the date the invoice or the merchandise is received, whichever is later. Check each invoice and purchase order for discount terms and take the maximum discount offered. Take the discount only on the value of the items purchased, not on handling and transportation charges. See FASOM 13.01: Purchasing -- Purchasing and Accounts Payable.
Document (FIS): An on-line form that is used to record various types of financial transactions, such as Invoices and Journal Vouchers.

E-Class: Employment classification designated by a specific code. Defines employment as student, graduate student, classified or faculty, by pay type (hourly or default) and by appointment percentage.
Earn Code: A three letter code that describes the pay type, such as SAL for salary, OTM for overtime. Each earn code defaults to a corresponding account code.
Electronic Commerce: A broad term used to describe business transactions conducted using an electronic medium.
Electronic Funds Transfer (EFT): A generic term for any movement of funds by non-paper means; can be an Automated Clearing House (ACH) or a wire transfer. All incoming EFT payments for the Oregon University System are processed through the Oregon State Treasury's Cash Management Branch.
Electronic Medium: Mechanism for transferring, storing, and manipulating electronic data using facilities and devices such as telephone, lease lines, the Internet, compact disc, magnetic tape, diskettes, and fiber lines.
Element: Any one of the six parts that make up a FIS FOAPAL.
Emergency Loans: Short term loans to be paid back by the end of the term. Students must be admitted to the University, enrolled at least half time, and be in good financial standing to be eligible. Students may borrow up to $250 per term. Students may appeal a denial of an emergency loan with the Department of Business Affairs.
Employee Recognition Awards: Departments may honor employees for outstanding achievements, length of service and retirement. The following non-cash awards are appropriate recognition.

* Certificate of service
* Letter of commendation
* Plaque, pin, trophy or similar memento
Passes, tickets or gift certificates (may not be convertible to cash)
* Reception or similar social gathering in the employee
Employee travel: OSU employees may be reimbursed for expenses incurred in connection with official travel.
Employees of Other State Agencies: Employees of other state agencies should be reimbursed for travel expenses by their own agency. OUS campuses should then reimburse the other state agency for the travel expenses.
Employees on Leave: Reimbursement for travel expenses incurred during sabbatical or other types of leave is warranted only in exceptional circumstances.
Employment Registration: The completion of required forms by the employee and the employing department. Contact Office of Human Resources at 737-3103 for information on employment registration.
Encumbrance: A dollar amount reserved for some future budgetary expense. The HRIS Payroll system, FIS On-line Purchase Orders and Accounting Encumbrance Journal Vouchers create encumbrances.
Endorse: The act of writing or stamping, usually upon the back, but sometimes on the face, of a check or other negotiable instrument, by which the funds or property therein are assigned and transferred.
Endowments: Endowments are donations from a donor where the donor specifies that the principal (or corpus) cannot be expended.
Equipment (Capitalized): Tangible personal property with a unit value of $5000 or more with a life expectancy of more than one year, which is not consumed in the course of operation. Occasionally there is a more restrictive definition required by the research sponsor who furnishes the funds for equipment purchase. Softwares are excluded.
Equipment Replacement Reserves: Separate funds created for the purpose of setting aside money to be used for the purchase of replacement equipment. The amount of the reserve is equal to the accumulated depreciation. Only Auxiliary Enterprises and Service Departments are authorized to have these funds. See Section 701 for specific details.
Equipment Share Program: An OSU program identifying equipment that is not fully utilized and making it available for sharing with other OSU researchers or departments.
Exit Interview - Perkins Loan: An informational session to discuss the Rights and Responsibilities of a Federal Perkins Loan recipient.
Expanded Authority: Several federal agencies have adopted expanded authority policies, which are intended to reduce overhead costs, increase productivity, and reduce paperwork. Where expanded authority has been authorized by the agency to the university. OSU has passed this responsibility on to the PI for most approvals except no-cost extensions, pre- award costs, and budget changes prior-approved by the Research Accounting Office. See section 201 Expanded Authority, which must be ????

Facilities And Administrative (F&A) Cost: Formerly known as indirect cost. Expenditures associated with a grant, contract, or cooperative agreement that cannot be directly charged to, nor specifically identified with, individual projects. F&A costs involve expenditures necessary for the development and maintenance of an environment conducive to sponsored projects, including maintenance of facilities and library, and administrative services. The policy for the calculation of an F&A cost rate is found in OMB Circular A-21.
FASOM: Financial Administration Standard Operating Manual - this manual is used by OUS to set accounting/operating guidelines for the universities in the OUS system.
Federal Acquisition Regulations (FAR): FAR-Procurement standards that are applicable to federal contracts. http://www.arnet.gov/far/
Federal Perkins Loan: A need-based; university administered federal loan with a 5% interest rate. The government pays the interest while the student is enrolled at least half time. Repayment begins nine months after graduation, withdrawal or attendance drops below at least half-time enrollment. The loan is made available to full-time undergraduates, post baccalaureate and graduate students with high financial need. Payments and the length of the repayment period depend on the size of the loan with up to 10 years to repay. The OSU Business Affairs Student Loan Office handles repayment, deferment and cancellation options
Federal Perkins Student Loan: A federally funded loan co-administered between the Office of Business Affairs and the Office of Financial Aid and Scholarships. OFAS administers the application process and recipient selection. The Office of Business Affairs maintains the promissory notes and processes the repayment schedules. See the Financial Aid & Scholarship website for information on Financial Aid.
Fee Remissions
Fellowship Administration Fee: Sponsored fellowships that carry an institutional educational allowance are charged an administration fee. See section 606 Post Doctoral Fellowship Administration Fee Policy and 607 Institution Educational Allowances.
Fellowships: Generally, an amount paid for the benefit of an individual to aid in the pursuit of study or research, usually at the graduate level. See the Graduate School website for Graduate School institutional allowance policy. See FIS 1402-06: Post Doctoral Fellowship Administration Fee.
Fiduciary Responsibility: A relationship where someone (the fiduciary) acts in the capacity of a "caretaker" of another's rights assets and/or well being. The fiduciary owes an ethical and/or legal obligation to carry out this responsibility with discretion and intelligence as well as honesty, integrity, and impartiality.
Field: A data item within a block. For example, an address information block may include fields such as street address, city, state, zip code.
Financial Administration Standard Operating Manual (FASOM): Financial Administration Standard Operating Manual - this manual sets the accounting/operating guidelines for the universities in the Oregon University System (OUS). http://www.ous.edu/cont-div/fasom/
Financial Aid: This category includes awards of aid and actual disbursement to students. It includes PELL grants, Supplemental Education Opportunity Grants (SEOG), Oregon Opportunity Grants, Federal Perkins loans, Federal Direct loans, institutional loans, university and non-university scholarships, fellowships, special awards, and tuition remission waivers. It does not include Financial Aid administration or counseling, or graduate assistant fee remissions (which is connected with employment). All student payments, including cash awards, are processed through Financial Aid using the Scholarship Awards Application form.
FIS: 1. The University
FIS (Financial Information System): FIS is the University's financial information system, a comprehensive software package for entering, adjusting, and retrieving financial data. FIS is a complete financial system, with modules devoted to accounting, purchasing, accounts payable, fixed assets, grants, and budget development. It offers University administrators and departmental staff accessibility to financial information, data security, and compatibility with other databases at OSU and elsewhere in Oregon higher education.
Fiscal Period: A unit of time (corresponding to calendar months) into which the fiscal year is divided. Period 1 is July 1st through July 31st, and so on. An extra accrual period (called Period 14 in FIS) also exists.
Fiscal Year: A twelve-month period of time to which the annual budget applies, and at the end of which an institution determines its financial position and the results of its operations. Oregon State University's fiscal year extends from July 1st to June 30th of the following year. The fiscal year for the federal government runs from October 1st to September 30th of the following year.
Fixed Asset: See