Glossary | Business Affairs

Glossary

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Implied Approval: See also approvals process. Completed FIS transaction documents are subject to the approvals process. Some documents will receive implied approvals, which occur when the person completing the document has also been given authorization in the approval queue to bypass further approvals within a certain dollar limit. Documents receiving implied approval may then be posted. These documents are subject to audit after posting. A gurfeed is also an implied approval since the data is transferred directly to FIS electronically.
In-Kind Contribution: A non-cash contribution to a sponsored project or program provided by a party other than the institution or the primary sponsoring agency. Third party in-kind contributions may be in the form of real property, equipment, supplies, or services directly benefiting and specifically designated for the project or program.
In-State Travel: Travel between locations in Oregon.
Incidental Expenses: Incidental Expenses are combined with meals into a single rate. The term "incidental expenses" includes, but is not limited to, expenses for laundry, cleaning and pressing of clothing, and fees and gratuities for services, such as for waiters and baggage handlers. The term does not include taxicab fares, airport shuttle bus fares, telephone calls, facsimiles, and lodging taxes.
Incidental Fee: A fee assessed each term to all OSU students. Rates vary by institution, and are established at OSU by a committee with student representation. The committee responds to requests for allocation of funds from student groups, athletics and the operation of the student union. Committee appropriations are approved by the President.
Incomplete Document: A document is incomplete if it needs to be corrected for account code, amount or other corrections, and then re-completed, or deleted. If the document needs to be deleted because the payment has already been made or the payment was disallowed, do so following the instructions in the FIS Fundamentals manual. This includes $0 documents.
Indefinite Travel Assignments: Travel assignments lasting more than one year. The employee is considered to have moved to the new work location. Reimbursement of expenses for "indefinite" travel is taxable.
Index: Combines the appropriate Fund, ORG, and Program codes. Indexes are used when processing invoices and journal vouchers in the Operating Ledger. Indexes are not used on General Ledger entries because there is no ORG or Program codes on these.
Index Code: A series of up to six characters that can be used to default FOAPAL elements on FIS transaction or query screens; used to improve accuracy in data entry. Elements defaulted usually include fund, organization, program, and activity codes; rarely includes account codes.
Indirect Costs: Amounts charged on transactions to cover overhead costs, such as administrative support, utilities, that are not specifically charged to any fund. Also known as facilities and administrative costs. See Grant, Contract, and Gift Accounting Policy & Procedure Manual..
Infrastructure: Long-lived capital assets that are part of a network of assets that can have service potential for an extended period and are normally stationary. Includes streets and roads.
Installment Purchase: Financed purchase of capital equipment. After all installments are made the title of the equipment is transferred to the University. Typically, there are finance/interest charges that accompany an installment purchase. Also see Capital Lease.
Institutional Management/Support: This category is used for the administration support tasks and executive management of a University. It would include Office of President, Provost, Vice President for Administration, Vice President for Public Affairs and Development, Human Resources, Business Office, Planning, Public Safety, Public Affairs and Development, Resource Management.
Institutional Support: Expenses associated with units that provide support to the entire University. This includes the President's office, Provost, Vice Provost for Academic Affairs, Vice Provost for Research, Business Affairs, Business Services, Legal Counsel, Budgets, Institutional Research, Human Resources, and Information Services.
Instruction: The teaching and training activities of the University, whether it is for credit towards a degree or on a non-credit basis.
Inter-Agency Agreement: An agreement between two different agencies of the State of Oregon.
Inter-Departmental: Referring to something that goes across different departments/units.
Inter-governmental Personnel Act (IPA): Allows for an OSU employee to work for a federal agency for a specific period of time at their determined location without losing benefits and status as an OSU employee.
Inter-Institutional Journal Vouchers: For transactions taking place between OSU and another institution in the Oregon University System or the Chancellor's Office.
Interest - Federal Perkins Loan: The fee that Oregon State University Student Loan Office charges a borrower for using money. The interest that is accruing while the borrower is enrolled at least half time, during the grace period, and during any other approved deferment period is paid by the federal government on the borrower's behalf Once repayment of the loan principal begins, interest is charged. The annual percentage rate is five percent (5%), calculated monthly on the unpaid principal balance.
Interest Number Inventory: Expense or income resulting from investment of funds over a period of time. Interest is calculated based on the monthly cash balance for all gifts and fully funded non-governmental grants. A unique asset number assigned to each asset or piece of equipment on the inventory.
Interest Paid On Overdue Accounts: Interest is paid on overdue private vendor accounts when a claim has not been paid within 45 days and the vendor presents a bill for the late payment charge. The 45-day period begins when the invoice is received. Interest may begin to accrue on the 46th day. Late payment charges are limited to 2/3 of 1% per month or 8% per year and cannot exceed the vendor's usual charge. Late payment charges are recorded with account code 28911 (Late Charge - Vendor Payments). See FASOM 13.01: Purchasing -- Purchasing and Accounts Payable, OAR 15-045-02 and ORS 293.462.
Internal Control: Internal Control A process affected by OSU administration, faculty, and staff that is designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

* Effectiveness and efficiency of operations
* Reliability of financial reporting
* Compliance with applicable laws and regulations
Internal Management Directive (IMD): Oregon State Board of Higher Education Internal Management Directives (IMDs) identify the policies established by the Board and those delegated as responsible for implementation of the policies.
Internal Sales Reimbursements: 79XXX account codes are used to record reimbursement for sales and services to other entities within the institution. A fee must first be established in the internal fee book, which lists the fees the institution charges within the institution. Internal Sales Reimbursements are discussed further in FASOM 02.16: Account Codes -- Internal Sales Reimbursement (79000-79999).
Intra-Departmental: Referring to something that is internal within a single department/unit.
Invoice: An accounting document used to process payments to a vendor for commodities and/or services.
IOTB: See Real Property Improvements (Other than Buildings) definition
IPEDS: Integrated Post secondary Education Data System survey. Conducted by the National Center for Education Statistics; US Dept of Commerce Bureau of the Census