Glossary | Business Affairs

Glossary

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Participant Support: Expenditures from funds received to support students (not employees) engaged in training or research in a specific field or program. Typical expenses are stipends, dependency allowances, tuition, fees, travel, books, materials and subsistence needs.
Passport Expense: Visa and passport expenses are reimbursable if the travel is required for doing university business. Use account code 24999. See FASOM 11.02: Travel -- Meals and Incidental Expenses, Lodging, and Miscellaneous Expenses.
Past Due: Amounts on vendor invoices to OSU are considered past due when not paid by the due date, and on which Oregon State University may impose penalties. Student's accounts that are past due are referred to as in-house collection accounts. See Collections definition
Past Due Balance: The total of past due amounts, including fees, charges, prior interest and penalties, less payments and credits received to date. The past due balance does not include any new charges added to an account since the last billing or to charges assigned future due dates
Pay Period: The inclusive calendar dates for which pay is issued. At OSU, pay periods are from the first through the end of the month for monthly salaried employees and from the 16th of the prior month through the 15th of the current month for hourly paid employees.
Payday: The day on which pay is issued to employees. Payday is the last working day of the month.
Payroll: 1. The list of employees being paid for a specific pay period.

2. Payroll includes all forms of compensation, such as salaries, wages, dismissal pay, bonuses, vacation allowances, sick-leave pay, and employee contributions to qualified pension plans paid during the year to all employees. Payroll is reported before deductions for social security, income tax, insurance, union dues, etc. This definition of payroll is the same as that used by the Internal Revenue Service (IRS) on Form 941 as taxable Medicare Wages and Tips (even if not subject to income or FICA tax).
Payroll Draw: An amount, not to exceed 60% (75% for hourly students) of pay already earned but not paid, issued to an employee with appropriate approval. Draws are only available for emergencies or late pay situations.
Payroll Payment: Net pay issued in the form of a Check or via Direct Deposit.
Pending Funds: Process used by OSU to give approval for expenditures to begin before the award is officially signed. The department head can send a written request to the Research Accounting Office, asking for a pending fund to be established. Start date of the award will be adjusted to the start date indicated on the award when the signed agreement is received. A signed proposal must be on file before the set up of a pending a fund is approved. All project costs can be placed on these funds up to the amount authorized by the Department Head.
Per Diem: Standard federal rates adopted by OUS for lodging, meal and incidental expenses for a 24-hour period.
Personal Services Invoice (PSI): This form is to be used for all contracted services of $5000 or less. It does not require Contract Office approval and is the tool for payment of that service. See this website for further information. http://www.property.orst.edu/Contracts/docs/contracts/psi.pdf
Personal/Professional Service Contract (PSC): A contract between the university and independent contractors for professional, specialized, educational, research, or creative services. A personal service contract can be for a length of time, for a one-time performance of services, or for services provided on a continuing basis. A personal service contract is not used if it is primarily for a tangible product, even if professional services are needed to design or install the product. Contact Business Services at 7-4712 for more information about PSCs. See website http://www.property.orst.edu/.
Personnel Activity Report Forms (PAR Forms): An accounting of time and effort expended by OSU employees. The form is required for all personnel working on grants and contracts to provide documentation to support effort expended toward sponsored agreements, including cost sharing. Student effort is documented by timesheets.
Petty Cash: A sum of money set aside for the purpose of making change or paying small obligations for which the issuance of a formal voucher and check would be too expensive and time consuming. Sometimes called a petty cash fund.
Petty Cash Custodian: The individual that maintains, reconciles and is primarily responsible for the handling and reimbursement of a petty cash fund.
Plant Construction Or Improvements: This category includes acquisition, construction, or renovation of University land or buildings large enough to be capitalized (the value of assets increased).
Plant Construction/Improvements: This category includes acquisition, construction, major repair or renovation of University land or buildings, infrastructure, and improvements other than buildings.
Posting: The official recording of a transaction (document) on a ledger (OPAL or GL). In FIS, the "posting process" is a background batch job that generally runs several times an hour. It takes approved documents and performs the appropriate accounting ledger updates. Once posted, documents will then appear on the transaction listing forms of FGITRND or FGIGLAC.
Prepay: Some vendors require advance payment before providing goods or services. All prepayments require documentation for audit purposes, and clear communication to the vendor of the nature of the order. Documentation may be provided by one or more of the following items:

* Vendor invoice specifying required prepayment
* Purchase order
* Registration form
* Vendor quote
* Customer order form/work order/job order
* Contract
* Detailed memorandum

Deposits that are partial payments for a larger order or contract require a purchase order to avoid fragmenting the order. The purchase order also provides an encumbrance and liquidation history on partial payments. Use account code 40199 for partial payments of capitalized equipment (more than $5000).
Principal Investigator (PI): The person directly responsible for coordinating and managing the timely implementation and completion of a specific project. Principal investigators must ensure compliance with sponsor regulations for project costs incurred, patents, or licensing and reporting requirements, as appropriate.
Program: Used to define what function the funds are used for. For example, the category "academic pay" provides what expense we are paying, but not why; i.e., instruction, research, student services, etc. Also, fund definitions do not always describe the purpose of expenditures. For example, the program category of "Instruction" can be funded by unrestricted or restricted funds.
Program Code: The fourth element of FOAPAL, program codes identify the type of activities for which dollars are spent, such as Instruction, Administrative, Research and Public Service.
Progress Payments: Contractor requests for progress payments and accompanying architect or engineer certificates must be checked for proper signature prior to approval. In accordance with ORS 279.354, the Contractor and every subcontractor shall submit written certified statements (Wage Certifications) with the Owner's Authorized Representative, on the form prescribed by the Commissioner of the Bureau of Labor and Industries, certifying the hourly rate of wage paid each worker which the Contractor or the subcontractor has employed on the Project and further certifying that no worker employed on the Project has been paid less than the prevailing rate of wage or less than the minimum hourly rate of wage specified in the Contract, which certificate and statement shall be verified by the oath of the Contractor or the subcontractor that the Contractor or subcontractor has read such statement and certificate and knows the contents thereof and that the same is true to the Contractor or subcontractor's knowledge. The certified statements shall set out accurately and completely the payroll records for the prior week including the name and address of each worker, the worker's correct classification, rate of pay, daily and weekly number of hours worked, deductions made and actual wages paid. Certified statements for each week during which the Contractor or subcontractor has employed a worker on the Project shall be submitted once a month, by the fifth day of the following month. The Contractor and subcontractors shall preserve the certified statements for a period of three (3) years from the date of completion of the Contract.
Promissory Note: The contract between Oregon State University and a Federal Perkins Loan borrower that contains the terms and conditions governing the Perkins loan program, including the repayment obligations. This contract becomes legally binding when signed by the borrower. The borrower promises to repay the loan with interest, in installments
Proprietary Funds: Proprietary funds are those funds used by Service Centers (Printing & Mailing, Transportation Services, etc.) and Auxiliary Enterprises (Athletic Department, Memorial Union, University Housing & Dining Services).
Purchase Order: A document that specifies commodities ordered from a specific vendor, as well as the price, terms, and conditions of that order. Purchase orders are coded by the Buyer from requisitions that have been submitted by various departments, and includes accounting data that automatically creates an encumbrance against departmental accounts.
Purchasing Card: A US Bank credit card issued to a department to streamline the purchase of low value goods and services, for official business.
PYAHOUR: Online Time Entry Form that allows monthly entry of hours for hourly employees, exception time for salaried employees, changes in time/labor distribution, and entry of leaves taken.