• A-110 - See Uniform Guidance.
• A-133 Audit - See Uniform Guidance. 
• A-21 - See Uniform Guidance.
• ABSC - See Administrative Buisness Service Center.
• Academic Year (AY) - Distinct from Fiscal Year, or FY.
• Account - the Account chartfield in PeopleSoft categorizes the nature of a transaction as a specific type of revenue, expense, asset, or liability.
• Accountable Plan - A method for reimbursing employees for business expenses that complies with IRS regulations. See the Travel Policy (PDF) or Business Meal, Hospitality and Amenity Policy (PDF) for IRS requirements. 
• Accounting Date - The accounting date in PeopleSoft indicates when a transaction is recognized, as opposed to the date the transaction actually occurred. The accounting date and transaction date can be the same, but they don’t have to be.
• Accounting Period - An accounting period is equivalent to a calendar month. There are 12 regular accounting periods in UVM’s fiscal year, a point that is particularly important to consider when seeking financial data from the General Ledger, since the General Ledger stores financial information by accounting period (unlike Commitment Control). Additional accounting periods may be used to store roll-forward balances from the prior year (as in the case of income and expense accounts). Adjustment periods are used to store adjusting entries, such as those made between fiscal years by the University’s General Accounting Office.
• Accounts Payable - The record of money that the University owes to outside vendors. Contact the Accounts Payable team.
• Accounts Receivable - The record of money that is owed to the University. Contact the Accounts Receivable team.
• Accrual - In PeopleSoft HCM, the process of earning cultural, personal, vacation or sick time.
• Actuals Journals – Entries to create/update revenue, expense, assets, or liability amounts on the actuals ledger (also called the general ledger (GL)). 
• Actuals Ledger (General Ledger) - The place in PeopleSoft Finance where all non-budget financial transactions are posted. This is the data used for external financial reporting.
• Additional Pay - See Payroll Forms and User Guides
• Adjustment Period - An additional accounting period in the PeopleSoft Finance system used to store adjusting entries (typically made between fiscal years by the University’s General Accounting Office); period 998 is an example of one such period.
• Administrative Business Service Center (ABSC) - Department within the Division of Finance that provides business support to administrative departments across campus.
• Administrative Contracting Officer (ACO) - A representative of the government who is delegated authority to perform certain specific administrative responsibilities required by a contract or grant.
• Association of College and University Auditors (ACUA) -  The international professional association of internal auditors in higher education.
• Algorithm - The formula by which either revenue or expense is allocated to a Responsibility Center under UVM’s IBB model. UVM's model includes seven algorithms: five for revenue and two for expense.
• Allocation - The movement of actual dollars, based on certain rules, performed with a journal (either automated or manual).
• Annual Debt Service – Refers to the principal and interest due on long-term debt in a fiscal year.
• Appropriation - Legislative authorization to expend funds for a specific purpose.
• Axiom - UVM's budgeting and management-level financial reporting system.

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• BANNER - The information system used by Student Financial Services and the Registrar’s Office to track student registration and student financial data, including the billing and collection of tuition payments. Payroll Services also uses Banner to determine FICA status for students.
• Base Budget - The portion of the General Fund budget that represents authorization to spend for ongoing long-term commitments.
• Benefit - In the context of gifts and endowments, "benefits" are goods or services directly linked to a contribution and accepted by the donor. Benefits (e.g., season tickets, sweaters/apparel, etc.) limit the charitable deductibility of the gift and benefits have different accounting treatments.
• Benefit Rates - The University applies composite benefit rates to allocate employer benefit related costs to the various University budgets. The applied benefit rate to each employee’s payroll expense is based on the rate assigned to each payroll expense account in the University’s PeopleSoft Human Resource System. The University allocates the benefit rates to the University budgets during each payroll’s posting process to the General Ledger.
• Blanket Purchase Orders - Purchase orders used to make multiple (typically recurring) purchases from a single vendor during a fiscal year (e.g., lab supplies, mice, space rental, etc.).
• Bond - Certificate of debt issued by a government or corporation guaranteeing payment of the original investment plus interest by a specified future date.
• Budget - Authorized and estimated expenditures to be made in a definite time period as well as the estimated source of funds for such expenditures.
• Budget & Finance Network (BFAN) - An in-person and online community of UVM business and financial managers coordinated by the Division of Finance. DF uses the BFAN listserv to publish announcements, and hosts BFAN meetings five times a year.
• Budget, Finance, & Investment Committee - Board of Trustees committee responsible for overseeing the development of strategic, long-range institutional financial plans and related plan objectives.
• Budget Check - A PeopleSoft Finance process that checks to ensure that an available budget exists and the chartstring has funds to expense.
• Budget Journal - A PeopleSoft commitment control journal used to establish a budget for a particular chartstring.
• Budget Office - See FAB
• Budget Period - The interval of time that is recognized as a unit for budgetary and reporting purposes. This is equivalent to the fiscal year for operating funds. Projects have one budget period for the life of the project.
• Budget Transfer - The process used to move budget dollars between chartstrings. Budget Transfers User Guide (PDF).
• Business Unit - In the General Ledger, an entity with its own set of balanced books that maintains its own set of transactions. (In other modules, the business unit provides a way of distinguishing entities that may have unique operating rules.) Note: Business unit numbers differ in HCM and FSCM.

• Capital Appropriation - Allocation from the State of Vermont for capital (fixed assets) construction, purchase, or renovation.
• Cash Advance - See Travel Advance.
• Cash Flow Projection – Financial forecasting tool to ensure that sufficient funds are available to meet organizational needs at a minimum cost.
• Cash Receipts - Currency, coins, checks, and credit card slips.
• CATSKILL - A news and discussion listserv for UVM business managers.
• Chart of Accounts - Refers to the area of PeopleSoft Finance concerned with the creation and maintenance of the University’s accounting structure. The chart of accounts serves as the basis for recording the day-to-day financial operations of the University. The PeopleSoft Chart of Accounts structure uses “chartfields” to record the financial effect of transactions. The use of chartfields separates the unique aspects of each transaction into relational segments for summarization and reporting. Chart of Accounts User Guide (PDF).
  • Chartfield - An individual field representing a portion of the accounting structure (e.g., the function chartfield 201 signifies funds used for “instruction”). Each chartfield captures a different element of information regarding the transaction (e.g., who, what, why, how, where). 
  • Chartstring - A set of chartfields “strung” together to represent the proper categorization of a financial transaction. The use of multiple chartfields allows for flexible reporting of the financial aspects of projects, activities, programs, events, etc., that occur across UVM organizations or funds.
• Collected Revenue - Money that UVM has received from outside customers billed through the PeopleSoft Billing module.
• Combination Editing (Combo Edit) - Certain rules that govern which chartfield combinations are valid and which combinations are not.
• Combo Code - A 9-digit code created and used in PeopleSoft HCM as a shortcut to a full chartstring. See Combo Code User Guide.
• Commitment Control (KK) - The part of PeopleSoft Financials that deals with budgets. Reports drawn on Commitment Control generally show budget, revenue, and expenses.
• Composite Benefit Rate - A simple ratio (or percentage) of benefit costs divided by a cost base of salaries and wages paid.
• Control - The act of placing restrictions on how certain monies are spent. Control is typically used in reference to sponsored projects.
• Cost Accounting Services - Part of the Division of Finance's University Finance Services, responsible for effort management and reporting, facilities & administrative costs, etc.
• Cost Center - See Support Center
• Cost Pool - In UVM's IBB model, expenses for centralized academic, student, and administrative support services are allocated to Responsibility Centers via seven Cost Pools. Each Cost Pool is made up of the budgets of one or more Support Centers. For example, University Libraries and Enterprise Technology Services are the two Support Centers that compromise the Libraries/IT Cost Pool.
• Costs on Sponsored Projects 
• Cost Principles - Costing principles or criteria from the applicable Federal Government regulations are used to determine whether a cost can be charged to a sponsored agreement. These criteria apply for both direct and indirect costs.
• Cost Sharing - A general term describing an arrangement in which the University commits to pay a portion of the costs of a research project. Example: The University receives a grant for a project estimated to have a total cost of $100,000. The sponsor agrees to pay 75% ($75,000) and the University agrees to pay 25% ($25,000). The $25,000 is the cost-sharing component.
• Cost Transfers 
• Custom Report - Reports within PeopleSoft that were developed by UVM programmers. These reports can be changed and enhanced with additional programming effort.

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• Defense Contract Audit Agency (DCAA) - The entity that performs all contract audits for the Department of Defense under the authority, direction, and control of the Under Secretary of Defense.
• Debt Burden Ratio - Measures the ability to repay debt service associated with all outstanding debt in relation to total operating expenses (annual debt service/total operating expenses).
• Debt Ratios - Measures the University’s ability to repay debt service associated with all outstanding debt and the impact on the overall budget.
• Debt Service - Disbursements made for principal and interest requirements on institutional debt.
• Deferred Revenue - Payments received for services rendered in a future fiscal year are recorded as liability (deferred revenue) in the current fiscal year. The liability is eliminated and the revenue recognized in the year the service is provided. Examples are tuition for summer session courses taught in July & August, fees received in May or June, advance sale of athletic tickets for future year’s season, and fixed price grants when the money is received up front and revenue is recognized as expenses are incurred.
• Delivered Report - Standard reports that were received as part of the PeopleSoft package.
• Direct Costs - Clearly identifiable costs related to a specific project. General categories of direct costs include salaries and wages, fringe benefits, supplies, contractual services, travel and communication, equipment, and computer use.
• Direct Deposit - For travel and expense reimbursement. For Payroll
• Disbursement Center - Part of the Division of Finance's University Finance Services, oversees Accounts Payable, Purchasing Card, and Travel & Expense Reimbursement.
• Division of Finance (DF) - UVM's division under the direction of the Vice President for Finance and Treasurer, includes the Administrative Business Service Center, Financial Analysis and Budgeting, University Financial Services, and Office of Operational Excellence.
• Donor – Any individual, corporation, foundation, or other organization providing gifts to the University.

• Effort Reporting - In reporting on grants, effort refers to the percentage of time spent by each employee on a particular grant.
• Employee ID - The 7-digit number assigned to each person upon UVM hire. It is used in place of the social security number to identify each employee and is used to search for information and records for the individual. You can find your Employee ID ("EmplID") on your paycheck in PeopleSoft HCM.
• Employee Self-Service - In PeopleSoft Finance, the place where you can create (modify, delete, view, and print) travel advance requests, travel authorizations, and expense reports. (The place in PeopleSoft HCM with the similar name is called simply “Self-Service.”)
• Encumbrance - A planned expense that has been set aside in your budget (includes salary, fringe, purchase orders, and travel advances). See Encumbrance Calculator (Excel).
• Endowment Funds - A fund group stipulated by donor’s gift instruments as non-expendable but that may be invested for the purpose of producing income. Income accruing from such investment can be expended.
• ePAR - The electronic personnel action request (ePAR) is the electronic form used to process hiring, pay, termination, and other personnel transactions for faculty, staff, and graduate students.
• Effort Reporting System (ERS) - Web-based tool that allows faculty to manage and plan effort on sponsored agreements as well as certify their payroll charges to sponsored agreements
• Exception Time - Exception time refers to any time other than your regular scheduled work day, (e.g., vacation, sick, and personal time). It also refers to overtime and compensatory time earned. (Not every employee is eligible for all forms of exception time.)
• Exempt Employee - In keeping with federal guidelines, exempt employees are a classification of employee who (among other things) are ineligible to earn overtime pay or compensatory time.
• Expense Budget - The General Fund expense budget is the amount a unit is authorized to spend in a fiscal year.
• Expense Report - A record of business-related expenses submitted for reimbursement through the PeopleSoft Travel and Expense module.

• FAB - Financial Analysis and Budgeting Office, also sometimes called the Budget Office, within the Division of Finance.
• Facilities and Administrative (F&A) Costs - Costs charged to the grant award that are incurred for common or joint purposes and that cannot be identified as readily and specifically with a particular sponsored project, an instructional activity, or any other institutional activity. F & A costs are synonymous with "indirect" or "overhead" costs.
• Facilities and Administrative Cost Reimbursement - Payment by a sponsor to the University for a portion of those costs (e.g. plant maintenance, library operations, research, departmental and general administration) not readily identifiable with a particular project, but which support the sponsored activity. Also known as "indirect cost recovery."
• FAMIS - Online facilities management application used to calculate F&A cost rates, and inventory space use.
• Finance Matters - Division of Finance e-newletter with updates to the campus community on our efforts to refine and enhance the services we provide, and a synopsis of our Budget & Finance Network (BFAN) meetings for those unable to attend.
• Financial Reporting & Accounting Services (FRAS) - Part of the Division of Finance's University Finance Services, responsible for Accounts Receivable, monthly/year-end closings, endowment accounting, petty cash, and non-sponsored projects. Also referred to as General Accounting.
• Financial Statements - Official University documents prepared in accordance with U.S. generally accepted accounting principles set forth for public colleges and universities by the Governmental Accounting Standards Board. The management of the University is responsible for the integrity and objectivity of these financial statements, which are accessible to all.
• Fixed Assets - University of Vermont capital assets are considered fixed assets and are recorded at cost or, in the case of gifts, at the fair value at the date of donation in the Capital Assets (Fund 50X) section of the University's general ledger.
• FNIS - Foreign National Information System - A web-based, data-entry software application for foreign national tax compliance and income tax treaty analysis used by the University to collect information in lieu of the International Information Form (IIF)
• FootPrints - A web-based tool used to enter requests for access to and assistance with PeopleSoft. A link to log a Footprint is on the PeopleSoft log-in screen.
• FSCM - Financials Supply Chain Management, the PeopleSoft Financials system.
• Fund - The Fund chartfield is used to track spending restrictions and designations and to categorize UVM’s net assets for external reporting.
• FY - Fiscal year. UVM's fiscal year runs from July 1 to June 30.

• Generally Accepted Accounting Principles (GAAP)- The standard framework of guidelines for financial accounting, mainly used in the U.S. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.
• Generally Accepted Auditing Standards (GAAS) - Professional standards for the audit profession consisting of general standards, standards of field work, and standards of reporting, along with interpretations.
• Governmental Accounting Standards Board (GASB) - Entity that establishes the guidelines and framework for which the university must account and report its financial activities.
• General Ledger (Actuals Ledger) - Represents the table in PeopleSoft where all non-budget financial transactions are posted. Also refers to the PeopleSoft module containing functionality such as journal entries and actuals ledger-based reports and inquiries.
• General Fund (Fund 100) - A portion of current operations using net tuition, state appropriation, and other general income as revenue in support of academic, administrative, and departmental operations. This fund is unrestricted, meaning there are no restrictions on how this money is used created by an external entity or contract, such as a donor’s intent or a bond indenture.
• General Fund Full-time Equivalent (FTE-F) Faculty - The portion of a faculty member’s FTE that is paid from the University’s general fund. This general fund FTE is assumed to support the instructional activities of the faculty, including classroom instruction, advising, departmental administration, university service, unfunded research, etc.
• Gifts (Restricted: Fund 310, Unrestricted: Fund 100) - A gift is any voluntary contribution of an asset (e.g., cash, stocks, property, etc.) to the University from donors where no goods or services were provided in exchange for the contribution. Certain nominal goods or services as defined by IRS regulations (key chains, stickers, etc.) may be provided to donors without impacting the charitable deductibility or accounting classification of the gift. Gifts can be either restricted (donor designates the purpose for which expenses can be incurred) or unrestricted (no donor designation).
• Graduate Net Tuition - Gross tuition less financial aid (the netting occurs after the revenue is allocated).

• HCM - Human Capital Management, the PeopleSoft Human Resources and Payroll system.
• Hybrid Cost Center - In UVM's IBB model, units for which part of their budget is funded in via one or more revenue algorithms (similar to a Responsibility Center) and part of their budget resides in a cost pool funded via an expense algorithm (similar to a Support Center). The Office of the VP for Research and Continuing Distance Education are hybrid cost centers under UVM’s IBB model.

• Incentive-based Budgeting (IBB) - UVM's budget model, which “allocates revenues — such as tuition or indirect cost returns — directly to the units or activities that generate the revenue. This creates incentives for units to generate additional funds from existing revenue sources and to identify new revenue sources, all to ensure the most efficient and effective use of the resources. The model also employs a ‘tax structure’ applied to those revenues. The taxes are used to fund the general infrastructure of the university and common goods and services such as the library or information technology that do not directly generate revenue.” (Source: Hexter, Ralph J., Provost & Executive Vice Chancellor, UC Davis, letter to Deans and Vice Chancellors dated July 29, 2011.)
• Income/Expense Activity (I/E) (Fund 150) - An activity that is designed to generate sufficient revenue from the sale of specific goods and/or services to recover expenses associated with providing those goods or services. These activities are sometimes also called “auxiliary enterprises” or “recharge centers.”
• Indirect Costs - See F & A.
• Indirect Cost Rate - The rate, expressed as a percentage of a base amount, established by negotiation with the cognizant federal agency on the basis of the institution’s projected costs for the year and distributed as prescribed in the OMB Uniform Guidance. Indirect costs are applied to a modified total direct cost (MTDC) rate.
• Indirect Cost Recovery - Revenue generated by sponsored activities (commonly referred to as “F&A”).
• Indirects - Internal return to general fund paid by an Income/Expense Activity.
• Internal Controls - The system and process that govern the University’s financial business and which are followed by the University’s governing bodies, management, and employees to provide reasonable assurance that the institution can achieve its objectives through the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with law and regulations.
• International Travel - See Travel

• Journal - The official record of financial transactions that are recorded in the PeopleSoft general (actuals) ledger. Journals are used to move dollars between chartstrings.
• Journal Post Date - The date that a financial transaction is accounted for in the general ledger.

• KK - Abbreviation for Commitment Control, the part of PeopleSoft Finance that deals with budgets. 
• KRONOS - The swipe card system that records time for employees in Physical Plant and other departments. In addition, this is the system of record for Kronos employees' accrual.

• Ledger - A repository for a set of financial data for each business unit or entity. Updated by budget checking (in the case of commitment control ledgers), or by journal entries.
• Ledger Group - Stores ledger information in operations, project costing, and sponsored projects on the detail account level (child) or the budgetary (parent) level in the form of expenses or revenue. 
• Ledger Inquiry Sets - Represents a family of Ledger Groups, allowing users to see both expense and revenue simultaneously. 
• Lifespan - PeopleSoft Finance functionality that allows you to see the lifecycle of a requisition (e.g., when a PO was created, when it was invoiced, when payments were made, etc.).
• Liquidity - Ability of current assets to meet current liabilities when due. The degree of liquidity of an asset is the period of time anticipated to elapse until the asset is realized or is otherwise converted into cash.

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• Manager Self-Service - In PeopleSoft HCM, refers to the set of processes that allow managers to look up, make changes to, and approve an employee’s time entered. In PeopleSoft Finance, it refers to the pages to which managers would go to approve travel and expense reports and view requisitions (also accessible through the “worklist” link).
• Modified Total Direct Costs (MTDC) - A subset of costs on which the indirect cost rate is generally applied.
• Movable Equipment - An article of non-expendable, tangible, personal property which stands alone, is complete in itself,  has a useful life of more than one year and has a value of $5,000 or more. Common categories of movable equipment include scientific equipment, computer equipment, vehicles and furniture. (See Space and Movable Equipment Inventory)

• NACUBO - The National Association of College and University Business Officers is a national professional organization for chief finance, business, and planning officers that provides financially-related information, services, benchmarking data, and professional development opportunities. 
• NCAA - National Collegiate Athletic Association. 
• Non-sponsored Projects - Projects are used to accumulate expenses over multiple fiscal years or multiple funds/chartstrings. Non-sponsored projects are all projects that do not involve grants and contracts. Non-sponsored projects must use PC Bus Unit of “PC001” and one of the following funds: 100, 150, 200, 305, 310 or 900.

• Office of Inspector General (OIG) – Each federal agency has an OIG charged with identifying, auditing, and investigating waste, fraud, and abuse within the agency.
• Office of Operational Excellence (OOE) - Part of the Division of Finance, responsible for project management, communications and business/systems suppport.
• Operating Budget - Fund 100, which are funds that do not have external conditions with respect to how they may be used.
• Other Income - In UVM's IBB model, "other income" is revenue not directly related to tuition and research. Examples of other income include lab fees, vending fees, student application fees and the revenue generated by income/expense activities.

• Payable Time - Refers to time that has been entered into the PeopleSoft Timesheet and has been processed for supervisor approval. Payable time can refer to either hourly time (for employees paid hourly), exception time (for salaried employees), or payable time (for non-exempt salaried employees).
• Payroll & Tax Services - A department under University Financial Services.
  • Payroll Services provides support for UVM faculty, staff, and student employees in navigating the payroll process while ensuring compliance with local, state and federal agencies’ laws and regulations.
  • Tax Services provides tax administration support for UVM staff, faculty, and students in navigating tax laws including Vermont sales and use tax, unrelated business income tax, and payments to foreign nationals or foreign corporations. We also administer all of the University's required federal, state, and local tax filings.
• PeopleBooks - The reference materials furnished by PeopleSoft, accessible through the Help link in the upper right corner of many pages.
• PeopleSoft - The University’s ERP system for Human Resources and Payroll, Finance, and Budgeting.
  • PeopleSoft Reports, Queries and Inquires: Financials and HR (PDF)
  • Browser Tips for PeopleSoft
• Petty Cash - A cash fund kept secured for immediate use when a UVM purchase order or a UVM purchasing card cannot be used. Petty cash funds are maintained by a designated Custodian, who must be an ongoing UVM employee.
• Portal - The PeopleSoft portal is the sign-in page located at www.uvm.edu/~erp/portal.
• Position Number - The number selected by the department given to a particular job after it has been created in the PeopleSoft HR system. (Also the number used to filter for only those salaried employees who report to a particular position in time and labor.)
• Position Management - 
• Pre-encumbrance - Anticipated expenses applied against a budget, generated by a requisition.
• Prepaid Expenses or Deferred Charges - Costs which are incurred in the current year for future year’s activities are recorded as an asset (prepaid expense) and amortized over the periods to which the charges relate. Examples are rent paid in advance, subscriptions for the new year, or payments in the current year for software licenses for the next year.  Costs incurred in the current year for goods for ongoing activities that are not specifically related to the next fiscal year, such as departmental supplies that might be used in both years, should be expensed in the current year (no prepaid is necessary).
• Principal Investigator (PI) - The project director of a prime award. As defined by Sponsored Project Administration, the individual responsible for determining that the expenditures are necessary, allowable, allocable, reasonable, properly approved, and adequately documented. A PI may delegate authority for this determination but may not relinquish responsibility for compliance.
• Private Business Use (PBU) - The direct or indirect use of facilities that are financed by, or are the proceeds of, a tax-exempt financing) in a trade or business carried on by a nonqualified user. Qualified users are limited to state or local government units. Note: the federal government and its agencies are NOT considered qualified users.
• Project Costing - PeopleSoft module where projects are created and managed.
• PurCard - Short for “purchasing card,” UVM’s Visa credit card.
• PurCard Journal - Name for the journal used to reallocate PurCard expenses to the appropriate account.
• Purchase Orders (PO) - A legal contract prepared in advance of the purchase, created by Purchasing Services from requisitions entered by departments. Purchase orders are used to order goods or services from vendors.
• Purchasing Services - Part of the Division of Finance's University Finance Services, responsible for vendor contracts, and securing fair and competitive pricing options for the university community.

• Quasi Endowment (Restricted: Fund 350, Unrestricted: Fund 210) - Funds that are treated like an endowment, i.e. principal is invested and only return on the investments can be spent. The source of these funds can be general funds (unrestricted) or restricted gifts and bequests that were not designated for an endowment by the donor but the administration decided to treat them like an endowment.
• Query – A tool used to retrieve data from PeopleSoft, based on criteria which you specify.

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• Reallocate PurCard Transactions - The journal process of moving PurCard expenses from one chartstring to another.
• Recognized Revenue - Income that has been earned within the current accounting period (not deferred revenue).
• Recycle - For journals, this is said to happen when an approver sends a journal back to the originator for additional information.
• Report - Reports are used to bring back data based on a set of criteria you specify. Reports are “jobs” that need to be processed by the system. In PeopleSoft Financials, reports use a Run Control ID and present information in .pdf file format.
• Reports to Position Number - (See Position Number.)
• Request for Proposals (RFP) - Purchases or leases exceeding $50,000 in value are subject to a Request for Proposal ("RFP") process conducted by Purchasing Services.
• Requisition - Requisitions are orders to be placed with vendors for good or services that are not placed on the PurCard. Requisitions create pre-encumbrances of funds.
• Reserves (Fund 108) - General Funds that have been transferred from operating budgets to cover future departmental equipment, operating, or renovation expense.
• Responsibility Center - Under UVM’s IBB model, the nine colleges and schools, which are primarily defined by their revenue-generating capability and their use of and dependence on centralized services.
• Responsibility-Centered Budgeting (RCM) - Another term for incentive-based budgeting that is used by some institutions of higher education.
• Restricted Endowment Income – Fund 320 - Income from an endowment that can only be spent for purposes stipulated by the donor
• Restricted Funds (Fund 370) - Funds that have a legal or regulatory obligation to be used for a particular purpose.
• Restricted resources - Funds, such as grants, contracts, gifts, or endowment income that must be spent for a specific purpose designated by an external sponsor or donor.
• Retention - Rates the percent of undergraduate students who are enrolled at the University after one, two, three, etc. semesters.
• Revised Budget – The original (base) budget plus current year adjustments
• Role - Refers to PeopleSoft security. The role identifies the particular PeopleSoft functionality that an individual is able to access.

• Sarbanes-Oxley - Also known as SOX, legislation passed by Congress in 2002, applicable to publicly traded companies, to promote stricter review of internal controls and improved transparency in financial reporting. Although not legally applicable to colleges and universities, NACUBO has developed a checklist of those sections recommended as best practices for higher ed.
• Salary Distribution - The way an employee’s salary is spread over various chartstrings, which might include departmental funds or sponsored projects.
• Scholarships/Waivers - Summer session scholarship and employee tuition benefit expenses are often recorded in the current fiscal year. A Banner report is run at 6/30 to identify these expenses. They are then reclassified by Financial Reporting and Accounting Services to prepaid expense based on the ratio of summer session tuition revenue to summer session deferred revenue. In the new year, the reclassification entry is reversed and the expense recognized. Summer athletic scholarships are split and recorded in Banner in the proper year to begin with, so no reclassification is necessary.
• SAS: Statement on Auditing Standards – The guidelines an auditor uses to determine whether financial statements have been prepared in accordance with generally accepted accounting principles (GAAP).
• SAS 112 - Communicating internal control related matters identified in an audit: SAS 112 establishes standards, responsibilities and guidance for auditors during a financial statement audit engagement for identifying and evaluating a client’s internal control over financial reporting. This new standard requires the auditor to report in writing to management and the governing body any control deficiencies found during the audit that are considered significant deficiencies and/or materials weaknesses.
• Self-Service - In PeopleSoft HCM, refers to the set of processes that allows an employee to change their own personal data. Self Service includes viewing your paycheck, changing your mailing address, entering time, etc. (The place in PeopleSoft Financials with the similar name is called “Employee Self-Service.”)
• Socially Responsible Investing Advisory Council - A group of students, faculty, staff, and administrators that makes recommendations to the Vice President for Finance and Treasurer on sustainability investment at the University of Vermont, including positive investments of operating cash reserves and the Clean Energy Fund.
• Sourcebook - A University publication with comprehensive data and charts on new students, employees, revenues, expenses, financial aid, etc.
• SPA – Department of Sponsored Project Administration.
• Space & Movable Equipment Inventory - Provides critical data in costing facility usage and obtaining Facilities and Administrative (F&A) reimbursement from external entities. With the implementation of Incentive Base Budgeting (IBB), the space inventory is a key factor for assessing facilities and space costs.
• Sponsored Funds - Grants or contracts that require periodic fiscal and project reporting to a sponsor (very often a federal/state agency).
• Sponsored Project (Fund 300, 305, 330) - A grant, contract, or cooperative agreement awarded to UVM. Sponsored projects are usually awarded based on a proposal with a specific budget and have a specific timeframe during which the expenditures must be made and the work accomplished.
• SQL - Structured Query Language: a computer language that is used to enter, manipulate and select data from a PeopleSoft database.
• State Tax Exempt #: 450-030179440F-01
• Subcontract - A document written under the authority of, and consistent with the terms and conditions of an award (a grant, contract or cooperative agreement), that transfers a portion of the research or substantive effort of the prime award to another institution or organization.
• Subvention - A revenue subsidy provided to each Responsibility Center at the outset of IBB that ensures that the implementation of IBB will be “budget neutral” in the first year. Budget neutrality means that each Responsibility Center’s revenues and expenses will balance, and each RC will be able to maintain its pre-IBB level of expense. The source of the subvention pool is undergraduate net tuition revenue, from which approximately $40M will be allocated to the subvention pool before the remainder is allocated to the RCs in accord with algorithm 1. The level of subvention provided to each RC will decrease over time at a rate determined by the Provost.
• Supplier Contracts - Suppliers that have committed to extending the best negotiable terms, service, and prices to all users, large and small, within the University. Also known as Vendors.
• Support Center - In UVM's IBB model, a Support Center is an administrative unit, such as Payroll or Admissions, that does not generate revenue, but supports the Responsibility Centers by providing centralized services or resources.

• Tax Navigator (TaxNav) - 
• Tax Receipt – The University is required to provide an official receipt to donors for all gifts, disclosing any benefits, as governed by IRS regulations.
• Tax Services - Provides tax administration support for UVM staff, faculty, and students in navigating tax laws including Vermont sales &use tax, unrelated business income tax, and payments to foreign nationals or foreign corporations. We also administer all of the University's required federal, state, and local tax filings. See Payroll & Tax Services
• Term Endowment (Fund 352 (restricted))- Gifts that are treated like an endowment for a specified time. At the end of that time, if the fund reaches its goal, it becomes a true endowment. If it doesn’t, it reverts to spendable restricted gifts (fund 310).
• True Endowment (Fund 400) - A gift that is invested in perpetuity. Only the return on the investment can be spent.
• Time Administration - The process that converts time entered in the PeopleSoft system into time that can be approved by the supervisor for processing by payroll.
• Time and Labor - The name for the PeopleSoft component that controls the timesheet and manager search/approval functions.
• Time Reporting Code (TRC) - A numerical code assigned to each kind of time that can be entered into the PeopleSoft system. Unique codes are assigned to temporary hourly wages, vacation time, sick leave, etc.
• Travel Advance - Money given to an individual in advance of a business-related trip to pay for anticipated expenses. Also refers to the cash advance request form in PeopleSoft. Note: there must be a travel authorization on file in order to receive a cash advance.
• Travel & Expense Reimbursement - Part of the University Financial Services, within the Disbursement Center.
• Travel Authorization - The PeopleSoft transaction (and/or the accompanying document) that places an encumbrance against the budget in anticipation of a planned trip. An approved travel authorization is a prerequisite for receiving a cash advance.
• Travel Meal – A category of expense which is used in PeopleSoft. It is simply a meal that you eat while you are traveling, e.g., as part of a conference or a trip. In contrast, a Business Meal is a formal category of expense in which a group of individuals go out for a meal for a specific business purpose, (e.g., as part of a job interview).
• Travel Status - A University employee is considered to have "travel status" when their duties require them to be away from the general area of their home for a period substantially longer than an ordinary day's work, and the employee needs to get sleep or rest to meet the demands of their work while away.
• Treasury Services - Part of University Financial Services, managing the University’s banking relationships, cash receipts and cash position, daily depository account activity, payment card processing and compliance, debt management, and post-issuance bond compliance.
• Tree - The hierarchical structure in PeopleSoft that delineates the relationship between various individual values (for example—projects, departments, account numbers) and determines roll-up hierarchies. Trees are used for the summarization and reporting of data maintained in the General Ledger, and are also used by Commitment Control.
• Tree Viewer - Functionality within PeopleSoft Financials that allows one to see the hierarchical relationship of chartfield values.
• True Endowment (Fund 400) - A gift that is invested in perpetuity. Only the return on the investment can be spent.

• Uncollected Revenue - When UVM has sent out a bill through the billing module, but has not yet received payment, the amount in question will appear as uncollected revenue. Additionally, money received into a revenue account by journal entry from another department also appears as uncollected revenue.
• Undergraduate Net Tuition - Gross tuition less financial aid (the netting occurs before the revenue is allocated).
• Uniform Guidance - The Uniform Guidance published by the Office of Management and Budget (OMB) in 2014 established uniform administrative requirements, cost principles, audit requirements for federal award to non-federal entities. This "super-circular" supersedes previous guidance issued as Circulars A-21, A-110, and A-133.
• University Business - Acting while on assignment by or at the direction of UVM for furthering its business interests.
• Unrelated Business Income Tax (UBIT) - Federal income tax imposed on the Unrelated Business Income (UBI) generated by tax-exempt organizations. Unrelated Business Income consists of income the University generates from activities that are not related to its tax-exempt activities.
• Unrestricted Funds (Fund 200) - Funds that do not have external condition with respect to how they may be used. Unrestricted plant funds are used for construction, renovation and maintenance projects and also for reserves set aside to fund future renovations.
• University Tax Identification Numbers: 03-0179440; 103-0179440A1 (PHS); or 103-0179440A2 (USDE). 

• Variable Budget – The portion of the General Fund budget that represents authorization to spend for one-time activities; this may recur over more than one fiscal year.
• Vendor Contracts -  See Supplier Contracts
• Viability Ratio - Measures the financial health of an organization by measuring the availability of liquid and expendable net assets compared to aggregate debt.
• Voucher - The PeopleSoft accounting document that serves as the basis for cutting checks and recording financial transactions to pay a vendor. (Purchase Order invoices and Check Request forms are assigned voucher numbers during data entry.)

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