NOTICE: The Finance Policies and Procedures Manual, along with the previous manual, is undergoing changes. These sites are continually updated to reflect changes in business processes. If you cannot find the information you are seeking in these policies, email email@example.com for more information.
- ABR Flag
Settings on each object code that determines where budget will be pulled from to cover expenditures.
An accounting record in which the results of transactions are accumulated, shows increases, decreases, and a balance.
- Account ID
The first six digits of an account number.
- Accounts and Other Receivables
This account includes amounts owed on open account from private persons, firms, or corporations for goods and services furnished by the university during its normal course of business. It also includes any receivable not properly classified in one of the other categories.
- Accounts Payable
Balances owed to others (vendors) for goods, supplies, or services purchased on open account. Accounts payable arise because of the time lag between the receipt of services or acquisition of title to assets and the payment for them.
- Accounts Receivable
An accounts receivable is an asset of the university reflecting a debt that is owed to the University Goods or services provided to students and /or other parties. The term includes claims, damages, fees, fines, forfeitures, loans, overpayments, and tuition as well as penalties, interest, and other costs authorized by law. The term does not include court costs or fees assessed in actions before the General Court of Justice or counsel fees and other expenses of representing indigents under Article 36 of Chapter 7A of the General Statutes. Types of Accounts Receivables include: Notes Receivable, Taxes Receivable, Intergovernmental Receivable, Contributions, Premiums, and Other Receivables or Interest Receivables.
- Accrual - Basis Accounting
A system of accounting in which revenues and expenses are recorded as they are earned and incurred, not necessarily when cash is received or paid.
- ACH (Automated Clearing House)
An electronic network for financial transactions in the United States.
The process of obtaining supplies, services, or construction through purchase, lease, or grants.
- Across the Board Increase
Refers to salary increases that are funded at the same level (3%, 4%, etc) for EPA or SPA employees.
- Actual Cash Value (as related to insurance)
Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old sofa will not be replaced at current full value because of a decade of depreciation.
- Additional Insured
A person, firm or corporation, other than the named insured on a policy, who is protected against loss by the terms of the Named Insured's policy. This coverage is typically extended through a policy endorsement, proof of which is evidenced through a Certificate of Insurance.
- Adjusting Entries
Entries required at the end of the accounting period (fiscal year) to recognize, on an accrual basis, revenues and expenses for the period and to report proper amounts for assets, liabilities and fund balance.
- Agency Funds
UNC Chapel Hill acts as an agent for accounts that belong to an external organization or that are affiliated with the University. The monies are held by an institution as a fiscal agent from University-related foundations, individual students, faculty, staff members, and organizations.
The number of days beyond the billing date of the invoice.
Area Health Education Centers
Account adjustment form - Form used to move funds and expenditures.
- All Risk Insurance
Insurance against loss or damage to property arising from any fortuitous cause, except such as may be specifically excluded.
- Allowance for Doubtful Accounts
An estimated percentage of receivables that are expected to be uncollectible. This information should be classified as either contractual adjustments, indigent care bad debts, or other bad debts. The estimated allowance should be based upon historical data or other pertinent information relative to the receivables in question.
- Annual Raise Process (ARP)
Serves as a reconciliation of state-funded positions for accounts within a unit, within each purpose code, and budget code. Also, provides annual increases if approved by the State Legislature.
- Application Server
The computer hardware hosting the application used for processing credit card transactions or other applications.
Economic resources that are owned or controlled by an entity.
Payment of travel and subsistence expenses (motel and meal costs) for attendants may be reimbursed if advance approval is obtained from the Department head.
Account values such as ledger, purpose, and department number.
- Authorization (as related to Credit card Merchant Services)
The process used to verify the credit card transaction is allowable based on availability of funds for the transaction amount and on the authenticity of the card.
- Automatic Budget Reallocation (ABR)
Budgets are established in whole dollars, normally at the budget control level as the original budget. FRS provides for Automatic Budget Reallocation to transfer in dollars and cents the exact amount of each commitment and/or expenditure from the original budget to the revised budget.
- Automobile Collision Coverage
Covers physical damage to your vehicle when it hits, or is hit by, another vehicle, or other object.
- Automobile Comprehensive Coverage
Covers physical damage to your vehicle resulting from incidents other than collision. For example, comprehensive insurance covers damage to your vehicle if it is stolen, vandalized or damaged by flood, fire or animals.
- Automobile Liability Insurance
Coverage if an insured is legally liable for bodily injury or property damage caused by an automobile.
- Auxiliary Funds
Auxiliary funds are self-supporting, receipt-based accounts for non-academic services. They result from the sale of merchandise and services by self-supporting operations. These operations often service students, faculty, staff, and the general public.
The presentation, after careful consideration, of a purchase agreement or contract to the selected bidder or offeror.
- Bad Debt Write-offs
All write-offs of bad debts other than those for contractual or indigent care reasons.
- Balance Sheet
The financial statement that shows the assets, liabilities and fund equity of an entity at a particular date.
- Bank Reconciliation
The process of systematically comparing the cash balance as reported by the bank (bank statement) with the cash balance on the books and explaining any differences, such as outstanding checks or deposits in transit.
A type of payment card, such as MasterCard or Visa, issued by a financial institution.
An offer submitted by a prospective vendor in response to an invitation for bid (IFB) issued by a purchasing authority; becomes a contract upon acceptance by the buyer.
- Bid Bond
An insurance agreement, accompanied by a monetary commitment, by which a third party (the surety) accepts liability and guarantees that the bidder will not withdraw the bid, the bidder will furnish bonds as required, and if the contract is awarded to the bonded (insured) bidder, the bidder will accept the contract as bid, or else the surety will pay a specific amount. Also, bid guarantee.
- Bid Evaluation
Analysis of the provisions of a bid or offer, usually for the purpose of comparing the strengths and weaknesses of the bids received based on the requirements and criteria set forth in the invitation for bids (IFB).
- Blanket Insurance
An insurance policy that covers more than one piece of property at a specific location or multiple items at multiple locations.
- Blanket Order (Standing Order)
A contract under which a contractor or vendor agrees to provide goods or services to a purchaser on a demand basis; the contract generally establishes prices, terms, conditions, and the period covered, although no quantities are specified; shipments are to be made when and as required by the purchaser. Also called blanket agreement, blanket purchase, and standing order.
- Bonds Payable
Bonds are debt and are issued for a period of more than one year. The seller of the bond agrees to repay the principal amount of the loan at a specified time. Interest on the bonds is paid periodically to the bond holder.
- Book Value
The net amount shown in the accounts for an asset, liability or fund equity item.
- Budget (Bud) Code
Divisions within the University that distinguish Academic Affairs (code 1), Health Affairs (code 2), Area Health and Education Centers (code 8) and F&A (code 0). The separation of these funds is required by the Office of State Budget and Management for reporting purposes. Funds from these codes cannot be mixed.
- Budget Balance Available (BBA)
Budget less expenditures and encumbrances.
- Budget Management System (BMS)
System used to track budget and FTE, encumber budget, for permanent and temporary EPA employees, as well as vacant commitment IDs, on state, state-receipt supported and F&A funds.
- Budget Pool
Budgets are set to a control level, either at the class object code, major object code, or minor object code.
- C V V or CVC
Card Validation Value or Code: Data element on a card's magnetic stripe that uses secure cryptographic process to protect data integrity on the stripe, and reveals any alteration or counterfeiting. Referred to as CAV, CVC, CVV, or CSC depending on payment card brand.
Central Airfare Billing System. A web-based application designed to provide an easy to use method for requesting air-travel authorization and to allow a traveler to book and pay for an airline reservation without receiving a travel advance or paying for the ticket out-of-pocket. This system allows a specified University account to be charged for the cost of an airline ticket when an authorized travel agency issues a ticket against a pre-approved air-travel request. Each designated departmental account will then be charged monthly, and the charges will be posted to FRS.
Comprehensive Annual Financial Report. Includes financial statements and other disclosures organized into three sections, introductory, financial, and statistical.
- Capital Improvement Funds
Funds for capital acquisitions, construction, additions, improvements, and furnishings when purchasing land, buildings, and equipment.
- Capitalized Equipment
An item with an acquisition cost of $5,000 or more. Also known as controlled equipment.
An individual who appropriately uses a payment card for purchases.
- Cash Basis Accounting
A system of accounting in which transactions are recorded and revenues and expenses are recognized only when cash is received or paid.
- Category (ePro)
The small order process requires that each item on the invoice be assigned a category. This category list comes from The United Nations Standard Products and Services Code, a hierarchical convention that is used to classify all products and services. It is the most efficient, accurate and flexible classification system available today for achieving company-wide visibility of spend analysis, enabling procurement to deliver on cost-effectiveness demands and allowing full exploitation of electronic commerce capabilities. By using this list the Administration can keep an eye on how much is spent buying what. Buying patterns across departments or business units can be spotted to leverage better pricing from suppliers and realize overall savings.
- CC Control Center
A department of ITS - User Support and Engagement.
Carolina Computing Initiative. A program established in the summer of 1997 for a cost efficient purchasing plan for laptop computers.
- Central Fringe Pool
(Fringe Pool) The Budget Office maintains the Central Fringe Pool (Fringe Pool). The Fringe Pool provides budget for all State Appropriated Funds (Ledger 2) for fringes for personnel object codes (1110 – 1410). Fringes that are covered by the central Fringe Pool are SPA Premium Payments (1230), SPA Longevity Payments (1270), Retirement Supplement (1570), Disability (1580), Social Security (1810); State Retirement (1820); medical insurance (1830); TIAA Retirement (1870); Law Officers Retirement (1880).
Compliant Electronic Receipt Transactions through Innovation and Financial Integrity. A committee established by the University in order to implement and manage the directives of the Payment Card Industry Security Standards Council, NACHA and the electronic commerce requirements set forth by the North Carolina Office of the State Controller and North Carolina State legislature.
- Certificate of Insurance
A form that verifies that a policy has been written and states the coverage in general, often used as proof of insurance in contracts.
- Change Order
A written alteration to a contract or purchase order, signed by the purchasing authority, in accordance with the terms of the contract, unilaterally directing the contractor to make changes.
- Chart of Accounts
A systematic listing of all accounts used by an entity.
- Check Request
The Check Request is a Disbursement Services system that provides departments with a mechanism to pay companies and individuals for those types of approved expenditures that do not require a University Purchase Order or a Request for Payment of Independent Contractor. This request is created through Finance Central and submitted electronically via Doc-U-Fax.
- CI Funds
Capital Improvement accounts.
Card Identification Number (American Express and Discover payment cards)
A demand made by the insured, the insured's beneficiary or a third party claimant, for payment of the benefits as provided by the policy.
The internet based reporting tool provided by SunTrust Merchant Services (STMS). This tool provides summary and detailed-level reports for all batches and transactions submitted to STMS for settlement.
The Consolidated Omnibus Budget Reconciliation Act of 1985, or COBRA, is a law passed by the U.S. Congress and signed by President Reagan that, among other things, mandates an insurance program giving some employees the ability to continue health insurance coverage after leaving employment.
- Commercial General Liability Policy
An insurance policy covering a variety of general liability exposures, including Premises and Operations, Completed Operations, Products Liability, and Owners and Contractors Protective Contractual Liability and Broad Form coverage additions.
A department obligation to pay or fund an activity.
- Common Payment Service (CPS)
The interface or gateway that is used to access the payment processing services provided by the NC Office of Information Technology for credit card payments made using an internet application.
The effort of two or more vendors to secure the business of a purchaser by the offer of the most favorable terms as to price, quality, promptness of delivery, and/or service.
- Competitive Sealed Bidding
Is the preferred method for acquiring goods, services, and construction for public use in which award is made to the lowest responsive and responsible bidder, based solely on the response to the criteria set forth in the Invitation For Bids (IFB); does not include discussions or negotiations with bidders. Also called formal bid or formal advertised bid.
- Consultant - Independent Contractor
The University uses the IRS check list to determine if an employee is termed a Consultant/Independent Contractor when preparing payments. Generally a Consultant/Independent Contractor is a non-employee professional who offers a special knowledge in a specific field. Consultants/Independent Contractors usually work for a consultancy firm or are self-employed.
- Consumer Price Indexes (CPI)
Monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services. The following are major uses of CPI: As an economic indicator As a deflator of other economic series As a means of adjusting dollar values For more information visit the U.S. Bureau of Labor Statistics.
- Contingent Liability
A potential obligation, dependent upon the occurrence of future events.
- Continuation Budget
The part of the State budget that is necessary to continue the current level of services when adjusted for inflation, mandated rate increases such as Social Security, annualization of programs, and operation of new facilities. G.S. 143C-3-5(b)(1) requires that funds needed to support enrollment increases in public schools, community colleges and the university system are required by statute to be included in the continuation budget. It is prepared jointly by the budget analyst and appropriate agency personnel. A printout called the Worksheet I is the starting point for the development process. This worksheet is generated from the Budget Preparation System (BPS). The Worksheet I includes prior year actual expenditures, current year certified and authorized budgets and recommended adjustments for the biennium under request. The budget is constructed in line-item detail using the Uniform Chart of Accounts.
- Contra Account
An account that is offset or deducted from another account.
- Contractual Adjustments
The differences between revenue at established rates and the amounts realizable from third-party payors under contractual agreements. These adjustments are made to customer, patient, business, or taxpayer accounts as the result of a contractual agreement to provide certain services or products at a previously negotiated price. The contractual adjustment is the difference between the value assigned by the University (example: UNC Faculty Physicians) provider of the product or service (example: patients services), and the predetermined price as negotiated with a third-party payor (example: insurance company).
- Cost Center Codes
Are codes defined within each department to identify expenses (can identify programs, faculty or sub-department, activities, etc); usually for reporting purposes.
- Cost of Collection
Cost incurred in the collection process.
Amount appears with a trailing "-" sign on FBM0 reports. In double-entry bookkeeping assets and expense accounts, which represent the resources used by the business, are debit accounts. Their balance increases with entries made in the debit column and decreases with entries in the credit column.
- Credit Card Number
A unique number used in a financial transaction that identifies a particular credit card account.
- Current Assets
Cash and other assets that may reasonably be expected to be converted to cash within a year or during the normal operating cycle.
- Cylinder Demurrage
Monthly charge for a gas tank (such as an oxygen tank).
- Database Servers (as related to Credit card Merchant Services)
The computer hardware used for storage of credit card transaction or other data.
The exclusion of a person or company from participating in a procurement activity for an extended period of time as specified by law, because of previous illegal or irresponsible action.
Amount appears with no sign on FBM0 reports (also see Credit). In double-entry bookkeeping assets and expense accounts, which represent the resources used by the business, are debit accounts. Their balance increases with entries made in the debit column and decreases with entries in the credit column.
- Debit Retirement Funds
Funds subject to debit instruments containing special provisions with respect to the deposit of receipts pledged to secure such debt.
A person who owes a debt.
A provision or clause in an insurance policy that the first number of dollars or percentage of expense will not be reimbursed.
The IRS statutory deduction that includes withholding Social Security and Medicare taxes.
- Designated Endowment Funds (Income & Principal)
Endowment funds resulting from donations where the principal is to remain intact and is to be invested to produce income which may be expended or reinvested.
- Designated Institutional Trust Funds
Monies received by an institution concerning fees and other payments for services rendered by medical, dental or other health care professionals under an organized practice plan approved by the institution or under a contractual agreement between the institution and a hospital or other health care provider.
- Diners Club Card Program
The Diners Club Card Program is a tool that our travelers can use for business travel, without having to use personal funds. The goal is to reduce the number and amount of travel advances-- an extremely time and labor intensive process for departments as well as travel accounting.
- Disbursing Authority
Assigned the responsibility to approve and/or make purchases from an account for goods or services.
Administrative classification defined by the type of educational responsibilities (i.e. academic vs. health education).
- Dual Employment
Simultaneously providing paid services for the University and another state agency with the approval of the borrowing and parent agencies.
A purchasing agreement between the University and vendors for the procurement of goods through business-to-business computer transactions. This agreement conforms to regulations concerning small order purchasing. The agreement enables invoicing and payment through the FRS system while providing negotiated pricing and web enabled ordering.
- E-Commerce Application
An electronic business application used for buying and selling goods or services through electronic systems such as the Internet or other computer networks.
On-line secure financial report viewer/printer.
- Effort Certification
Effort Certification refers to the time and effort reporting requirement and procedure which requires employees who are funded from federal projects to confirm actual work performed.
- EFT (Electronic Funds Transfer)
Refers to the computer-based systems used to perform financial transactions electronically.
EHRA (formerly called EPA) positions are Exempt from most provisions of the State Human Resources Act of North Carolina. This includes all faculty positions, as well as most research, instructional, and senior administrative/executive positions — which are often referred to collectively as EHRA non-faculty. While the two groups have many similarities and are all state employees, SHRA and EHRA employees have some differences in terms of benefits, leave allowances, and policies. The University’s Office of Human Resources provides human resources programs and policy administration for SHRA and EHRA non-faculty positions; for faculty, human resources are primarily administered by the Office of the Provost.
- Emergency purchase
A purchase made to alleviate a situation in which there is a threat to health, welfare, or safety under certain conditions defined as an emergency by the jurisdiction, that does not allow time for normal, competitive purchasing procedures. Also called exigency purchase.
- Employee's Duty Station
"Duty station" is defined as the job location at which the employee spends the majority of his or her working hours. For an employee in travel status, the duty station is the point where traveling begins.
The process of securing electronic data transmission through the encoding of transaction information.
A commitment of funds prior to an actual expense being incurred. The encumbrance provides a method to reserve budgeted funds for goods or services being purchased. Also understood as, ledger entries that record a commitment of funds by removing them from the budget balance available (BBA).
- Endowment Funds
Donations to the University where the principal is to remain intact and is to be invested to produce income that may be expended or reinvested.
- Enrollment Budget
Adjustment of Base Budget for enrollment increases or decreases.
- EPA non-teach
Employees exempt from the State Personnel Act who are not involved in teaching.
- EPA Web
University Human Resources online system used to establish and maintain personnel data on EPA employees.
- eProcurement (ePro)
Provides an innovative, cost-saving, and efficient method of purchasing, allows entities to aggregate their purchases to obtain better prices from suppliers, and allows greater visibility into campus wide procurement information, allowing the Procurement Services to negotiate better contract savings. It replaces the eCommerce system.
- Excess Insurance
Insurance which applies to that portion of a loss or damage which exceeds a specified amount.
Items or conditions that are not covered by the general insurance contract.
- Expansion Budget
The establishment of new and/or pilot programs and the expansion of existing programs and salary increases and/or benefits for teachers and state employees. The expansion request also may include: 1) Programs previously supported by federal and/or private grants that have expired; 2) increases to support additional persons being served by a state program and/or higher per capita cost to provide that service and 3) major (nonrecurring) equipment (other than replacement, which is typically a continuation budget adjustment). The expansion budget is prepared by the agency on a form called the Worksheet II. During this phase of budgeting, agencies may make recommendations and/or the Governor may explore options to realign funding, identify efficiencies and/or eliminate funding for certain programs resulting in budget reductions.
Costs incurred in the normal course of business
- External Conference
Meetings that involve the attendance of persons other than University employees during which official University business is discussed for the majority of the time.
- F.O.B (f.o.b.) Origin
Title changes hands from Vendor to purchaser at the origin of the shipment; purchaser owns goods in transit and files any claims. Payment of freight charges is determined by contract terms.
- F.O.B. (f.o.b.) Destination
Title Changes hands from vendor to purchaser at the destination of the shipment; vendor owns goods in transit and files any claims. Payment of freight charges is determined by contract terms.
- F&A (Facilities & Administrative) Funds
Formerly known as "overhead funds", these moneys are generated by contract and grant activity used to support infrastructure and other research-related activities.
- FACS Coordinator
Administrator who authorizes employees' access to University systems.
- FACS ID
Five character (alpha) id that identifies you to University systems.
- Fair Market Value
The current value of an asset, e.g. the amount at which as asset could be sold or purchased in an arm's length transaction.
Financial (and) Budget Monthly Report for each account. Can be viewed/printed through e-print.
- FDMS (as related to Credit card Merchant Services)
First Data Merchant Services. A credit card processing platform.
- Federal Student Loans
This group simply should include any and all federally funded student loans.
Federal Insurance contributions Act
- FICA Exemption
An exception allowed to qualifying student employees releasing them from the FICA deduction statute.
- Fiduciary Responsibility
A moral obligation to perform financial duties with integrity to prevent misuse and demonstrate trust, so that others have confidence in the financial activities of the University.
- Financial Records System (FRS)
FRS is the software system used by UNC-Chapel Hill for its accounting needs. The system meets North Carolina legislative requirements.
- Fiscal Year (FY)
A defined period of twelve months, during which an organization plans, executes and reports any financial activity that occurs.
- Fixed Charges
Costs that tend to be relatively constant in amount during the monthly, quarterly, semi-annual, or annual periods.
- Form 1099
The IRS requires reporting of non-employee compensation over $600, rents, royalties and payments to lawyers. Form 1099-MISC is used to report eligible payments.
- Form 1099PS
The North Carolina Department of Revenue requires reporting of some personal services income paid to a non-resident. Form 1099PS is used to report this non-wage compensation. This is income paid to certain performers and athletic officials from which tax was withheld.
A nongovernmental, nonprofit organization established to maintain or aid social, educational, religious, or other charitable activities serving the common welfare.
- FRED (Flexible Routing of Electronic Docuuments)
FRED is a behind the scenes electronic routing system with approval levels specified by departments, for secure document processing.
- Fringe Benefits
(Fringes) are expenses directly related to an employee’s salaries and wages. The type of salary or wage being paid will determine the type of fringes that apply. Fringes are required to be budgeted on all personnel dollars for personnel object codes from 1110 to 1410.
- Fringe Pool
Centrally held state funds that are allocated to 2-ledger accounts based on actual expenditures for fringe benefits on a monthly basis.
- FRS Account
A 10-digit number to which revenue/expenses are assigned.
- FTE (Full-time Equivalent)
FTE is a way to measure a workers involvement in a project, or a student's enrollment at an educational institution. An FTE of 1.0 means that the person is equivalent to a full-time worker; while an FTE of 0.5 signals that the worker is half-time.
- Fund Authority
Document which states the name, responsible person, source, purpose, and terms of an account.
- Fund Balance
The residual interest in the University's assets after liabilities have been deducted. Assets-Liabilities=Fund Balance.
- Funding Swap ePAR Form
Funding Swap ePAR Form is an online form used to change an employee’s salary sources for current or future pay periods.
- GAAP (Generally Accepted Accounting Principles)
Authoritative guidelines that define accounting practice at a particular time.
- GASB (Governmental Accounting Standards Board)
Entity responsible for developing standards for state and local governmental accounting and financial reporting (including public colleges and universities).
- General Ledger
The primary University account from which others (subsidiary accounts) are created.
- Hold Harmless Agreement
An agreement or contract in which one party agrees to hold the other without responsibility for damage or other liability arising out of the transaction involved.
Payment to a professional person for services rendered when charging a fee is forbidden by custom or propriety.
- HSL menu
List of options available to user after signing into the mainframe University computer system (ITS).
- Human Resources Facilitator (HRF)
A designated employee in any given department who processes permanent, temporary, or student personnel actions; handles leave, benefits, or payroll matters for that department; or supervises a work group that performs such functions.
- Human Resources Information System (HRIS)
University online systems used to establish and maintain personnel data for employees classified as "Subject to the State Personnel Act" (SPA).
- Imprest Petty Cash Fund
A petty cash fund in which all expenditures are documented by vouchers or vendors' receipts or invoices, the total of which, along with cash in the fund, should equal the established balance.
- Income Statement
(Statement of Changes in Fund Equity) Financial statement that summarizes the revenues generated and the expenses incurred by an entity during a period of time.
- Independent Contractor
An individual, who provides services to UNC, yet has no employee affiliation with UNC. The University uses the IRS check list to determine if an employee is termed an Independent Contractor/Consultant when preparing payments. Generally an Independent Contractor/Consultant is a non-employee professional who offers a special knowledge in a specific field. Independent Contractors/Consultants usually work for a consultancy firm or are self-employed.
- Indigent Care Write-offs
The differences between revenue at established rates and the amounts realizable from the financially responsible party for those receiving the State product or service. In this instance, the write-off is the result of the financially responsible party being unable to meet the financial obligations due to poverty or a lack of subsistence.
The party to an insurance arrangement to whom, or on behalf of whom, the insurance company agrees to indemnify for losses, provide benefits or render service.
- Interagency Receivables
This account consists of amounts owed to agencies and institutions by another North Carolina State agency or institution for goods and services provided. In addition, this also covers grant and contract receivable reimbursements.
- Intermediate Investment Pool
Established in October 2007, the Intermediate Investment Pool is comprised of fixed income investments and investments with the University of North Carolina at Chapel Hill Foundation Investment fund, Inc. Participation in the Intermediate Investment Pool is open to all participants that are eligible for the UNC Chapel Hill Temporary Investment Pool.
- International Student & Scholar Services
(ISSS) Central University office for foreign national students providing immigration information in determining tax status.
- Invitation For Bids
(IFB) The IFB is the preferred method for acquiring goods and nonprofessional services for public use when the estimated cost is over a specified amount. The IFB will contain specifications or scope of work/purchase description and the contractual terms and conditions applicable to the procurement. Submitted bids are evaluated based upon the requirements set forth in the invitation, and an award is made to the lowest responsive and responsible bidder.
An invoice is a vendor generated list of goods or services, showing prices, terms, quantities, shipping charges, and other particulars sent to a purchaser in request for payment (aka Bill).
- ITN (Individual Taxpayer Identification Number)
A nine-digit tax identification number issued to individuals who are ineligible to apply for a Social Security number, but are required to report their income.
- ITP (Information Technology Purchasing)
Web ordering system for CCI computers and University licensed software also used in tracking other technology purchases.
ITS Response Center.
Information Technology Services. The central technology organization for the University of North Carolina at Chapel Hill.
- ITS Information Security
Information Technology Services – Information Security. A division of ITS which manages all aspects of compliance with relevant university, State and Federal rules regarding data integrity and privacy.
Information Technology Services - Enterprise Applications. ITS division that is responsible for all major ITS application development.
- Journal Entry
A recording of a transaction where debits equal credits; usually includes a date and explanation of the transaction.
- Lapsed Salary
Funds generated when a permanent position is vacant for some period of time.
- Late bid or proposal
A bid, proposal, withdrawal, or modification received, at the designated place for receipt, after the established due date and time.
- Leave Payout
Salary payments for unused annual leave made to employees upon termination, based on the employee's current salary rate.
Identifies the type of fund
- Legislative State Increase (LSI)
The salary raise process for SPA employees that occurs after the General Assembly approves legislation and provides the Office State Personnel (OSP) and the Office of State Budget Management with specific instructions which is then distributed to the Office of Human Resources for implementation. The LSI process is managed through the HRIS System and is normally effective July 1.
Obligations measurable in monetary terms that represent amounts owed to creditors, governments, employees, and other parties.
- Liability Insurance
That insurance that pays and renders service on behalf of an insured for loss due to negligence, arising out of the insured's responsibility to others, imposed by law, or assumed by contract.
Make resource available that were previously earmarked.
- Loan Funds
A form of financial aid to students. Loans are made and repaid to these current funds.
- Long-term Liabilities
Debts or other obligations that will not be paid within one year.
- Management Flexibility
The University’s ability to move budget between certain object codes without the prior approval of OSBM.
- Maturity Date
The date on which a note, bond, or other obligation becomes due.
- Medical Payments Insurance
A form of coverage, usually included in automobile and other liability policies, providing for payment, without regard to liability, of medical and other similar expenses.
A University department or unit that is authorized to accept credit card payments for goods or services provided to customers.
- Merchant Number
A unique number that identifies a University department or unit that is an approved merchant.
- Merchant Service Level Agreement
An agreement between a University department or unit and ITS/Finance and Administration that authorizes the department or unit to function as a merchant and documents the responsibilities for accepting credit cards as a method of payment.
A unique number that identifies a University department or Unit that is an approved Merchant.
Materials Management & Distribution, a section of Contract Services and Stores at UNC-Chapel Hill.
- MMV (MyMerchantView)
The internet based reporting tool provided by SunTrust Merchant Services (STMS). This tool provides summary and detailed level reports for all batches and transactions submitted to STMS for settlement.
- Money Market
Temporary investment pool. Available cash balances in the general ledger may participate. Must leave cash to cover three months of expenditures.
Failure to use that degree of care that an ordinary person of reasonable prudence would use under the given circumstances. Negligence may be constituted by sets of either omission or commission or both.
- Net Asset Value (NAV)
The Intermediate Investment Pool’s assets minus its liabilities, divided by the number of pool units.
- Net Assets
The ownership interest in the assets of an entity; equal to total assets minus total liabilities.
- Non-responsive bid
A bid from a vendor who does not conform to the mandatory or essential requirements of the invitation for bid (IFB).
- Non-State Employees
Non-State employees traveling on official University business whose expenses are paid by the University are subject to these regulations, including statutory subsistence allowances, to the same extent as are University employees. Travel expenses for members of a non-employee's family are not eligible to be paid by the University. Consult with the specialist in the Office of Sponsored Research who handles the program before reimbursing non-State employees from sponsored research accounts. Reimbursements should be processed on a Check Request.
- Non-Statutory Deduction/Reduction
Payroll deductions not required by law, such as medical and life insurance, savings bonds, supplemental retirement, etc.
- Notes Payable Obligations
Liabilities incurred to obtain financing for the purchase of a University asset.
- Notes to the Financial Statements
Explanatory information considered an integral part of the financial statements.
- Object code
Four-digit revenue or expense category identifier.
- Occurrence Coverage
An insurance policy providing liability coverage only for injury or loss that occurs during the policy period, regardless of when the claim is actually made.
- Office of State Budget Management (OSBM)
The agency representing the Governor that develops, manages and administers the State budget and provides policy guidance and interpretation in the use of State funds.
- Office of State Human Resources (OSHR)
The agency responsible for establishing and maintaining a system of human resources administration under the direction of the Governor.
- Office of the President (OP)
Office that is referred to as General Administration, which has overall responsibility of all 17 constituent institutions.
- Online Budget Transfer/0BT
A special screen in FRS used for temporary transfers of non-personnel budget funds for State and F&A accounts and any budget funds for Auxiliary and Grant accounts.
- Online Journal Entry
A journal entry made using the Accounting Services web enabled journal tool. (See Finance Training listings)
- Only Name You’ll Ever Need (ONYEN)
The ID and password that allows access to all electronic systems at the University.
- Operating lease
A simple rental agreement.
Office of the State Controller.
- Out-of-State Travel
Out-of-state travel status begins when the employee leaves the state and remains in effect until the employee returns to the state. However, in-state allowances and reimbursement rates apply when employees and other qualified official travelers use hotel and meal facilities located in North Carolina immediately prior to and returning from out-of-state travel during the same travel period.
- P-Card (Purchasing Card)
The UNC-Chapel Hill P-Card is a departmental Visa Card program. The purchasing card program is designed to streamline the way each department transacts Small Order purchases for supplies not available through the University Storeroom or UNC-Chapel Hill E-commerce vendors. Each cardholder is responsible for the goods that are ordered. This means that the user of the card can be held personally responsible for any charges that are made.
- PAAT (Payroll Accounting Adjustment Tool)
PAAT (Payroll Accounting Adjustment Tool) is used to retroactively move an employee’s salary or fringe expense in a certain pay period to different funding sources. PAAT can be used to create, approve, recycle and cancel a payroll account adjustment.
Primary Account Number is the payment card number (credit or debit) that identifies the issuer and the particular cardholder account. Also called Account Number.
Reimbursement for costs incurred in obtaining or renewing a passport may be made to an employee who, in the regular course of his duties, is required to travel overseas in the furtherance of official University business. Passport expenses are chargeable to the same fund that supports the employee's trip. Prior written approval from the Department Head is required for reimbursement.
- Past Due
An account receivable is past due if the university has not received payment of it by the specified due date.
- Payment Application Data Security Standard (PA DSS)
The PA DSS is for software developers and integrators of payment applications that store, process or transmit cardholder data as part of authorization or settlement when these applications are sold, distributed or licensed to third parties.
- Payment Card Industry
- Payment Card Industry (PCI) Data Security Standards (PCI DSS)
The compliance requirements that have been established by the leading card associations with the objective of improving the safekeeping of cardholder information and the prevention of system breaches.
- Payment Card Industry (PCI) Pin Transaction Security (PCI PTS)
The compliance requirements for pin entry devices (PED) that have been established by the leading card associations with the objective of improving the safekeeping of cardholder information and the prevention of system breaches.
- Payment Card Industry (PCI) Security Standards Council (PCI SSC)
A global open body formed to develop, enhance, disseminate and assist with the understanding of security standards for payment account security.
- Payment Gateway
An internet payments interface: a server or organization acting as an interface between the payment systems of retail seller, acquirer, and issuer with regard to Internet payments ( used in e-commerce )
An account set up as a money transmitter to send and receive money. PayPal is not a payment gateway or a bank. The use of PayPal by a State agency (the University) is not allowed per State policy (statute).
- PayPal Payflow Pro
A payment gateway that acts as an interface between the payment systems of retail seller, acquirer, and issuer with regard to internet payments (used in e-commerce).
- Payroll Action
A request or approval having the potential to alter an employee's salary.
- Payroll Check and Register Report (01)
Distributed by Payroll Service to indicate the detail of payroll transactions for each employee in a specified department.
- Payroll Distribution Report (combination of 02, 04, and 06 reports)
Distributed by Payroll Services via secure logon as an E-print document which provides an analysis of employer charges, including FICA, retirement, health insurance, and others.
- Payroll Exception
A report of any discrepancies that occur during the comparison of the Employee Time Records and the applicable Check Register Report.
- Payroll Inquiry (PRIQ)
Program within FRS which allows an approved user to view an employee's personnel action history.
- Payroll Suspense
Payroll Suspense refers to a chartfield string which contains the expense account 511190 and exists in ConnectCarolina as a temporary expense option when the system incurs a funding error due to an issue like an expired funding source or incomplete funding data.
Payment Card Industry
An Oracle product selected by the University to streamline its many processes including Financial Management, Asset Management, Supply Chain Management, and Student Information Management. The end result will provide departments’ one-stop access to all the business information affecting their accounts, employees, and students.
- Permanent Budget
Recurring budget (screen 029 in FRS or TC code=083).
- Personal Identification Number (PID)
Number used instead of social security number and issued by the University.
- Personnel Action
A request or approval, submitted via the HRIS or EPA Web system that has the potential to alter the current conditions of an individual's employment.
- Personnel Information Forms (PIFs)
A report generated in EPA Web to indicate the real-time status of payroll actions that have been approved, received, and fully-processed by Payroll Services.
- Petty Cash Fund
A small amount of cash kept on hand for making miscellaneous payments.
- PI (Principal Investigator)
Person responsible for the expenditure of a a specific grant.
- PIN Entry Device (PED) Security Requirements
PCI PTS applies to manufacturers who specify and implement device characteristics and management for personal identification number (PIN) entry terminals used for payment card financial transactions.
- Plant Funds
Funds used to support the building of facilities and other physical equipment at UNC-Chapel Hill, such as capital improvement funds, bond proceeds, etc.
- Point of Sale (POS)
A computer terminal functioning as a standalone system or connecting to a server and that is used for authorizing and processing sales transactions.
- Point of Sale (POS) Swipe Terminal
A device placed in a merchant location which is connected to the Processor's system via telephone lines and is designed to authorize, record, and settle data by electronic means for all sales transactions with Processor. The Swipe Terminal can process both card present and card not present transactions.
- Position Control System
Former system for tracking EPA personnel actions and budget for State and F&A accounts. This system was replaced by the Budget Management System.
- Pre-bid Conference
A meeting held with prospective bidders or offerors prior to solicitation of bids, to clarify any ambiguities, answer bidder questions, and ensure all bidders have a common basis of understanding regarding the supplies or services required.
- Pre-proposal Conference
Same as Pre-bid conference, but for competitive proposals.
- Primary Insurance
Property or liability coverage that provides benefits (usually after a deductible has been paid by an insured) up to the limits of a policy, regardless of other insurance policies in effect.
Amount paid on a bond at a maturity date.
Refers to obtaining goods or services for the University through the purchasing process.
- Professional Liability Insurance
Liability insurance designed to indemnify professionals such as doctors for bodily injury, direct or consequential damage claims arising from the rendering or failure to render professional services.
Usually pertains to land or real estate but also can refer to something of value that is owned by the University.
- Property Insurance
Insurance that indemnifies an individual or entity with an ownership interest in real or personal property or the loss of business income-producing ability.
Journal entries or other transactions that are automatically generated during the month-end process based on parameters that were previously calculated and input in FRS. Fringe Benefit expenses is an example of a prorate on State Appropriated Funds (Ledger 2).
- Prospective Professional Employees
Department heads are authorized to approve reimbursement of transportation expenses of prospective professional employees visiting University departments for employment interviews for EPA positions. These expenses are limited to transportation and subsistence for 3 days (5 days if one is a Saturday) at the in-state rate. Reimbursements should be processed on a Check Request.
- Protecs System
Online system used by Payroll Services to collect and update personnel actions submitted through EPA Web and HRIS.
A written objection by an interested party to an invitation for bid s (IFB) or request for proposal (RFP) solicitation, or to a proposed award or award of contract, with the intention of receiving a remedial result.
- Protime System
Online system that records employee time records of SPA employees for use by Payroll Services.
- Public bid opening
The process of opening and reading bids at the time and place specified in the IFB and in the presence of anyone who wishes to attend.
- Purchase Order (PO or P-Order)
Official contract document for securing services and materials from commercial vendors. Purchase Orders are only signed by designated University purchasing officials. Purchase orders (PO's) are frequently called P-Orders because their number in the FRS system starts with a "P".
- Purchase Requisition
A written request for the purchase of goods or services. Normally departments submit Purchase Requisitions to the Purchasing Office where a purchasing official then issues a Purchase Order.
- Purpose Code
A three-digit code that divides accounts into common areas of spending, i.e. 101 – Instruction, 152 – General Academic Support, etc.
A statement of price, terms of sale, and description of goods or services offered by a vendor to a prospective purchaser; may be non binding if solicited to obtain market information for planning purposes.
The response to a request for quotation.
- RACF ID
Same as FACS ID. Five character (alpha) id that identifies you to University systems.
Documentation of the exchange of funds, including receipts produced in a computerized environment (e.g., a register or electronically generated receipt) and handwritten receipts (preferably written on pre-numbered, duplicate forms).
Claims for money, goods, or services.
- Receiving Report
Receiving is the function of accepting merchandise acquired by means of a Purchase Order. Receiving is entered into the FRS electronically by the receiver of the goods. If a shipment is delivered to Central Receiving, Computer Repair Center (CRC), or Environment, Health and Safety (HSO), that facility will enter receiving information into FRS. If a department receives goods directly, that department is responsible for entering receiving into the system. Payment cannot be generated until receiving and invoicing are complete.
- Recurring Budget
Budget that continues from year to year and is referred to as permanent budget and is allocated each year on July 1 (screen 029 in FRS or TC code = 083).
- Registration Fees
Convention registration fees may be reimbursed for the actual amount expended as shown by a valid receipt or invoice.
All reimbursement requests shall be filed for approval and payment within 10 days after the travel period ends for which the reimbursement is being requested.
To restore or return to the country of birth, citizenship, or origin.
- Request for Information (RFI)
RFI is used to obtain general information about products, services or supplies. Results are generally in the form of brochures, catalogs, or price lists.
- Request for Proposal (RFP)
A bid solicitation method used for requirements exceeding authorized limits when it is expected that negotiations with one or more bidders may be required with respect to any aspect of the requirements, or other factors will be considered in the selection of the contractor in addition to price, or only one source is being solicited.
- Request for Quotation (RFQ)
An informal solicitation or request for information, where oral or written quotes are obtained from vendors, without formal advertising or receipt of sealed bids. Used only where statutes do not require formal sealed bids, but price competition is desired.
- Restrictive Endorsement
A means of identifying checks deposited by various departments using a standardized university-wide signature of deposit. This helps identify checks returned by the bank for any reason and eliminates items being returned for improper endorsement.
An entity making sales at retail, offering to make sales at retail or soliciting sales at retail of tangible personal property, digital property or services for storage, use or consumption in the State, as detailed in G.S. 105-164.3(35).
Increase in an entity's resources from operations including sale of goods or services
- Roll-up Reporting
Method to summarize and select data to provide meaningful information to managers at all levels. Any part of or all of an organization can be used for reporting, and the information can be summarized by program structure, responsibility structure, funding source, and object code ranges.
- RTV (Return to Vendor)
RTV refers to products that are returned to vendor. To ensure the correct procedures are followed, campus departments should notify Material and Disbursement Services (Attn: Purchasing) when planning to return an item to a vendor. This will also help ensure the department receives a credit or replacement from the vendor and serves as a measure of tracking the return. If the item cost is $5,000 or more a E/S-102 form should be submitted to Asset Management.
- Safe Harbor Tests
Conditions set forth by the IRS to determine student FICA exemption eligibility.
- Sealed bid
A bid submitted in response to an invitation for bid (IFB). Bid is submitted in a sealed envelope to prevent dissemination of its contents before the deadline for the submission of all bids.
- Segregation of Duties
Strategy to provide an internal check on performance through separation of custody of assets from accounting personnel, separation of authorization of transactions from custody of related assets, and separation of operational responsibilities from record keeping responsibilities.
Making financial preparations to meet pure risks by appropriating sufficient funds in advance to meet estimated losses, including enough to cover possible losses in excess of those estimated.
SHRA (formerly called SPA) positions are governed by the provisions of the State Human Resources Act of North Carolina. This includes most staff positions. While the two groups have many similarities and are all state employees, SHRA and EHRA employees have some differences in terms of benefits, leave allowances, and policies. The University’s Office of Human Resources provides human resources programs and policy administration for SHRA and EHRA non-faculty positions; for faculty, human resources are primarily administered by the Office of the Provost.
- Small order
Merchandise purchase or repair expense costing less than $5,000 including shipping and handling.
- Small order process (SOP)
A payment mechanism to use in paying vendors for merchandise or repairs when the total invoice is less than $5000.00.
- Soft Money
Funds that are not permanent (may refer to grant funding).
A computer program. Software is not considered equipment and should be purchased on the 2921 object code.
- Sole source procurement
Only one vendor possesses the unique and singularly available capability to meet the requirement of the solicitation, such as technical qualifications, ability to deliver at a particular time, or services from a public utility.
- South Building
Location of Chancellor's Office, Office of the Provost, Business & Finance Administration.
- Special Funds
Money received from or for the operation by an institution of its program of intercollegiate athletics and moneys held by an institution as fiscal agent for individual students, faculty, staff members and organizations (e.g., agency funds). University-affiliated foundations have separate investment agreements for special funds.
A description of the physical or functional characteristics, or of the nature of a supply, services or construction item; the requirements to be satisfied by a product, material, or process indicating, if appropriate, the procedures to determine whether the requirements are satisfied.
Funded using both a State-appropriated account and a non-State account.
- Standing Order (W order)
Blanket order established for up to a one-year period to facilitate repetitive orders. Sometimes called "W" orders as the FRS order number starts with a "W".
- State Receipt-Supported Accounts: (Ledger 3-8xxxx)
Receipts received for goods or services offered by a Department. These funds are governed by OSBM guidelines and regulations and the program’s guidelines and activity.
- State Term Contracts
Competitively awarded contracts that cover designated state agencies for a period of one or more years. The University is obligated to purchase specified items from the appropriate State Term Contract vendors. Some Term contracts may not be mandatory for all organizations, when an organization is exempt from a Term contract that contract becomes a Convenience contract for that organization. Before purchasing any goods or services UNC-Chapel Hill users must review the applicable Term contracts to determine if the item/service is covered and if it is a mandatory or convenience contract.
- State-Appropriated Funds (Ledger 2)
Funds provided by the General Assembly to support the academic mission of the University. These funds are goverened by the OSBM guidelines.
- Statement of Cash Flows
The financial statement that shows an entity's cash inflows (receipts) and outflows (payments) during a period of time.
- Statutory Deductions/Reductions
Payroll withholding required by law, such as FICA (Social Security and Medicare taxes) and Federal and State income taxes.
- STIF – Short-term Investment Fund
These accounts are interest- bearing accounts established directly with the State Treasurer. The University of North Carolina Board of Governors, Pursuant to G.S. 116-36.1, requires the University to deposit its institutional trust funds except for funds received for services rendered by health care professionals, with the State Treasurer. Although specifically exempted, the University may voluntarily deposit endowment funds, special funds, revenue bond proceeds, debt service funds, and funds received for services rendered by health care professionals with State Treasurer.
- STMS (SunTrust Merchant Services)
SunTrust Merchant Services. The State has a Master Service Agreement with STMS for Credit and Debit Card payment processing services.
Students at the University who travel on official University business and whose expenses are paid or reimbursed by the University are subject to these regulations, including statutory subsistence allowances, to the same extent as are University employees. Travel by students for the purpose of participating in athletic contests and activities of student organizations must be paid from funds supporting the particular organization or activity. University students may travel in State vehicles for purposes of participation in athletic contests and activities of student organizations officially recognized by the administration of the University.
- Subscription Service
A clearing house providing multiple magazine, periodical, and newspaper titles for a fee.
- Subsidiary Ledger
A grouping of individual accounts that in total equal the balance of a control account in the general ledger.
- Subsistence (Meals and Lodging)
Subsistence is an allowance related to lodging, and meal costs and gratuities thereon. General Statute 138-6 provides for allowances to be paid in amounts or rates specified. For purposes of determining eligibility for allowances, travel status means being away from the employee's normal duty station. The duty station is defined as the location at which the employee spends the majority of his or her working hours. To be eligible for allowances in connection with travel, the employee must be acting in official capacity as required by his/her work activities.
- Suspense – default
Suspense – default is used to post payroll transactions when a position or an assignment does not have a valid funding source in the Department Budget Table. Default Suspense is designated by Source 14101, 18001, or 60100.
- Suspense – delivered
Suspense – delivered is used to post payroll transactions when the funding source for an employee with a single funding source has expired. Delivered Payroll Suspense is designated by 14102, 18002, or 60110.
- Suspense – NC
Suspense – NC is used to post payroll transactions when one or more funding sources for an employee with multiple funding sources has expired. NC Payroll Suspense is designated by Source 14103, 18003, or 60120.
- Tax Treaties
Agreements made between the United states and various other countries that may allow residents of those countries to pay reduced income taxes and/or exempt them form the statutory withholding on certain items of income made in the U.S.
- Temporary Budget
One-time budget received in the current fiscal year (Transaction Code (TC) 20, 21 or 22).
- Temporary Investment Pool (Temporary Pool)
This is fixed income portfolio, operates in conjunction with the University’s disbursing (bank) account for all special funds, funds received for services rendered by health care professionals, endowment revenue funds (internal portion) and funds of affiliated foundations (external portion). Because of the participation in the Temporary Pool by affiliated foundations, it is considered a governmental external investment pool.
- Terms and Conditions
All language in a contract, including applicable standard clauses and special provisions; the rules under which all bids must be submitted, and the stipulations, applicable to most contracts, published by purchasing authorities for the information of all potential bidders. The University has standard Terms and Conditions for most acquisitions.
Terminal Identification or Terminal ID.
- Total Cost of Risk
An organization's combined cost of insurance premiums, retained losses and internal and external administrative expenses related to risk management. This is a traditional approach for calculating the cost of operational risk and does not necessarily include less quantifiable risk costs such as harm to one’s reputation.
The University's contracted payment gateway.
- Training Courses
Planned programs that develop an employee's knowledge, skill, and ability to perform the duties of his/her present job. These courses generally have a set fee, are of relatively short duration, and are not part of a curriculum leading to an educational degree.
Includes personal automobile, taxi, bus, train, airplane, motor pool charges, auto rental, tolls, and parking fees. All travel expenses must be incurred by and for University employees or other eligible travelers in conducting official University business in order to be eligible for reimbursement.
- Travel Coordinator
Travel Services has developed a Travel Coordinator Certification program. Under this program selected departmental employees are trained and certified as Travel Coordinators. By mutual agreement between a campus unit (a college, school, or department) and Travel Services, the shared responsibility for reviewing travel expense forms will be formally coordinated with the campus unit.
- Trust Funds
Funds provided by entities other than the state, such as gifts, grants, endowments, etc.
A certified remote assessment and compliance solution designed to help merchants meet the security standards of all credit card companies. It provides merchants a web-based portal to assess vulnerability and compliance with PCIDSS by providing a annual self assessment questionnaire and the ability to perform the required scans for all externally-facing IP addresses where applicable. Upon successful completion, a certificate of PCI compliance is available.
A leading provider of information security and compliance management solutions.
- Umbrella Liability Policy
A liability policy that serves as an excess liability policy to one or more primary policies, to extend additional limits, and generally provide broader coverage than is extended by the underlying policies.
- UMIFA - Uniform Management of Institutional Funds Act
This Act was enacted in North Carolina in 1985 as chapter 36B of the General Statutes
- UNC Management Fund, LLC (System Fund)
This is a limited liability company organized under the laws of the State of North Carolina. It was established in December 2002 by the UNC- Chapel Hill Foundation Investment Fund, Inc. (Investment Fund) and is classified as a governmental external investment pool. The pool is utilized to manage investments for the University of North Carolina, its constituent institutions, and affiliates of the constituent institutions. This includes charitable, non-profit foundations, associations, trusts, endowments, and funds that are organized and operated primarily to support these institutions.
- UNC- Chapel Hill Foundation Investment Fund, Inc. (Investment Fund)
This is a North Carolina non-profit corporation exempt from income tax pursuant to Section 501(c)(3). It was established in January 1977 and is classified as a governmental external investment pool. The pool is utilized to manage the investments for charitable, non-profit foundations, associations, trusts, endowments, and funds that are organized and operated primarily to support the university.
- Unit Accounting System
System that maintains the market values and other information for University endowments and funds of affiliated foundations that invest through the UNC-Chapel Hill Foundation Investment Fund, Inc.
- UPMIFA- Uniform Prudent Management Institutional Act
This Act was enacted in North Carolina in March 2009. UPMIFA replaces the earlier Uniform Management of Institutional Funds Act (UMIFA) enacted in North Carolina in 1985.
- Useful Life
The duration of time an asset remains useful to an organization.
- VCCT (Virtual Credit Card Terminal)
The State's web-based application used by CPS clients to reconcile credit card transactions processed.
One who sells goods or services; supplier.
- Vendor catalog (ePro)
An option available in eProcurement to purchase goods from select vendors who have made their catalogs available on-line for electronic ordering and automatic invoicing.
- Voluntary Deduction
Payroll deductions in addition to statutory and non-statutory deductions that have been elected by the employee.
Purchase Orders which are Blanket or Standing Orders are frequently called W-Orders because their number in the FRS system starts with a "W".
- Web Travel system
Is an electronic solution for departments to submit: Registrations, Travel Cash Advances, Travel Cash Advance Reconciliations, and Travel Reimbursements. Web travel is also used in conjunction with the Central Airfare Billing System (CABS) to reserve, ticket, and pay for airline tickets.
- WebReq (Web Requisition)
The Internet browser enabled requisitioning system developed for UNC-Chapel Hill departments to use in submitting purchase requisitions.
To remove an account receivable from the University’s account receivable records
- Yahoo Store Front (as related to Credit card Merchant Services)
An Internet method used as a capture solution (gateway) through the NC @ Your Service Store for the sale of goods or services with payment by credit card.