This section provides definitions for accounting terms, acronyms, and information pertaining to the various forms used within the campus and this manual.
Accounts Receivable - Amounts owed the University or a department of the University by individuals or organizations (other than state agencies and institutions) for goods and services rendered, tuition and other fees, and other obligations. Refer to Section 4115, Receivables, for additional definitions and information.
ATV - See Agency Transaction Voucher.
Account Number - The expenditure or revenue code that best describes the transaction being processed. Refer to Section 2015 for expenditure codes and Section 2020 for revenue codes.
Accounting Voucher - The form used to initiate prepayments and other payments that do not require a purchasing document. Refer to Section 4205.
Agency Funds - See Local/Agency Funds.
Agency Transaction Voucher - The form used to distribute, adjust and/or correct revenue and expenditure transactions from one University account to another and to record recoveries from one university account to another. Refer to Section 4230. To use the form for Agency/Local Fund accounts, refer to Section 3045.
Autonomy - The ability/authority to operate independently. Generally applies to the University operating independent from the State.
Auxiliary Enterprises - Nonacademic services furnished directly or indirectly to students, faculty, or staff for which there is a charge or fee that is related to, but not necessarily equal to, the cost of the services. Organization Numbers 3xxxxx.
Budget - A financial plan projecting revenues and expenditures.
CAPP (Commonwealth Accounting Policy and Procedures) Manual - A policy and procedures manual maintained and distributed by the Department of Accounts for the Commonwealth.
CARS (Commonwealth Accounting and Reporting System) - The State's centralized accounting system operated by the Department of Accounts (DOA).
Capital Outlay (Capital Project) - An acquisition, construction or improvement related to property, plant or equipment (including plans) for state agency use as owner or lessee. Organization Numbers 7xxxxx.
Classified Employee - A permanent or temporary staff employee.
Commitments - Reservations of funds initiated by a purchase requisition or travel authorization.
DOA (Department of Accounts) - The central State agency that serves as the State Controller's Office.
DPO (Department Purchase Order) - The form that a department may use to purchase certain items with a value of $5,000 or less. Refer to Section 7005.
Debt Set-Off - See Set-Off Debt Program.
Department ID Number - The six-digit code assigned to identify a University department in the Financial Information System. Refer to Section 2010 for a listing of active numbers.
Deposit Transmittal Form - The form used to transmit deposit information for revenue items and expenditure credits/recovery transactions for input to the Financial Information System. Refer to Section 4105.
EIN (Employer Identification Number) - Nine digit number assigned by the IRS to identify taxpayers required to file various business tax returns.
ETF - See Equipment Trust Fund.
Educational and General (E & G) - The classification used to describe all operations related to the university's educational objectives. Programs authorized for use by James Madison University are Instruction, Research, Public Services, Academic Support, Student Services, Institutional Support and Operation and Maintenance of Plant. Organization Numbers 1xxxxx.
Encumbrance - See Commitment.
Equipment Trust Fund (ETF) - A trust fund, made available through the State Council of Higher Education for Virginia. The funds are provided to purchase instructional or instructional related equipment for higher education agencies. Academic departments eligible to participate are determined by SCHEV. A list of the items to be purchased must be approved by SCHEV prior to making any commitment to purchase. Refer to the Equipment Trust Fund website.
Expenditure Code - The six-digit account number assigned to identify types of expenditures, e.g., classified salaries, ADP equipment. Refer to Section 2015.
Expenditure Credit - A reimbursement to a university account for an expenditure made during the current fiscal year, for which a prior expenditure document can be cited, and the original vendor returned the funds.
F & A - See Facilities & Administrative Costs.
Facilities & Administrative Costs(s) - Costs incurred in support of many activities that cannot be identified with a single project. Costs for maintenance and operation of buildings, use of equipment and administrative expenses are usually considered F & A costs.
FIN (Federal Identification Number) - A unique number containing nine to twelve digits assigned to businesses.
Financial Accounting System Deposit Transmittal Form - See Deposit Transmittal Form.
FICA-OASDI (Federal Insurance Contribution Act--Old Age Survivors Disability Insurance) - The Federal tax also known as Social Security that provides retirement and disability income to eligible recipients.
Financial Procedures Manual - The University manual designed to outline accounting and procurement procedures, describe control responsibilities, and provide guidance for completing financial transaction forms.
Fixed Assets - Assets of a long-term nature intended to continue to be held or used, such as land, land improvements, buildings, machinery, and equipment. These assets must have a value of $2,000 or greater and a useful life of at least two (2) years to be recorded on the University's fixed asset accounting records. Some restrictions apply to items purchased with Grant or Equipment Trust funds. Refer to Section 6005.
GAAP (Generally Accepted Accounting Principles) - Accounting rules and guidelines that are used on such a wide basis as to be uniformly accepted.
General Ledger - Reflects balances in the Financial Information System by account assets, liabilities, and fund balances.
Grants and Contracts Funds - Funding from governmental and non-governmental organizations that is received or made available for specific projects or programs, such as research or training. Organization Numbers 5xxxxx.
Internal Controls - Management procedures designed to ensure efficiency and effectiveness in operations, to improve management decision making, to protect resources, to ensure maintenance and reporting of reliable information and execution of operations consistent with established management policy. Refer to Section 3005.
JMU Foundation - A separately incorporated foundation affiliated with the University and organized to support the University through fund-raising activities.
Local/Agency Funds - Funds the University holds in a fiduciary role for students, faculty, staff and organizations. Organization Numbers 8xxxxx.
Local Funds - See Local/Agency Funds.
NCR (No Carbon Required) - A type of multi-part paper which produces the necessary copies without the need for carbon paper.
Organizational Unit - An Organizational unit is made up of resources defined by the institution's management structure and functional responsibilities. For instance, an academic department is an organizational unit of a college, and a college is an organizational unit within the division of Academic Affairs.
PAR (Personnel Action Request) Form - The form used to initiate personnel actions.
Payroll Time Authorization Form - The form used to submit hours worked by temporary/student employees.
PeopleSoft Finance - The University's financial information system.
Petty Cash Change Fund - A Petty Cash Change Fund is established with a specific amount of funds for making cash advances for authorized purposes.
Position Number - The unique number assigned by Human Resources to each full-time Position. All temporary positions are assigned number 99000.
Procurement - The act of acquiring goods, supplies, and services.
Purchase Requisition - The form used to initiate purchases of items that require the participation of Procurement Services. Generally, this form is required for items that have a value of more than $5,000 or are specifically exempt from procurement via the Department Purchase Order. Refer to Section 7005.
Recapitulation - A summary.
Receivable - Any amount owed to the University. Refer to Section 1115, "Receivables", for additional definitions and information.
Reconciliation - Identification and resolution of differences between separate sets of records. Refer to Section 3035.
Recovery - A reimbursement to a University Departmental Organization for various expenditures (in full or partial) incurred during a fiscal year.
Revenue Code - See Revenue Account Code.
Revenue Refund - A return of revenue collected, to an individual or business. In specific cases a refund may be made to the University for distribution.
Revenue Account Code - The six-digit code assigned to identify and summarize types of revenue. Refer to Section 2020.
Set-Off Debt Program - The Commonwealth program whereby delinquent accounts receivable balances are collected by reducing the individual's State tax refund.
SCHEV - State Council of Higher Education for Virginia.
Signature Authorization Form - A form that lists approved signatures of individuals authorized to sign department purchase requests and financial transaction documents. Refer to Section 3020.
Sponsored Programs - The program used to record expenditures for the direct costs of research grants and contracts and other programs sponsored by agencies external to the University that are fully funded by such external source.
STAR - Standard Tool for Accounting Reconciliation. Tool used for reconciling departmental budgets. Refer to the STAR website.
Subsidiary (Ledger) - Individual ledgers that reflect balances by account for budgets, revenues, expenditures and encumbrances (commitments).
TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equities Fund) - An annuity and retirement program for faculty and teaching and research administrators.
Travel Authorization Form - The form used to obtain approval for University supported travel. Refer to Section 4215.
VRS (Virginia Retirement System) - The State program designed to provide retirement and disability benefits to all full-time employees.
Work Order - The form and/or electronic media used to initiate a variety of work actions by the University's Facilities Management Department.