A B C D E F G H I J K L M N O P Q R S T U V W Z
U.S. Flag Carrier

An Air carrier that holds a certificate under 49 U.S.C. 41102.

Unallowable Costs

Any cost that cannot be included in prices, cost-reimbursements, or settlements, under the provisions of any pertinent law, regulation, or contract, including government contracts to which that cost might otherwise be allowable.

Uniform Commercial Code (UCC)

A comprehensive modernization of various statutes relating to commercial transactions, including sales, lease, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, bulk sales, documents of title, investment securities and secured transactions.

Uniform Guidance

A government-wide framework for grants management which synthesizes and supersedes guidance from earlier OMB circulars including OMB Circular-21.

Uniform Guidance is designed to reduce the administrative burden on Federal award recipients and guard against the risk of waste and misuse of Federal funds. It was implemented in December 2014 by the Council on Financial Assistance Reform (COFAR).

Unit Price

The price of a selected unit of a good (e.g., pound) or service (e.g.,labor hours).

Universal Product code (UPC)

Universal Product Code (UPC) is a bar code language that provides inventory and pricing reference data.

Unresolved Problems

In Financial Review and Control (FRC), documentation of unresolved problems are kept on or with the signoff form. Contacts for resolving problems for each transaction type are found in Part 3, Specific Guidelines by Transaction Type.

Unrestricted (Gift Administration)

Refers to gifts from donors made to MIT that are available for the general purposes without restriction or a specific designated use.

Unsuccessful Vendor

A vendor whose response is not accepted for reasons such as price, quantity, or failure to comply with specifications.

News and Announcements

MIT is increasing its pay frequency for faculty, salaried staff, graduate students, and fel
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