Glossary


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Facilities (Asset Category)

Physical assets (other than material, special tooling, military property, and special test equipment), including real property and rights therein, buildings, structures, improvements, and plant equipment .

Facilities (Department of)

The Administrative unit of MIT responsible for capital projects design and construction, building maintenance, utilities and custodial services on campus: an internal provider of services to DLCs.

Fair Market Value (Market Value)

The amount at which an asset could be bought or sold in a current transaction between willing parties -- that is, other than in a forced or liquidation sale. If a quoted market price is available for a financial instrument, the fair market value to be used is the product of the number of trading units of the instrument times the market price per unit.

FAR

Federal Acquisition Regulations codify uniform policies for acquisition of supplies and services by executive agencies.

Financial Review and Control

In this context, Financial Review and Control (FRC) iis a collection of policies and procedures for performing monthly tests that scrutinize financial records in an MIT Department, Lab, or Center.

Fiscal Year

The 12 months between one annual settlement of financial accounts and the next; a term used for budgeting, etc. MIT’s fiscal year is from July 1 through June 30.

FOB (U.S. Domestic Use)

Delivery terms for goods that are shipped under a rate that includes the cost of loading and delivery to and from specified points.

FOB Freight Allowed

FOB terms in which the buyer pays the transportation charge and the seller reduces the invoice by a like amount.

FOB Freight Prepaid

FOB terms in which the seller pays the freight charges of the inland carrier.

Form 1042S

Similar to a 1099 Misc form but for individuals who are non US citizens or Non-resident aliens to detail U.S.-source income (subject to withholding in a calendar year).

Form 1099 Misc

Form sent to payees (such as independent contractors) who received income over a certain minimum amount during a calendar year deemed taxable by the IRS.

Fund

An entity consisting of assets, liabilities and fund balance in which the assets and income must be invested or spent according to a designated purpose.

Fund Center

A collection of SAP cost objects that have been grouped for authorization purposes. Every cost object is assigned to a fund center.

Fundamentals Courses offered by VPF

Accounting, Financial Management, Procurement, and other courses offered by the VPF on a quarterly basis. More >>

Funds Functioning as Endowment

Gifts, bequests, and other receipts that had no restrictions as to the expenditure of principal, which the Institute designated as additions to endowment for the present.