Glossary


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General / Ledger Account

In SAP, a six-digit number identifying a particular classification of expenses or revenue.

General Investments

Assets of funds that have been pooled for investment purposes. These pools are Pool A (endowment and similar funds) and Pool C (current invested and operating funds).

Goods

All types of personal property including commodities, materials, supplies, and equipment.

Government Material

Is property which may be incorporated into or attached to an end item to be delivered under a contract or which may be consumed in the performance of a contract. It includes, but is not limited to raw and processed materials, parts, components, assemblies, small tools, and supplies.

Government Property

All property owned by, leased to, or acquired by the Government under the terms of contract, grant, or loan agreements. This includes both Government-furnished property and MIT-acquired property as defined below:

Government-furnished property is property in the possession of, or acquired directly by the Government and subsequently delivered or otherwise made available to MIT.

MIT-acquired property is property procured, or otherwise provided by MIT for the performance of a contract and for which property title is vested in the government.