Glossary

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Identifying Indicators

Mutually-agreed hallmarks that assure both parties to an agreement that the terms of that agreement have been fulfilled.

Import

To receive goods from a foreign country.

Inco Terms

Trade terms published by the International Chamber of Commerce.

Independent Contractors

An individual performing services for compensation within a well-defined set of criteria. MIT treats payments to independent contractors as taxable income. See Procurement form 4.15A.

Individual Item Record

A separate card, form, document, or a computer file data record utilized to account for one item of property.

Industrial Plant Equipment

IPE is that part of plant equipment with an acquisition cost of $5,000 or more. It is used for cutting, abrading, grinding, shaping, forming, joining, testing, measuring, heating, treating, or otherwise altering the physical, electrical, or chemical properties of materials, components or end items entailed in manufacturing, maintenance, supply, processing, assembly, or research and development operations. IPE is further identified by name and manufacturer in joint DOD Handbooks maintained in Property.

Infringement

The unauthorized use of another’s rights or privileges, including intellectual property rights, such as a patent, copyright, or trademark.

Institute Copier Program

An MIT fee-for-service system administered by the Copy Tech Center that allows DLC's to purchase competitively priced copying tools without capital expense (includes full service and supplies).

Insured

The party to an insurance contract to whom the insurer (insurance company) agrees to indemnify from losses, provide benefits, and/or render services.

Internal Controls

MIT's internal control structure consists of policies and procedures, organizational design, and physical barriers employed by MIT's central offices and DLCs to achieve their objectives. These controls can be preventive or detective. An Internal Control Questionnaire (ICQ) is included as Appendix B. The questionnaire is designed to assist Institute DLCs in performing a self-review of controls over financial systems and activities.

Internal Order

A type of cost object in SAP used to collect detailed revenues and expenses for departmental tracking, any net balance to be closed to a cost center or standing fund account.

Internal Provider

An MIT department or service facility which provides goods or services to the MIT community. Such services are accessed via SAPWEB or SAP requisitioning and usually include a fee.