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Real and Personal Property

Real property consists of land, buildings, improvements and betterments. Personal property includes equipment, furniture, and fixtures.


A written acknowledgement that goods, services or monies have been provided and accepted as full or partial fulfillment to an obligation.

Receipt Date

The date goods and/or services were received by the department. The receipt date is used by Accounts Payable as the baseline date determining when terms are due and a check will be cut.


Term used for monthly review, understood in terms of 4-way or 2-way matching.

Replacement Cost

Cost for a new comparable (like kind and quality) model or item to replace damaged, stolen, or destroyed property.

Request for Payment (eRFP)

VPF eform used for reimbursement for out of pocket expenses, payment of honorarium, registration fees, dues, and other items where a purchase order is not deemed necessary.


A portion of payment that is withheld until certain deliverable results have been reached. In the case of sponsored billing, the deliverable may be a progress report, final report or technical report. In the case of a construction project, the deliverable may be a particular phase of completion up to and including the punch list.

Retention (Documentation for FRC):

Refers to the period of time during which the DLC is responsible for keeping original documentation. MIT guidelines state that the only paper documents DLCs need to retain are packing slips, credit card receipts, signed DACCAs and timecards.The retention time frames are current FY plus four additional FYs (for packing slips, credit card receipts, and signed DACCAs) and current FY plus one additional FY (for signed time cards).

Retention (Legal/Insurance Definition)

Deductible that each department must pay, per incident (not per item), in the event of a theft or property damage claim. The department gets reimbursed for the replacement value of the item less the retention. (MIT Accounting Definition)

Retroactive Changes

Retroactive changes to salary, especially on research grants, must be properly documented.A substantive explanation of the change is required. There are time limits on after-the-fact salary transfers.

Return of Goods

Process following receipt and inspection of goods deemed unsatisfactory. This process usually requires a return authorization (RMA) form.


In Financial Review and Control, the person(s) familiar with activity on a cost object who performs monthly financial review and control activities.


Request for Information is a written application for details regarding a specific transaction.

Risk Management

A management discipline focusing on the protection of the assets (people, tangible & intangible) of an organization by reducing the potential for losses (risk control), and financing, through insurance and other means, potential exposures to catastrophic loss, such as acts of God, human error, or court judgments. The process consists of several steps: 1) risk or exposure identification; 2) measurement and evaluation of exposures identified; 3) control of those exposures through elimination, avoidance, reduction, or risk transfer: 4) financing of remaining exposures, so that in the event of a major loss, the entity can continue to function without severe hardship to its financial stability.


Return Merchandise Authorization is a transaction that enables the recipient of an unsatisfactory product to arrange return, repair, replacement, refund or credit for the purchase price.

Roles Database

Stores and maintains access rules for other applications, such as SAP. The Roles Database collects the information and then distributes it to the appropriate applications, usually as a nightly data feed. The following are payroll-related roles in SAP Payroll:

Time Keeper an employee who reports hours worked to facilitate payment (includes hourly-paid students).

Time Approver assures that the hours are reasonable, fair, and should be paid; approves time sheets; can enter/change time of employees (including students); and can view time distribution

Distribution Reviewer can change salary distribution of current week time sheets, can view time, but can not enter, change or approve time.

Time Administrator can enter, update and approve times sheets, can make distribution changes to current week time sheets Time Approver, assures that the hours are reasonable, fair and should be paid, approves time sheets, can enter/change time of employees (including students), can view time distribution.

eDACCA Certifier is authorized to certify the eDACCA without maintaining paper backup (authorization may be based on Profit Center Group, Profit Center, Profit Center/Cost Object Supervisor or by Cost Object).

eDACCA Administrator is authorized to certify the eDACCA by proxy on behalf of an eDACCA Certifier. The Administrator must obtain and retain a signed print-out of the DACCA as dictated by Institute policy.(authorization may be based on Profit Center Group, Profit Center, Profit Center/Cost Object Supervisor or by Cost Object).

eSDS Administrator authorized to access and update pay distribution records, authorization assigned by organizational unit, authorized for access to appointments, and those that include cost objects in their Org Unit, access may be based on percent of pay only or percent and salary.

See Roles Database >>