Glossary


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

Sales Tax Exemption

Exclusion from sales tax for goods and services purchased for use by a nonprofit organization. Does not exclude state hotel occupancy tax.

Salvage

Property that has no reasonable prospect of sale or use as serviceable property without major repairs or alterations because of its worn, damaged, deteriorated, or incomplete condition, or because of its specialized nature. Salvage has some value in excess of its scrap value.

SANDI

Is a payroll report from the legacy system that lists all appointments for each monthly paid employee and student, for the current fiscal year as well as current month postings (pay and distribution) and a fiscal year summary of activity. SANDIs should be reviewed in a timely manner, and changes communicated promptly to Payroll, either via ESANDI (the electronic SANDI system) or the paper SANDI (which is signed and returned to Payroll). See also DINDI and DACCA. The function of this report is replaced in the SAP payroll system by eSDS.

SAP

MIT's integrated accounting and purchasing system.

Scanned Images

MIT accounting operations (such as Accounts Payable) scan all invoices and Request for Payments (including attached backup) before posting for payment. After a document number is generated the scanned images are linked to that document number. These images are then accessible to the MIT community.

Scrap

Property that has no reasonable prospect of being sold except for the recovery value of its basic material content.

Selection of Source

The process used to conduct an impartial, equitable and comprehensive evaluation of competing proposals to supply specified goods or services.

Sensitive Items (Asset Category, also known as Unallowable)

Pieces of property considered attractive to misappropriation for personal use or to being sold in a cash-for-value transaction. Items in this classification generally have a value of over $100 and may also fall into any of the other categories of property described in this section. Sensitive items require more stringent controls than capital equipment items. Select examples of items falling into the sensitive item category are:

A. Cameras, movie and still
B. Binoculars and telescopes
C. Powered hand tools
D. Firearms
E. Projectors, movie and still

Separately Invested Funds

Investments that are held by or for the Institute and maintained in separate portfolios for investment purposes.

Signoff Form for Financial Review and Control

Document that confirms the record of monthly review. The form can vary, but must include a list of the cost objects reviewed, the transaction types (if not all were reviewed by the same person), the month being reviewed, and the date completed.

SKU

This stock keeping unit is a unique product identification number.

Software License

Proof of copyright for software, documentation, name, trademarks and other related items.

Space Hardware

Applies to those items of space property and components unique to NASA aeronautical and space programs. All space hardware, including completed space hardware, spare parts and components, and space hardware work in progress is reported on the annual NASA financial report, NASA Form 1018.

(1) Completed space hardware, systems, and subsystems includes the cost, actual or estimated, of such items as aircraft, engines, space vehicles, satellites, spacecraft, and rockets, including components provided for prototypes, mock-ups, or fit checks, or for such other reasons as may be specified in the contract.

(2) Spare parts and components includes the cost, actual or estimated, of deliverable spare parts and components employed as spare parts to be used for the emergency replacement, repair, or modification after the fabrication of space hardware. Theses types of property are commonly referred to as “logistics spares” or “test support spares” and do not include components utilized by the contractor that are not deliverable as spares and that are included as work in progress.

(3) Space hardware work in progress includes the actual or estimated fabrication costs as of the date of the report of undeliverable space hardware and associated systems, subsystems, spare parts, and components provided or acquired and charged to work in process pending incorporation into an end item. Such items are included in what is sometimes called production inventory and include programmed extra units to cover replacement during the fabrication process (production spares).

Space Property

Capital assets which are peculiar to aeronautical and space programs of NASA, including such items as aircraft engines, space vehicles, other similar components, and related support equipment furnished for use as a standard or model, to establish equipment compatibility or such other similar reasons as may be determined by the contracting officer.

Special Test Equipment

Electrical, electronic, hydraulic, pneumatic, mechanical, or other items or assemblies of equipment, which are of such a specialized nature that (without modification or alteration) their use is limited to testing in the development or production of particular supplies or parts thereof, or is limited to the performance of particular services. The term “special test equipment” includes all components of any assemblies of such equipment, but does not include:

A. Consumable property
B. Special tooling
C. Buildings, non-severable structures (except foundations and similar improvements necessary for the installation of special test equipment), general or special machine tools, or similar capital items, as well as fabricated equipment.

Special Tooling

All jigs, dies, fixtures, molds, patterns, taps, gauges, other equipment and manufacturing aids which are of such a specialized nature that (without substantial modification or alteration) their use is limited to the development or production of particular supplies or parts thereof, or the performance of particular services. The term includes all components of such items, but does not include:

A. Consumable property
B. Special test equipment
C. Buildings, non-severable structures (except foundations and similar improvements necessary for the installation of special tooling), general or special machine tools, or similar capital items.

Statements of Activities

Summarize the revenues, other additions, expenses, and other deductions that resulted in the changes to the Institute’s net assets as shown in the Statements of Financial position. The statements show this activity by net asset category, with details of the Institute’s operating and non-operating activities.

Statements of Cash Flows

These statements show the change in the cash balances of the Institute from the end of the preceding year to the end of the current year. The statements start with the overall change in net assets for the year, then add back expenses and other transactions that did not require cash, and then show the changes in the specific balance sheet items. Receivables and payables are created when transactions are booked for reporting purposes, but cash has not yet been received or paid. A positive adjustment for accounts receivable during the year reflects the net decrease in receivables.

Statements of Financial Position

The report of the Institute’s assets, liabilities, and net assets. Invested assets are reported at market value while other assets are valued at amortized cost. The net assets section of the Statements of Financial Position, the Institute’s assets less its liabilities, is comparable to stockholders’ equity in a for-profit corporation.

Student Loan Funds

Resources loaned to students plus any dedicated balances available for such loans.

Subrogation

Involves the recovery, in whole or in part, of claims costs, including legal expenses, from a third party (e.g., contractor, subcontractor, vendor, manufacturer, etc.) who may be held responsible for damages.

Surplus Property

Categorizes physical assets in excess of the needs of the Institute which therefore become available for disposition to outside activities.

Suspense Cost Object

An unfunded internal order, for each DLC, that is used to charge salary and tuition if the appropriate cost object (WBS element, Cost Center or Internal Order) is not available. Charges to suspense may be generated by the system or a DLC may enter the cost object directly in eSDS or on the time sheet. Charges will be cleared from suspense cost objects quarterly by Payroll. Suspense cost objects are intended to be temporary holding places for salary expenses that encounter an exception condition, e.g., an invalid or terminated cost object.

Swept Charges

Any credit card balances that are shifted to a default cost object until supporting receipts or other backup documents have been attributed. Once back-up has been attributed, the changes will transfer to the appropriate cost object/GL account. A special Brio Query report has been created for "swept" transactions.