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

This is a formal process which needs to be followed when the actual content of an order is changed, that is, the order is partially or completely canceled with the mutual agreement of the vendor. A common reason for cancellation is when a vendor cannot ship all or a portion of the goods or services listed on the purchase order.

Cardholder

Institute employee whose name appears on the MIT Travel Card and who is accountable for all charges made with the card.

Carnet

An international customs document that simplifies customs procedures for the temporary importation/exportation of various types of goods. Carnets facilitate international business by avoiding extensive customs procedures, eliminate payment of duties and value-added taxes, and replace the purchase of temporary import bonds.

Carryforward (noun)

The net positive variance of budget versus actual expense in all eligible GIB cost centers.

Cashier Services

A VPF Business Unit that supports internal departments and groups who handle cash and check transactions at MIT.

Central MIT Controls

Internal controls put in place and maintained by MIT’s central offices to maintain accuracy and completeness of the Institute's financial records.

Certificate of Insurance

Proof of insurance coverage issued by a broker or insurance carrier that lists coverage (e.g., workers’ comp, commercial auto, general liability), policy number(s), limits of insurance, deductible(s), and special conditions.

Change Order

A written modification to a contract or purchase order or other agreement.

Check Marks

Guidelines that eliminate the requirement for checking off detailed transactions on printed detail transaction reports, which can instead be done online using the Financial Review and Control tools.

Closeout

This informal process is used whenever there is an open dollar commitment on a purchase order that has been completely received and paid and is not the result of actual content change. This open commitment is usually the result of minor variations in the pricing of the items or processing of the invoices or a consultant not using all of the hours originally estimated. This type of closeout should not be confused with the formal closeout procedure required for subcontracts.

Closeout of Purchase Order Commitment

The process used to eliminate the remaining dollar commitment on a purchase order after the goods have been completely received and paid.

Code of Ethics

A system of appropriate conduct agreed to and maintained within a community or business environment.

Code Sharing

Mechanism by which a U.S.-certified air carrier leases space on an aircraft of a foreign air carrier.

Coeus

Also referred to as Kuali Coeus, MIT’s electronic system used to standardize the administrative processes for sponsored research. Coeus is a cradle-to-grave award management system that is designed to assist the research community in proposal development and tracking, and award acquisition and management.

Cognos

A reporting tool from IBM which serves as the primary reporting platform for retrieving data from IS&T’s Data Warehouse. This web-based tool allows users to create reports and dashboards.

Commercial General Liability

An insurance policy designed to cover bodily injury or property damage claims and related expenses that the insured may become legally obligated to pay, as a result of the insured’s operations. The form is called comprehensive because it covers all of an insured’s operations and incorporates a number of individual coverages (premises coverage, products liability, and contractual liability) into one form.

Commitments

Outstanding purchase orders with balances or manual reservations. This feature on the Summary Statement enables a DLC to commit funds before it is ready to issue a purchase order or when a purchase order is not appropriate.

Commodity

A transportable article of trade or commerce that can be bartered or sold.

Complex Contracts

Agreements for major equipment, professional or consultant services, independent contractors, software licenses, research and development, or any other area where the terms and conditions of an agreement are more rigorous than standard commercial terms and conditions.

Components

Part of a unit of equipment that cannot be used independently of the remaining item of equipment and cannot function separately apart from the main unit to which it is attached. Replacement parts are not considered equipment.

Comprehensive General Liability

An insurance policy designed to cover bodily injury or property damage claims and related expenses that the insured may become legally obligated to pay, as a result of the insured's operations. The form is called comprehensive because it covers all of an insured's operations and incorporates a number of individual coverages (premises coverage, products liability, and contractual liability) into one form.

Computing Devices

Machines costing less than $5,000 and are used to acquire, store, analyze, process and publish data and other information electronically, including accessories for printing, transmitting, receiving, or storing electronic information. Under a federal award, computing devices can be direct charged if they are essential and allocable, even if they are not solely dedicated to the performance of the federal award.

Concur

MIT's online expense reporting and travel booking tool.

Consideration

Something of value given or done as recompense that is exchanged by two parties; that which binds a contract.

Consultants

An Individual providing specialized professional services for a set price over a specific period of time, or upon completion of explicit deliverable results.

Contract

Any written instrument or electronic document containing the elements of offer, acceptance, and consideration to which an agency is a party.

Contract Administration (Procurement)

The process of executing the specific terms of an agreement. Steps that must be taken to assure compliance with the contract include timely delivery, acceptance, payment, and closing.

Contract Administration (Sponsored Accounting)

The process of negotiating and maintaining an effective working relationship with a given sponsor in keeping with terms of the written agreement as maintained by the Office of Sponsored Programs in Coeus.

Contractor

A person who agrees to furnish goods or services for a certain price; may be a prime contractor or subcontractor.

Contracts (Business Unit)

A VPF Business Unit that advises, reviews, drafts, negotiates and executes commercial agreements for the procurement of goods and services at the Institute

Cost Center

A type of cost object in SAP.

Cost Object

A seven digit number used to categorize the costs and revenues associated with a particular project or activity.

Costing Sheets

A calculation that enables indirect costs to be associated with appropriate direct costs.

Coupa

See Buy-to-Pay (B2P).

Current Funds

Expendable resources held for meeting current restricted or unrestricted expenses.

Customs

A government agency that monitors compliance and enforces federal rules regarding the import and export of goods.

Customs Duty

A tariff or tax on the importation of goods. Commercial goods not yet cleared through Customs are held in a customs area, often called a bonded store, until processed.

News and Announcements

The VPF Budget and Financial Analysis (B&FA) team is hosting a training session on the
In early January, the Internal Revenue Service (IRS) released updat