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

Imputed Income

When an employee receives non-cash compensation that is considered taxable, the value of that benefit becomes imputed income to the employee. Imputed income is added to the employee’s taxable income but is not included in the net pay because the employee has already received the benefit in some other form.

Independent Contractors

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

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

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.

Informal Solicitation

A solicitation which does not require a sealed response.

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 DLCs to purchase competitively priced copying tools without capital expense (includes full service and supplies).

Insurance

A contract between an insurance company and a person or group which provides for a monetary payment in case of covered loss, accident or death.

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 available 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.

International Chamber of Commerce (INCO) Terms

Trade terms published by the International Chamber of Commerce.

Invoice

A list of goods or services sent to a purchaser showing information including prices, quantities and shipping charges for payment.

Invoices

Payment vehicle used by Accounts Payable to pay vendors/subcontractors on MIT purchase orders.

Itemized Original Receipt

Original paper or electronic receipt itemizing all charges, such as the individual items for a meal at a restaurant. A credit card receipt is not considered an itemized original receipt.

News and Announcements

MIT’s fiscal year-end closing process is underway.
OT&T Travel, one of MIT’s Preferred Travel Agencies, has merged with and is now known a