Glossary

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

To receive goods from a foreign country.

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.

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

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

A solicitation which does not require a sealed response.

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

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).

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.

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

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.

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.

MIT’s Internal Providers offer a range of goods and services to the Institute community for a fee. They can be an excellent resource as they have deep institutional knowledge and experience – and can often save you time and money. Purchasing through an Internal Provider also offers the convenience of ordering and handling financial transactions within the Institute.

Trade terms published by the International Chamber of Commerce.

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

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

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.