A nonprofit educational and technical organization of purchasing and materials management personnel and buying agencies from the public and private sectors.
Requests for Proposals (RFPs) are sometimes used as a starting point for negotiations to establish a contract. RFPs generally include more than just price considerations, and are especially applicable when dealing with a single source manufacturer.
In gift administration, net assets are categorized into three groups according to the nature of the restrictions placed on gifts by donors.
Permanently Restricted Net Assets
Gifts for which the original principal can never be spent. They comprise gifts to true endowment, outstanding pledges and assets held in trust that, when paid or matured, will go to the endowment, and gifts that are required to be used for student loans.
Temporarily Restricted Net Assets
Gifts that will ultimately become available for operations or capital expenditures. They require some event to take place or a defined lapse of time before they are available for spending. They include pledges, gifts of real estate not yet sold, gifts for construction projects that have not been completed and certain life income funds that, upon maturity, will be available for spending.
Unrestricted Net Assets
Gift resources available without restriction.
Price after all discounts, rebates, and other reductions have been allowed.
MIT’s web-based system for creating, submitting, maintaining, updating, and closing out budgets.
A formal response to a solicitation for bids stating that respondent does not wish to submit an offer. This serves as a procedure consideration to prevent suspension from the vendors list for failure to submit a response.
Payments made without the use of an MIT purchase order. Also referred to as Requests for Payment, RFPs and yellow RFPs, since the printed form is yellow.