Glossary

An Air carrier that holds a certificate under 49 U.S.C. 41102.

Any cost that cannot be included in prices, cost-reimbursements, or settlements, under the provisions of any pertinent law, regulation, or contract, including government contracts to which that cost might otherwise be allowable.

A comprehensive modernization of various statutes relating to commercial transactions, including sales, lease, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, bulk sales, documents of title, investment securities and secured transactions.

A government-wide framework for grants management that synthesizes and supersedes guidance from earlier OMB circulars including OMB Circular-21.

Uniform Guidance is designed to reduce the administrative burden on federal award recipients and guard against the risk of waste and misuse of federal funds. It was implemented in December 2014 by the Council on Financial Assistance Reform (COFAR).

The price of a selected unit of a good (e.g., pound) or service (e.g.,labor hours).

Universal Product Code (UPC) is a bar code language that provides inventory and pricing reference data.

In Financial Review and Control (FRC), documentation of unresolved problems are kept on or with the signoff form. Contacts for resolving problems for each transaction type are found in Part 3, Specific Guidelines by Transaction Type.

Refers to gifts from donors made to MIT that are available for the general purposes without restriction or a specific designated use.