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DEFINITION OF TERMS

A

• Abstract.  A brief summary of the statement of work.

• Account.  A record that is established to monitor the revenue and expenditures related to a particular project or program.  Various types of accounts can be created, such as general funds, endowment income, private designated gifts, discretionary accounts, revolving accounts, auxiliary enterprises, service centers, sponsored projects (for grants and contracts), capital project accounts, or clinical services. An account is made up of a fund-area-org (xxxx-xxx-xxxx)

• Account Period.  Set up in conjunction with program/ project period.  See program/project period.

• Accrual(s).  The accounting practice of realizing transactions when they transpire regardless of when the money was actually received or paid. This commonly happens at the University’s fiscal year end.

• Accrued Expenditures.  The charges incurred by the recipient during a given period requiring the provisions of funds for:  (1) Good and other tangible property received; (2) Services performed by employees, contractors, subcontractors, and other payees; and (3) Other amounts becoming owed under programs for which no current services or performance is required.

• Accrued Income.  The sum of: (1) Earnings during a given period from services performed by the recipient, and goods and other tangible property delivered to purchasers; and (2) Amounts becoming owed to the recipient for which no current services or performance is required by the recipient.

• Accumulating Costs.  The collecting of cost data in an organized manner, such as through a system of accounts.

• Actual Cost.  An amount determined on the basis of cost incurred (as distinguished from forecasted cost), including standard cost property adjusted for applicable variance.

• Advance.  A payment made by Treasury check or other appropriate payment mechanism to a recipient upon its request either before an outlay is made by the recipient or through the use of predetermined payment schedules.

• AFI-Access to Financial Information.  A web-based financial reporting system designed to provide principal investigators, researchers, and administrative staff with regular, easy and direct access to financial information for managing sponsored accounts. The AFI system provides financial summaries that are accurate as of the previous day’s close of business and affords the faculty and staff the opportunity to check on budget expenditures and balances for their sponsored accounts.

• Affiliates.  Organizations existing at JHU that are not part of the legal entity of Johns Hopkins or Johns Hopkins Medical Institutions but are closely linked to JHU.  Therefore, these organizations have a level of responsibility to adhere to some or all of the policies and procedures regarding sponsored projects.  Examples include the Kennedy Krieger Institute, Bayview Medical Center, and the Carnegie Corporation.

• Agreement.  A document having legal force and effect.  A contract executed by two or more parties.

• AINQ.  CUFS Account Inquiry system allows users to review the financial status and transaction detail of an account.  No information is maintained from within AINQ itself.  It is a viewing tool and has no input capabilities.

• Allocable Cost. One that can be charged to a project in accordance with relative benefits received. An allocable cost can be a direct cost or an indirect (F&A) cost.

· Allocate.  To assign an item of cost, or a group of items of cost, to one or more cost objectives.  This term includes both direct assignment of cost and the reassignment of a share from an indirect cost pool.

• Allocation Account. Represents the secondary account in a multidiscipline/ multi account activity

• Allowable Cost.  Project costs comprise the allowable costs necessary for the performance of the grant activities, plus the allocable cost portion of allowable indirect costs (F&A) of the granting agency.  An important component in all grants administration is identification of pre-award, award, and post-award allowable costs.  Allowable direct costs are also mandated by OMB Circulars

A-110 and A-21.

• Application. A formal request for financial support of a specific project or activity. Also known as a proposal. 

• Assignment of Claims.  The transfer or making over by the contractor to a bank, trust company, or other financing institution, as security for a loan to the contractor, of its right to be paid by the Government for contract performance.

• Assistance. The financial support of a specific project or activity funded by a federal, state, local government or private entity.

• Audits.  Internal and external audits are comprised of formal examinations of JHU systems or individual project performance. An audit may also include examination of compliance with applicable terms, laws, and regulations.  Audits may be conducted by an independent audit firm, Federal or State auditors, program officials, or JHU internal auditors.

· Award.   An agreement with an external party that obligates funds for a specific time period for a particular research project or other activity based on an approved proposal. The sequence is as follows:  (1) After a proposal is received by a sponsor, a review is conducted.  Based on the merit of this review, a proposal is selected for funding; (2) Generally, a proposal is reviewed for criteria of significance, approach, investigator’s/project director’s expertise, and project environment; (3) Funding a proposal can take the form of a grant, contract, or cooperative agreement.

• Award Types.  Various types of vehicles which may be used to award funds to a recipient as listed below:

• Grant.  Financial assistance mechanism received from a Federal, State, Local Government or private sponsor that provides support or stimulation to accomplish a purpose. The University is required to provide  financial or technical reporting back to the grantor on the status of funds and progress of  the specific activity that was funded. 
• Contract.  A legal binding agreement between two parties that require the University or an Affiliate to provide goods or services in exchange for payment.  Contain financial or technical reporting requirements, as well as procurement requirements that must be adhered to.
• Cooperative Agreement.  A financial assistance mechanism from a Federal, State, Local Government or private sponsor for the collaboration of efforts where the Sponsor and University or Affiliate share responsibility for programmatic management of the project.
• Subcontract/Subaward.  Collaborative arrangements written under the authority of, and consistent with, the programmatic activity and terms/ conditions of an award.
• Fellowship.  Awarded specifically in support of an individual(s) to advance or continue education in a given area of research. These funds are paid through the university under the payroll object code of ‘4000’.
• Donation/Gift.  Monies given to the University that can be used for a specific purpose or not. These monies are not considered sponsored funds due to the fact that don’t mandate formal reporting requirements on how the funds were expended.

B

• Base.  The amount on which Facilities and Administrative (F&A) is calculated. [F&A is also referred to as Indirect Cost Recovery (IDC)]. In the case of Total Direct Cost calculations, the Base would simply be total direct costs. In instances where Modified Total Direct Cost (MTDC) is used the Base is total direct costs less individual categorical items that the sponsor has determined are not subject to F&A.

• Basic Research.  That research directed toward increasing knowledge in science.  The primary aim of basic research is a fuller knowledge or understanding of the subject under study, rather than any practical application of that knowledge.

• BASIS (Budget and Account Setup Information System).  A Web-based account setup system that combines the functionality of three CUFS account setup documents into one user-friendly web based document.  BASIS allows users to create, edit and approve sponsored and designated fund accounts.  Although the system allows pre-award spending accounts to be created in certain situations, in the majority of circumstances, users will be expected to enter all account setup and award information as part of initial account creation.

• Bayh-Dole Act.  Also know as the Patent and Trademark Law Amendments Act (P.L. 96-517), was enacted into law in 1984.  This law permits universities and small businesses to elect ownership of inventions made under Federal funding.

• Best Value.  The expected outcome of an acquisition that, in the Government’s estimation, provides the greatest overall benefit in response to the requirement.

• Budget.  A detailed and concise plan that outlines and allocates estimated costs related to the execution of a project or program.