| A|B|C|D|E|F|H|I|L|M|N|O|P|R|S|T|U| |
| Term |
Definition |
| A |
| Accounting Adjustment |
A business transaction that has not yet been included in the accounting records of a business as of a specific date. |
| Accounts Payable |
To support and assist the University in meeting its operational needs by disbursing payments to vendors and reimbursements to employees in a responsible and timely manner. |
| Accounts Receivable |
Amounts for student fee deferments, various student services provided by the Universities, various auxiliary services provided to students and third parties, and grant reimbursements due from third parties. |
| Accrual Basis of Accounting |
Revenues are reported on the income statement when they are earned. |
| Accumulated Depreciation |
The total amount of a plant asset's cost that has been allocated to depreciation expense since the asset was put into service. Accumulated depreciation is associated with constructed assets such as buildings, machinery, office equipment, furniture, fixtures, vehicles, etc. |
| Allowance for Uncollectible Receivables |
Reported based upon management's best estimate as of fiscal yearend considering type, age, collection history, and any other factors considered appropriate. |
| B |
| Basis of Accounting |
Refers to when revenues, expenses, and related assets, deferred outflows of resources, liabilities, and deferred inflows of resources, are recognized in the accounts and reported in the financial statements. |
| Bonded Debt |
The State Board of Administration, Division of Bond and Finance issues revenue bonds (Certificates) on behalf of the Universities, the proceeds of which were used to acquire and construct various University capital projects.
The bonds are secured and payable from the Universities' capital improvement. |
| Bond Discount |
When a bond is sold for less than its par value. |
|
Bond Payable |
A form of long term debt issued by corporations, hospitals and governments. |
| C |
| Capital Assets |
A type of asset with a useful life longer than a year that is not intended for sale in the regular course of the business's operation. |
| Capital Improvement Debt Payable |
Issued to construct student housing facilities, parking garages, and various other University facilities. |
| Capital Leases |
A contract entitling a renter to a temporary use of an asset, and such a lease has economic characteristics of asset ownership for accounting purposes. |
| Capital Position |
Consist of land, buildings, infrastructure and other improvements, furniture and equipment, property position under capital lease, library resources, works of art and historical treasures, construction in progress, and other capital position. |
| Capital Project |
A project that helps maintain or improve a City asset, often called infrastructure. |
| Cash and Cash Equivalents |
Consist of cash on hand and cash in demand accounts and the unexpended general revenue appropriation releases and cash held in the State Treasury. |
| Cash Flow Financing Activities |
Reports the issuance and repurchase of the company's own bonds and stock and the payment of dividends. |
| Cash Flow Investing Activities |
Reports the purchase and sale of long-term investments and property, plant and equipment. |
| Cash Flow Operating Activities |
Converts the items reported on the income statement from the accrual basis of accounting to cash. |
| Compensated Absences Liability |
Refers to employees' time off with pay for vacations, holidays, and sick days. |
| Concentration of Credit Risk |
The risk of loss attributed to the magnitude of the University's investments in a single issuer. |
| Credit Risk |
The risk that an issuer or other counterparty to an investment will not fulfill its obligations. |
| Current Asset |
Cash and other assets that are expected to be converted to cash within a year. |
| Current Liability |
An obligation that is payable within one year. |
| Custodial Credit Risk |
The risk that an issuer or other counterparty to an investment will not fulfill its obligations. |
| D |
| Debt Service |
The amount of money required to make payments on the principal and interest on outstanding loans, the interest on bonds, or the principal of maturing bonds. |
| Departmental Inventories |
Inventories maintained by departments and not available for resale. Departmental inventories are comprised of such items as classroom and laboratory supplies, teaching materials, and office supply items, which are consumed in the teaching/work process. |
| Deposits |
The advance payments made or received for future services and goods. |
| Depreciation Expense |
Allocated portion of the cost of a company's fixed assets that is appropriate for the accounting period indicated on the company's income statement. |
| Deferred Inflow of Resources |
An acquisition of net assets by the government that is applicable to a future reporting period. |
| Deferred Outflow of Resources |
A consumption of net assets by the government that is applicable to a future reporting period. |
| Deferred Revenues |
An amount that was received by a University in advance of earning it. |
| Due from State |
Consist of public Education Capital Outlay and Capital Improvement Fee Trust Fund due from the State to the University for construction of University facilities. |
| E |
| Expendable Endowment |
Money given by a donor that is to be entirely spent on activities consistent with donor intent. |
| Expense |
Money spent or cost incurred in an entity's efforts to generate revenue. |
| F |
| Fair Value |
A sale price agreed to by a willing buyer and seller, assuming both parties enter the transaction freely. |
| Federal Grants and Contracts |
A mechanism used by the Federal Government to provide funding for research and development. |
| Fellowship |
An amount paid or allowed to an individual for the purpose of study or research. |
| Fiscal Year End |
A fiscal year end can be the end of any quarter —June 30. |
| Florida Retirement System |
Most employees working in regularly established positions of the Universities are covered by the Florida Retirement System, a State administered cost-sharing multiple-employer public employee defined benefit retirement plan (Plan). |
| FRS Investment Plan |
The State Board of Administration (SBA) administers the defined contribution plan officially titled the FRS Investment Plan (Investment Plan). Eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. University employees already participating in the State University System Optional Retirement Program or DROP are not eligible to participate in the Investment Plan. |
| H |
| HIS Pension Plan |
A cost sharing multiple employer defined benefit pension plan established under Section 112.363, Florida Statutes. The benefit is a monthly payment to assist retirees of State-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. |
| I |
| Institutional Committee on Finance and Accounting (ICOFA) |
An organization formed by the Universities to develop and maintain the Automated Financial Statements software (AFS). |
| Installment Purchase |
A contract used to finance the acquisition of assets. |
| Interest |
The cost of debt that has occurred during a specified period of time. |
| Interest Rate Risk |
The risk that changes in interest rates will adversely affect the fair value of an investment. |
| Inventory |
Can be any physical property, merchandise, or other sales items that are held for resale, to be sold at a future date. |
| Investment |
Payment made to acquire the securities of other entities, with the objective of earning a return. |
| L |
| Liability |
The University’s financial debt or obligations that arise during the course of its business operations. |
| Licensing Fees |
Paid as part of an agreement that defines the terms under which a tangible property is licensed for use by one party (a “licensor”) to another (the “licensee”). |
| Litigation |
The Universities are involved in several pending and threatened legal actions. The range of potential loss from all such claims and actions, as estimated by the Universities’ attorneys and management should not materially affect the financial condition of the Universities. |
| Loans and Notes Receivable |
Represent all amounts owed on promissory notes from debtors including student loans made under the Federal Perkins Loan Program and other loan programs. |
| Long-Term Liability |
Financial obligations of a company that are due after a year or more. Include bonds, notes, leases, compensated absence, claims, and judgments. |
| M |
| Maturity Date |
The date on which the life of a transaction or financial instrument ends, after which it must either be renewed or it will cease to exist. |
| Merchandise Inventories |
Available for resale to individuals and/or other University departments and are not expensed at the time of purchase. |
| N |
| Net Tuition and Fees |
Calculated by subtracting grants and scholarships, but excludes loans and work study from the published ‘sticker price,” which includes tuition and fees, but not room and board. |
| Noncurrent Asset |
Long-term investments where full value will not be realized within the accounting year. |
| Noncurrent Liabilities |
Include principal amounts of capital improvement debt payable, bonds payable, compensated absences payable, other postemployment benefits payable, net pension liabilities, interest rate swap, and other noncurrent liabilities that are not scheduled to be paid within the next fiscal year. |
| Notes Payable |
The amount of principal due on a formal written promise to pay. |
| O |
| Operating Expenses- |
Expenses are categorized as operating or non-operating. The majority of the University’s expenses are operating expenses as defined by GASB Statement No. 35. |
| Operating Lease |
The rental of an asset from a lessor, but not under terms that would classify it as a capital lease. Recorded as expenses of the related funds when paid or incurred, in the Statement of Revenues, Expenses, and Changes in Net Position. |
| Operating Revenues |
Operating revenues generally result from exchange transactions where each of the parties to the transaction either gives or receives something of equal or similar value. |
| Other Current Assets |
A default classification of "current asset" general ledger accounts that does not include the following major current assets: cash, marketable securities, accounts receivable, inventory and prepaid expenses. |
| Other Postemployment Benefits (OPEB) |
Benefits (other than pensions) that U.S. state and local governments provide to their retired employees. |
| Other Revenues, Expenses, Gains, or Losses |
This category is composed of State capital appropriations and capital grants, contracts, donations, and fees. |
| P |
| Pensions |
For purposes of measuring the net pension liabilities, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Florida Retirement System (FRS) defined benefit plan and the Health Insurance Subsidy (HIS) defined benefit plan and additions to/deductions from the FRS’s and the HIS’s fiduciary net position have been determined on the same basis as they are reported by the FRS and the HIS plans. |
| Prepaid Expense |
Costs that have been paid but have not yet been used up or have not yet expired. |
| R |
| Restricted |
Money that is reserved for a specific purpose and therefore not available for immediate or general business use. |
| Risk Management Programs |
The University is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Pursuant to Section 1001.72(2), Florida Statutes, the University participates in State self-insurance programs providing insurance for property and casualty, workers’ compensation, general liability, fleet automotive liability, Federal Civil Rights, and employment discrimination liability. |
| Royalties |
Usage-based payments from one party (a “licensee”) to another (the “licensor”). |
| S |
| Scholarship |
Involves determining the amount of revenue available. Secondly, it involves appropriating money for the operation of state government and for various other uses. |
| State Appropriations |
Involves determining the amount of revenue available. Secondly, it involves appropriating money for the operation of state government and for various other uses. |
| State Self-Insurance Funds |
University employees may obtain health care services through participation in the State’s group health insurance plan or through membership in a health maintenance organization plan under contract with the State. The State’s risk financing activities associated with State group health insurance, such as risk of loss related to medical and prescription drug claims, are administered through the State Employees Group Health Insurance Trust Fund. |
| State University System Optional Retirement Program |
The Florida Legislature created an Optional Retirement Program (Program) for eligible University instructors and administrators. The Program is designed to aid Universities in recruiting employees by offering more portability to employees not expected to remain in the Florida Retirement System for six or more years. |
| T |
| The Statement of Cash Flows |
The statement of cash flows provides information about the University’s financial results by reporting the major sources and uses of cash and cash equivalents. |
| The Statement of Revenues, Expenditures, and Changes |
The statement of revenues, expenses, and changes in net position presents the University’s revenue and expense activity, categorized as operating and non-operating. Revenues and expenses are recognized when earned or incurred, regardless of when cash is received or paid. |
| The Statement of Net Position |
Reflects the assets, deferred outflows of resources, liabilities, and deferred inflows of resources of the University, using the accrual basis of accounting, and presents the financial position of the University at a specified time. Assets, plus deferred outflows of resources, less liabilities, less deferred inflows of resources, equals net position, which is one indicator of the University’s current financial condition. |
| Transfers |
A change in ownership of an asset, or a movement of funds and/or assets from one account to another. |
| Tuition |
The basic fee assessed to students for enrollment in credit courses at any of the state universities. |
| U |
| Unearned Revenue |
A liability account that reports amounts received in advance of providing goods or services. Includes amounts received prior to the end of the fiscal year but related to subsequent accounting periods. |
| Unrealized gain or loss |
Recorded on paper but has not actually been realized. |
