Accounting Terminology


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Facilities and Administrative (F&A) Costs
The Government's Definition of F&A costs are costs that are incurred for common or joint objectives and, therefore, cannot be identified readily and specifically with a particular sponsored project, an instructional activity, or any other institutional activity. Examples include: salaries, wages and fringe benefits for clerical and administrative positions not allowable as direct costs, memberships, subscriptions, library books, periodicals, office supplies, equipment, janitorial services, photocopying charges (for general business use), postage, repair & maintenance, sanitation services, local telephone service, utilities.
Faculty
Members of the academic staff at Duke University and Medical Center who hold the rank of Professor, Associate Professor, Assistant Professor, Associate, Instructor, or Lecturer. This includes positions designated as Visiting, Adjunct, Clinical, Consulting, Research, or Medical Research. Additionally, various "in residence" artists and scholars, graduate teaching assistants, instructional assistants, research assistants, and teaching assistants are considered "faculty" for payroll purposes. All faculty are in job family 40, Faculty.
First Cost
The purchase price of the securities plus any brokerage commissions, transfer taxes and any other expenses directly related to the purchase of the securities, but excluding any purchased interest.

Represents the capitalized value of each item of Plant and Equipment
Fiscal Year
The fiscal year begins July 1 and ends June 30. The fiscal year is divided into four quarters, each with three fiscal months. The first month of each quarter contains five weeks; the remaining two months each contain four weeks. Fiscal months begin on a Monday and end on a Sunday at midnight. The fiscal months of June and July will often deviate from this because the fiscal year always begins on July 1 and ends on June 30.
Fixed Income Securities
Marketable securities purchased primarily for their current yield rather than capital appreciation potential. These securities customarily have a stated interest rate payable periodically. Examples: first mortgage bonds, treasury notes, municipal bonds and corporate notes. Specifically excluded from this classification are convertible bonds and preferred stock.
Fund
A Fund tracks balance sheet information by fund (fund code in old terminology), including expense and revenue balances. A Fund represents the basic unit that comprises the entire organizational and functional structure of Duke. A Fund must have a corresponding Cost Center, Profit Center, or WBS Element (Project) for transaction to be received.
Fund Code
See "Cost Center".