Terms & Definitions


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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.
Financial Full-Time Equivalent (FFTE)
A FFTE is the revenue dollars divided by a particular school's/organized activities tuition/fees. Depending on the number of part-time students, this number may be quite different from a "head-count". This equivalent is calculated by the Budget Office to monitor variances and utilized by the Cost Allocation & Analysis department to distribute expenses.
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.
Forecast
Process that assists in the preparation of a balanced budget. Budget Office utilizes the current budget and extrapolates a projection of this into the future based on inflators and data received from various departments and offices.
Full-Time Equivalent (FTE)
A FTE is the revenue dollars divided by a particular school's/organized activities tuition/fees. Depending on the number of part-time students, this number may be quite different from a "head-count". This equivalent is calculated by the Budget Office to monitor variances and utilized by the Cost Allocation & Analysis department to distribute expenses.
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.