Glossary of Terms


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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.
Federal Sentencing Guidelines
Seven elements of an effective compliance program:
1. Establish compliance standards/policies
2. Compliance officer/role: Oversight by high-level personnel
3. Procedures and tools to ensure employee integrity - Discretionary authority vested in persons unlikely to engage in criminal conduct
4. Training and communication: Effective communication of standards and procedures to employees and agents
5. Monitoring procedures and systems: Reasonable methods to achieve compliance with standards, including monitoring systems and hotlines
6. Consistent enforcement: Appropriate and consistent disciplinary mechanisms
7. Evidence that action is taken to respond to non-compliance: Appropriate and consistent responses to detected violations
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.
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 Assets
Consists of land and buildings that include new construction, alterations and renovation projects that meet the specific criteria for fixed capital assets. Fixed assets also include equipment that is usually attached and integral to the building's function, although it might have a shorter life than that of the building.
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.
Fixed Price Contract
Fixed Priced Contract stipulates a fixed amount that will be paid by the Sponsor. The fixed amount is usually based on a price per deliverable item. Funds are paid to Duke as the deliverable items are received and accepted by the Sponsor regardless of the actual expenses incurred. In the event that a minimal unexpended balance is left at the end of a Fixed-Price Contract and payment in full has been deposited, the Office of Sponsored Projects, during closeout procedures, transfers the unspent balance to the department's designated discretionary fund code, unless otherwise notified in writing by the Departmental Administrator.
FLSA
Stands for Fair Labor Standards Act
Folio
The page number
Font
A typographic term meaning a complete set of all letters, numbers and characters of the same typeface
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.
 
 
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