Glossary of Terms


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Arrangement of elements on a page including visuals, body text and headlines
Like Circumstances
Like circumstances, in the context of Cost Accounting Standards (CAS), is a major element of consistency. Consistency means that costs incurred for the same purpose, in like circumstances, must be treated uniformly either as direct costs or indirect costs. An example would be the treatment of office supplies. The normal treatment of routine office supplies is as an indirect cost. A like circumstance would be academic departments purchasing office supplies. Therefore, the purchase of routine office supplies by academic departments should be uniformly treated as an indirect cost.

An "unlike circumstance" would occur when it is appropriate to charge a sponsored project direct for an indirect related cost. Both "like" and "unlike" circumstances are discussed in detail in GAP 200.320, Direct Costing on Sponsored Projects.
Logo
Another term referring to corporate identity, including a symbol or mark and logotype
Long Term Investment Pool (LTP)
A diversified portfolio of assets, managed by the University, which is invested using a long-term growth strategy. Nearly all of the University’s endowment funds are invested in the LTP. The LTP works in a manner similar to a mutual fund. Gifts may “buy into” the pool on the first calendar day of each quarter. Ownership interests in the pool are represented by units. Fund distributions and market value are allocated to each endowment fund based upon the number of units that the endowment owns of the LTP.