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Cannibalization
When property is dismantled to use parts to repair other property.
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Capital Assets
Capital assets, sometimes referred to as fixed assets, are resources of the University and are included on the University’s financial statements. A capital asset is long-term property that UF owns and uses in fulfilling its mission and is not expected to be consumed within one year of acquisition. The Asset Management module of myUfl contains the official property record of Capital Assets and is the data source for financial reporting of capitalized property. The Asset Management Department is responsible for managing and maintaining these property records.
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Capitalization Threshold
The capitalization threshold defines the criteria(s) for capitalizing University of Florida assets.
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Cash Equivalent
Readily convertible to cash, for example, a voucher for merchandise, gift card/certificate, or savings bond.
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Casualty Loss
When property is damaged due to a sudden, unexpected, or unusual occurrence such as a vehicle accident, hurricane, flood, fire, shipwreck, or earthquake. This would not include gradual damage from water seepage or erosion.
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Change Fund
A Change Fund is used solely to make change for customers purchasing goods or services from the University. No purchases or disbursements can be made from a Change Fund. The balance of the Change Fund must remain the same at all times.
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ChartField
A data field that stores accounting information.
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Class “C” Travel
Travel for day trips where the traveler is not away from official headquarters overnight. Class “C” meals are not reimbursed by the University.
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Code-Share Agreement
A commercial agreement between two airlines that allows an airline to put its two-letter identification code on the flights of another airline as they appear in computerized reservations systems.
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Combination Code
A Combination Code is a 7- or 9-digit number created by General Accounting (GA) used in the Commitment Accounting department budget table module. It represents the complete unique ChartField combination (cost center) for the General Ledger (GL). Combination Codes are used to distribute all payroll charges such as salary and additional pay. A Combination Code is any valid combination of ChartFields, but all Combination Codes must have at minimum: Department ID, Fund, Program Code and Budget Reference.
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Commitment
A commitment is reflective of the promise of time/effort made to the sponsor. This time can be designated over the life of the award, a project period, a budget period, or to specific terms. Most federally funded research programs should have some level of committed effort, paid or unpaid. This effort can be provided at any time within the fiscal year (summer months, academic year, or both).
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Commitment Control (KK)
An accounting methodology that identifies and reserves (or “commits”) funds for future payment obligations. It is designed to answer the question: “What is my available spending authority?”
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Committed Effort
The amount of effort proposed in a project application and accepted by the sponsor, regardless of whether salary support is requested. Committed effort may be adjusted with the approval of the sponsoring agency.
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Componentization
Componentization is the practice of separating the asset into component parts, such as the roof, electrical, HVAC system, flooring, etc. Each part has a different rate of depreciation based on their physical life.
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Cost Accounting Standards
The Cost Accounting Standards (CAS) consist of nineteen standards promulgated by the Cost Accounting Standards Board (CASB) designed to ensure uniformity and consistency in the measurement, assignment and allocation of costs to contracts with the United States Government. CAS covers a variety of costs such as depreciation, pension plans, personal compensation, indirect costs, and other areas of cost accounting.
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Cost Center
A cost center is a combination of ChartFields that reflect the level at which the “authority to spend” is controlled.
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Cost Objective (200.28)
Cost Objective means a program, function, activity, award, organizational subdivision, contract, or work unit for which cost data are desired and for which provision is made to accumulate and measure the cost of processes, products, jobs, capital projects, etc. A cost objective may be a major function of the non-Federal entity, a particular service or project, a Federal Award, or an indirect (Facilities & Administrative (F&A)) cost activity, as described in Subpart E-Cost Principles.
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Cost Sharing
The portion of the total costs of a project borne by the University of Florida and not borne by the Sponsor.
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Cross-College
Between two different colleges where the first (2) digits of the Department ID are different.