Glossary

IRS Publication 15-B states that a de minimis benefit is any property or service you provide to an employee that has so little value (taking into account how frequently you provide similar benefits to your employees) that accounting for it would be unreasonable or administratively impractical. While the IRS does not define a de minimis value, it has advised at least once that a benefit valued at $100 did not qualify as de minimis.

Asset tag placed on capital assets, attractive property, and federal property. Printed on the decal will be a unique tag number, used to identify the item, and a bar code.

A retirement plan that provides a guaranteed lifetime monthly benefit using a formula based on service and salary while working for a covered employer (e.g. the Florida Retirement System Pension Plan).

A retirement plan in which the benefit depends on the amount of money contributed to the employee’s account and its growth over time (e.g. the Florida Retirement System Investment Plan).

This is the position designated to coordinate access requests to University’s systems at the Dept ID level.

The Departmental Contact handles the day-to-day operations related to property.

Costs that can be identified specifically with a particular sponsored award, an instructional activity, or any other institutional activity, or that can be directly assigned to such activities relatively easily with a high degree of accuracy. Costs incurred for the same purpose in like circumstances must be treated consistently as either direct or indirect costs. Where an institution treats a particular type of cost as a direct cost of sponsored awards, all costs incurred for the same purpose in like circumstances shall be treated as direct costs of all other activities of the institution.

An entity organized and operated exclusively to receive, hold, invest and administer property and to make expenditures to or for the benefit of the University.

An allowance extended by a supplier to encourage payment of an invoice on or before a stated date that is earlier than the NET (due) date and which is agreed to by the supplier and the University.

Many Florida counties have a discretionary sales surtax (county tax) that applies to most transactions subject to the sales or use tax. The county surtax rate applies to a taxable item or service delivered into a county imposing a surtax. For certain transactions, only the first $5,000 of a taxable sale or purchase is subject to the discretionary sales surtax.

Distributions are part of commitment accounting and are used to identify the funding source for an employee.

Detailed explanation and support documents as evidence to substantiate allocability, allowability, and reasonableness for a specific transaction.

This is a detailed payment plan for a construction project. The goal is to make progress payments to the contractor as work is completed.