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Financial Compliance Terms

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The acknowledgement and assumption of responsibility for actions, products, decisions, and policies and the encompasing the obligation to report, explain, and be answerable for consequences.

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Capital Project

The process for acquiring or construction of major fixed assets.

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Collected Rules and Regulations

In the hierarchy of University policies, the Collected Rules and Regulations is highest. It is a codification of policies formally approved by the Curators, and Guidelines and Executive Orders issued by the University President.

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Control Environment

Actions, policies, Values, and management styles that influence and set the tone of the University's day-to-day activities.

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Cash Receipt Report: A web Application ("WEB APP") used to process an entry by a department to record the money deposited in the bank.  The CRR records the correct account and mocode that should be credited or debited for the receipt of funds.

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Financial reports

Financial reports encompass the many ways an entity can assess its financial conditions, results, and compliance. The financial statements, such as the balance sheet and income statement are among the common financial reports.

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General Operating Funds

Fund used for most of the routine and traditional activities of the University.  It keeps track of current activities and is generally funded by state appropriations, student fees, and investment income.

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Gift Pledge

A  commitment to remit a gift to the University in the future. The commitment period could be monthly or annually, and can span multiple years based on the donor stipulation. Pledge reporting in the University financial system is governed by Governmental Accounting Standards Board (GASB) Statement No. 33, Accounting and Financial Reporting for Non-Exchange Transactions (GASB 33). See APM 1.3.4 – GASB 33 – Non-Exchange Transactions.

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Institutional Review Board

The Campus Institutional Review Board (Campus IRB) is charged with assuring that all human subject research, regardless of sponsorship, conducted at the University of Missouri complies with the federal regulations (45 CFR 46) of the Department of Health and Human Services (DHHS), Food and Drug Administration (FDA), the Belmont Report, State and Local Laws, and Campus IRB policies and procedures.

All human subject research must be reviewed, prospectively approved, and subject to continuing oversight (at least annually) by the IRB to assure the safety and welfare of research participants remains in compliance with governing federal regulations and guidance.

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Journal Entry Lines

Within PeopleSoft an unlimited number of journal entry lines can be used  for each journal entry. The journal entry lines specify the ChartField string to update . Each line also contains the amount to post to the designated ChartField string.

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Journal Status

Journal Status indicates where an entry is in the PeopleSoft process.  The status indicates whether the journal needs processing, in error status, or has been posted.

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MoCode is an abbreviation of a ChartField String.  It is used as a way to abbreviate a complete ChartField String.  A MoCode consists of 5 alphameric characters, where the first character denotes the business Unit and the last 4 characters are assigned sequentially from 0000 through ZZZZ.

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Payroll Correcting Entry:  A journal entry to correct salary and benefit expenditures that have posted to the General Ledger.

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Prepaid Expense

Payment for goods or services that have yet to be delivered or fulfilled.

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Recording is the process of creating and maintaining records of revenues, expenditures, assets, and liabilities.  These may be manual records or records maintained in the financial systems.

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Sub recipient means the legal entity to which a sub award is made and which is accountable to the recipient for the use of the funds provided.

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Accounting transaction is a confirmed monetary action/decision that impacts the University in monetary terms. Financial transactions are captured or recorded in order to produce financial reports.

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The difference between some standard with actual occurrence.  The standard is most frequently a budget.

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A process that confirms accuracy of accounting transactions, such as appropriate use of ChartFields and that the transaction was recorded in the appropriate accounting period.

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Voluntary Committed Cost Share

Cost share not required by the sponsor that occurs when a proposal is submitted in which the proposal text, budget, budget justification, and/or scope of work states or implies that more work will be done than the sponsor is paying for.

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Voluntary Cost Sharing

Voluntary cost sharing represents resources offered by Stanford when not a specific sponsor requirement. In either case, when an award is received in which cost sharing (voluntary or mandatory) was proposed, the cost sharing becomes a binding commitment which the University must provide as part of the performance of the sponsored agreement.

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Voluntary Uncommitted Cost Share

A contribution to a sponsored program neither required by the sponsor as a condition of obtaining the award, nor offered to the sponsor as part of the proposal or by any other official communication with the sponsor.

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Web Apps

The University of Missouri created the Web Application system to provide University employees access to various types of information through the World Wide Web, including employee information, student information, email address searches, and PeopleSoft financial data.

The Web Application system:

  1. provides one convenient location for access to commonly used applications,
  2. facilitates restrition of entry/use  to authorized individuals, and
  3. allows more flexibility and ease in running reports, performing searches, and making entries than in the PS panels.

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