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Glossary of Financial Terms old2

A
Approver
A department or college representative with System Access Request (SAR) privileges to approve and/or deny MarketPlace orders.
B
Bid Package
File that contains all the supplier responses received in response to a competitive solicitation.
Bid Tabulation
Summary of all the responses submitted by suppliers in response to a competitive solicitation.
Brand-Specific Specifications
Description of a product that is singularly able to meet the requirements.
C
Change Order
Document processed against a purchase order when there is a change to any of the information outlined on the original purchase order.
Confirming Order
An order for goods or services above $5,000 that have already been delivered.
Consortium Contract
Agreement for purchases of commodities or services for a defined period of time.
Contract
An agreement between two or more parties governed by a written document.
Contract Supplier
Suppliers that have gone through the bidding process and offer guaranteed pricing on selected goods and services. Orders to Contract Suppliers above $5,000 do not require the University to seek competition and can be processed faster.
Convenience Contract
Agreement for purchases of commodities or services, specifically established for NC State University use for a period of time.
D
Debarred Supplier
Supplier(s) who are not allowed to do business with state agencies.
E
Encumbrance
A reflection of financial commitments to aid in preventing overspending.
Expense Account Codes
System numerical codes are used to categorize expenses for the University.
F
Fiscal Year
University’s business operating period of July 1 to June 30.
G
Goods
Products or commodities used in everyday business activities.
H
Historically Underutilized Businesses (HUB)
Suppliers registered with the State that are businesses owned by minorities, women, disabled business enterprises and non-profit work centers for the blind and severely disabled.
I
Interactive Purchasing System (IPS)
Web-based application managed by the NC Department of Administration, Division of Purchase and Contract, used by all state agencies to post bids.
Invitation for Bid (IFB)
Document used to solicit price competition with multiple suppliers.
Invoice
Itemized bill for commodities or services provided by a supplier.
M
MarketPlace
Self-service e-procurement tool used to order goods and some services.
MarketPlace Requisition
A request to make a purchase of goods or services from a supplier that is listed in the NC State University MarketPlace system.
N
Non-MarketPlace Requisition
A request to make a purchase of goods or services from a supplier NOT listed in the NC State University MarketPlace system.
O
Order Confirmation Email
Email sent by a supplier to a MarketPlace requester listing order and customer service contact information.
P
Procurement Card (PCard)
Corporate credit card used to make purchases and payments for goods and services ordered by individual departments.
Project ID
Fund source used to pay for a MarketPlace order.
Purchase Order
Contractual document sent to a supplier to order goods or services.
Q
Quote to Order
Electronic quote created by a supplier that allows a MarketPlace Shopper to transfer items directly to the shopping cart.
R
Receiving Report
Electronic acknowledgment of items being delivered in acceptable condition and matching the original order.
Recommendation of Award
Memorandum issued by the department recommending the award of a bid or proposal.
Request for Proposal (RFP)
Document used to solicit competition for complex goods or services.
Request for Quote (RFQ)
Document used to solicit price confirmation from one supplier.
Requester
A department or college representative with System Access Request (SAR) privileges to create MarketPlace orders
Requisition
A request to make a purchase of goods or services. There are two types of requisitions: MarketPlace requisitions and Non-MarketPlace requisitions.
S
SAR
System Access Request. SAR is a web application that automates the approval process of granting rights to various data systems at NC State, including the financial data system.
SAR Administrator
Department or college representative that:
– Grants MarketPlace Shopper Role
– Grants Access to Project IDs
– Assigns an Approver Group
Services
Aid or helpful activity performed by a person or company provided under contract by an entity not affiliated with the University.
Ship to Address
Campus locations where MarketPlace orders are delivered.
Sole Source­
Any contract entered into without a competitive process, based on a justification that only one known source exists or that only one single supplier can fulfill the requirements. Sole source solicitations are better referred to as non-competitive solicitations.
Specifications
Detailed description of the requirements.
Spending Guidelines
The Spending Guidelines is a document that outlines the rules and regulations for university employees as they make spending decisions.
T
Term Contract
Agreement for purchases of commodities or services for a defined period of time.
W
Waiver of Competitive Bidding Justification
Written memorandum requesting waiver of the competitive bidding process.