Definition of Terms

Contract   -   A legally binding document approved by the President and processed by the Business and Finance Office.

Facilities & Administrative Costs   -   Costs incurred by the college due to sponsored project. These costs include departmental accounting, network support, facilities operation, and maintenance. These costs are budgeted and charged as a percentage of a direct cost element.

FRS   -   Stands for Financial Records System, which is the accounting system used by the college.

FRS Reports   -   Reports generated from the accounting system.

Indirect Costs   -   Are now called Facilities & Administrative costs (see above)

Matching Requirements   -   Costs that are required by the terms of the award or by federal statute that the college must contribute to project.

Matching Commitments   -   Costs that have been listed in the proposal but funding was not requested to cover the costs.

Sponsored Agreement   -   A formal agreement to perform a defined scope of work as defined by the sponsor.

Sub-recipent Awards   -   Funds received from a primary grant recipient to carryout a portion of a project.