Glossary

This glossary is a collection of terms (and their meanings) heard frequently in the daily life of the Controller's Office. Some are specialized, others are more commonplace - and our intent in compiling them is to help MIT staff, faculty, and students conduct their Controller's Office business more effectively.

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General / Ledger Accounts

In SAP, a six-digit number identifying a particular classification of expenses or revenue.

General Investments

Assets of funds that have been pooled for investment purposes. These pools are Pool A (endowment and similar funds) and Pool C (current invested and operating funds).

Goods

All types of personal property including commodities, materials, supplies, and equipment.

Government Material

Is property which may be incorporated into or attached to an end item to be delivered under a contract or which may be consumed in the performance of a contract. It includes, but is not limited to raw and processed materials, parts, components, assemblies, small tools, and supplies.

Government Property

All property owned by, leased to, or acquired by the Government under the terms of contract, grant, or loan agreements. This includes both Government-furnished property and M.I.T.-acquired property as defined below:

Government-furnished property is property in the possession of, or acquired directly by the Government and subsequently delivered or otherwise made available to M.I.T.

MIT-acquired property is property procured, or otherwise provided by M.I.T. for the performance of a contract and for which property title is vested in the government.