Princeton Financial Glossary - F

FTE (Full Time Equivalent)

The amount of effort corresponding to full-time employment by an individual for one year. For faculty, 1.0 FTE represents full-time duty for the academic year, corresponding to the roughly nine months from mid-September to mid-June. For other staff, 1.0 FTE represents full-time duty for the entire twelve-month fiscal year. For example, an administrator working full-time for ten months represents 0.83 FTE (10/12ths).

Facilities and Administrative (F&A) Costs

Costs that are incurred for common or joint objectives and, therefore, cannot be specifically identified with a particular sponsored project, an instructional activity, or any other institutional activity. F&A costs are synonymous with indirect costs.

Facilities and Administrative (F&A) Rate

The rate negotiated with the federal government that is charged to sponsored research awards in order to recover the allowable F&A (overhead) costs associated with conducting organized research; often referred to as (and synonymous with) the indirect cost rate.

Faculty Computer Program

A program that provides full and associate professors, as well as other select members of the faculty (such as research scholars and senior research scholars), with a new desktop or laptop computer on a periodic basis (currently, a four year cycle).

Faculty Teaching Budget

The total of the FTEs of those faculty members who are actively teaching, who are on leave of absence with pay from the University, or who are being paid by University restricted funds for particular academic purposes. The teaching budget excludes all summer salaries. It also excludes leaves without pay, sponsored research supported on external or internal funds, and administrative assignments outside the academic departments (e.g., the masters of the residential colleges, and the clerk of the faculty).

Fair Labor Standards Act (FLSA)

The Fair Labor Standards Act (1938) regulates minimum wage, overtime pay, and child labor laws for employers and employees covered by the law.

Family Medical Leave Act of 1993 (FMLA)

Law guaranteeing 12 weeks of unpaid leave to most employees to care for newborn or newly adopted children, or to deal with a serious injury or illness suffered by an employee or an ailing child, spouse, or parent of the employee.

Federal Employer Identification Number (FEIN)

A number assigned to taxpayers and businesses by the federal government. This number is used for all tax transactions.

Federal Income Tax (FIT)

Taxable amount of withholding that varies with the amount of earnings, frequency of pay, number of claimed exemptions, and marital status.

Federal Insurance Contributions Act (FICA)

Combined tax levies for Social Security and Medicare.

Federal Mileage Rate

A per-mile rate, directed annually by the IRS, used for personal automobile travel reimbursements which is not included as income for tax purposes.

Fellowship

A fellowship most commonly refers to an amount paid to, or on behalf of, a graduate student in pursuit of studies. It includes tuition as well as attendant expenses. It does not include payments made in exchange for services performed by the graduate student. A fellowship may also refer to an amount paid to a professor or other scholar. It is usually paid in the context of an honorific appointment in recognition of significant scholarship.

Financial Reporting

A section of the controller's office responsible for the general ledger.

Fiscal Year

The 12-month period used for Princeton financial reporting beginning July 1 and ending June 30.

Fleet

University owned and leased cars, vans, trucks, golf carts, and certain construction vehicles –used in the transport of people and equipment on and around campus.

Flow-Through or Pass Through Project Grant

A subcontract from another university used to administer portions of grants originally awarded to the other university and then subcontracted to Princeton University.

Foreign Draft

A check or international money order drawn on a foreign bank in a foreign currency.

Foreign Person

A foreign person is an individual or entity who was born or created outside the laws and jurisdiction of the U.S., and has not become naturalized under U.S. law.

Form 1042-S

IRS form used annually to report a non-resident alien's U.S. source income subject to withholding.

Form 1099

Reporting of non-employee compensation to the IRS.

Form 8233

IRS form used to request exemption from tax withholding based on a tax treaty.

Form I-94

Arrival/departure record, which states a visitor's authorized period of stay. This form is processed at the port of entry into the U.S.

Form W-2

Wage and tax statement used to report wages received during the calendar year and taxes paid during the calendar year.

Form W-7

IRS form used to obtain an individual tax identification number (ITIN), a number used for tax filing purposes.

Form W-8Ben

IRS form used to certify that income received by a foreign person is not effectively connected to a trade or business in the United States. Essentially, a certification that the income was not earned in the U.S.

Form W-9

IRS form designed to request a federal tax ID number from an individual or corporation receiving funds from the University. This form is only used by U.S. persons, not by non-resident aliens or foreign entities.

Fringe Benefit

Compensation other than wages provided to an employee such as health and life insurance, vacation, employer-provided vehicles, and public transportation subsidies that may be taxable or non-taxable.

Frozen file

The list of authorized FTEs (full time equivalent) and their salaries that are authorized as charges to general funds at the time the budget is established.

Fund

Category of like funding sources. One of four segments in the accounting chartfield string. See also Chartfield, General funds (10), Restricted funds (20), Nongovernment Sponsored funds (40), Government Sponsored funds (60), Capital funds (80) and Other funds (99).

Fund 10

See General Funds.

Fund 20

See Restricted and Assigned Funds.

Fund 40

See Non-government Sponsored Funds.

Fund 60

See Government Sponsored Funds.

Fund 80

See Capital Funds (Fund 80).

Fund 99

See Other Funds.


 

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