Princeton Financial Glossary - R

Radioactive Isotope Inventory Tracking Application (RITA)

A database used to inventory and track authorized amounts of radioactive substances on the Princeton University campus.

Re-Issued Check

A payroll or accounts payable check that is reprinted using a different check number. Re-issued checks are created to replace checks that are destroyed, but are in hand.

Reasonable

An expense that is ordinary and reflects a prudent decision to incur the expense on behalf of University business. Not extreme or excessive.

Reasonable Cost

A cost is considered reasonable if the nature of the good or service acquired and the amount paid reflect the action that a prudent person would have taken under the circumstances prevailing at the time the decision to incur the cost was made.

Reasonable Expense

An expense that is ordinary and reflects a prudent decision to incur the expense on behalf of University business. Not extreme or excessive.

Receiving

After physically receiving the good or service, the requisitioner must formally acknowledge the receipt in PeopleSoft Financials if the purchase order is for services, or goods totaling $2,500 or more. In these cases, receiving must be completed as part of the matching process before the vendor can be issued payment (see Matching). Purchase orders for goods of $2,500 or less do not require receiving by the department in PeopleSoft Financials. If the invoice received by accounts payable matches the purchase order, payment will be issued.

Receiving Depository Financial Institution (RDFI)

A financial institution that qualifies to receive direct deposit entries from an automated clearing house.

Red Flag

A pattern, practice, or specific activity that indicates the possible existence of Identity Theft.

Redaction

Redaction is the process of masking certain information in an original document so that the document can be disseminated. In most cases, information is redacted in order to protect the requested anonymity of a donor.

Reimbursable Expense

A University-allowable expense incurred by an individual on behalf of the University.

Repair

The reactive measure to restore normal production capacity and operation for expected service life of equipment; a repair does not extend the expected useful life or change the function of the equipment and so is not a capital cost.

Replacement Check

A payroll or accounts payable check that is created to replace a check that was lost or stolen. Replacement checks are issued with new check numbers.

Reporting Department

The department associated with the first three digits of the project grant number.

Requester

An individual outside of the purchasing department at Princeton who can request the purchase of products or services via our PeopleSoft financial system.

Requisition

A requisition is a formal request for the creation of a purchase order for specific goods and services in PeopleSoft. Requisitions are documented and routed for approval within the PeopleSoft system. A purchase requisition typically contains supplier information, requested product or service information, date, department, delivery information, and often budget management information.

Research Rebate

Research rebates represent an appropriation of unrestricted general funds to departments and principal investigators (PIs) based on the prior year’s indirect cost collections from sponsored projects that carry the maximum federal overhead rate. Departmental rebates are posted to each department in Fund A0002, Program GU188. PI rebates are posted to each PI’s designated department in Fund A0002, in their respective person-specific Program (i.e. FAXXX).

The total rebate equals 3/58ths (5.17%) of overhead collected for all awards paying 58%, 6/61sts (9.84%) of overhead dollars for all awards paying 61%, and 6/62nds (9.68%) of overhead collected for all awards paying 62%. There is no rebate on awards with indirect cost rates lower than 58%.

Resident Alien

An individual who passes either the "green card" or "substantial presence" test for purposes of determining tax residency status in the U.S. Resident aliens are generally subject to federal income tax, Social Security tax, Medicare tax, and federal tax withholding on the same basis as U.S. citizens.

Resident Income Tax (RIT)

Taxes an individual pays related to their state of residence. These taxes are separate from taxes related to the state in which an individual works.

Restricted Funds

Funds subject to the restriction of the donor. Restrictions can relate to the principal amount or the purpose for which the funds are used. Also used to refer to funds in the fund 20 range of project grants called restricted and assigned funds.

Restricted Funds Database

A central repository in the Information Warehouse that records information about funds donated to the University.

Restriction

Restriction refers to the mandatory use of a gift required by a donor. A restriction is considered to be legally binding and cannot be changed without the consent of the donor or by order of a court.

Retro Pay

The amount of payment due to an employee for a retroactive salary change. Retro pay may include regular pay or overtime.

Revised Ticket

Ticket for a trip that is booked, and still taken, but with amended travel dates or times.

Rolls/Rollover

Fund balances as of June 30 moved from one fiscal year to the next are said to "roll-over" or accumulate. Also called "carry forward."

Routing

An option on our PeopleSoft access request form used to indicate when a user will review and approve requisitions and POs for a specific project grant or a range of project grants.


 

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