| Constituent Reporting Unit (CRU) |
A defined segment (organization or grouping of organizations) within Indiana University that have revenues, expenses, or net assets over a predetermined threshold as defined by the Office of the University Controller closing procedures. |
| Fiscal Period |
A fiscal period at Indiana University is broken out into 12 separate periods based on months in the calendar year. Period one is equivalent to July during the fiscal year. |
| Fiscal Year |
A fiscal year at Indiana University spans from July 1st through June 30th of the subsequent calendar year. The last day of the fiscal year is June 30th. |
| Generally Accepted Accounting Principles (GAAP) |
US Generally Accepted Accounting Principles (US GAAP) is the combination of authoritative standards (requirements) and the commonly accepted ways of recording and reporting accounting information. |
| Governmental Accounting Standards Board (GASB) |
The organization responsible for establishing accounting and financial reporting standards for state and local governments and those entities that are funded by state and local government. |
| KFS Exception Role |
Users who can serve as fiscal officers, account manager, account supervisor or allowed to be delegates as exception to policy. |
| Non-routine |
An isolated transaction that will not recur on a regular basis. |
| Routine |
Transactions that happen on a recurring basis. |
| Source Documentation |
An agreement, contract or grant documentation, analysis conducted, calculations completed, emails, memos, receipts, etc. that supports the transaction. |
| Uniform Guidance |
Uniform Guidance is a set of authoritative rules and regulations about federal grants from the Office of Management and Budget (OMB). |
