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Glossary

A

Term/AcronymDefinition
Additional InsuredA person or organization not automatically included as an insured under an insurance policy, but for whom insured status is arranged, usually by endorsement (typically to comply with a contractual agreement requiring the named insured to do). As a state agency, VCU is not permitted to add other entities as additional insures to the Commonwealth’s self-insurance coverage
Authorized Approver

An Authorized Approver is an employee delegated the authority by the responsible Dean, Vice President, or as otherwise stipulated by policy or procedure. Approvals should always move up the chain of command from the payee, not down, to prevent a subordinate approving a supervisor's expense.

Auto Physical Damage CoverageCollision and comprehensive (fire, flood, vandalism, windstorm, theft, and other causes of loss other collision or overturn and certain exclusions)

B

Term/AcronymDefinition
Base PointThe place, office or building where the traveler performs his or her duties on a routine basis
BoABank of America
BVABest Value Acquisition

C

Term/AcronymDefinition
Certificate of InsuranceA document providing evidence that certain types of insurance coverage and limits have been purchased by the party required to furnish the certificate.
Collision Damage Waiver (CDW)Also referred to as a loss damage waiver, an agreement with an auto rental company that releases the renter from liability for physical damage to the rental vehicle for a fee.
Commuting MileageThe round-trip mileage traveled routinely by the employee between his residence and base point
Corpcard@vcu.eduEmail address used to contact the program administrators regarding P-card program
Credit LimitThe amount of money on your purchasing card account that you are able to spend during each billing cycle

D

Term/AcronymDefinition
DBEFederal U.S. Department of Transportation’s Disadvantaged Business Enterprise program
DeductibleA portion of a covered loss that is not paid by the insurer. This amount is subtracted from the amount of the insurance recovery.
DMBEVirginia Department of Minority Business Enterprisess
DoACommonwealth of Virginia’s Department of Accounts
DPDirect Pay
DPSDivision of Purchases and Supply
DRMDivision of Risk Management

E

Term/AcronymDefinition
EPElectronic Procurement
eVAWeb-based purchasing system used by the state of Virginia
Event InsuranceProvides liability coverage for the sponsor of public or private events, such as concerts, festivals, conferences, trade shows, sporting events, etc.
ExclusionA provision of an insurance policy or bond referring to hazards, perils, circumstances or property not covered by the policy.

I

Term/AcronymDefinition
ICAIndependent Contractor Agreement
IFBInvitation for Bids
In-state RatesRates that include all locations in the state of Virginia
IntegrationReal-time transfer of orders from eVA to Banner
InterfaceOvernight upload of orders from eVA to Banner
International TravelTravel to all areas outside of the 48 contiguous U.S. states, Alaska and Hawaii

J

Term/AcronymDefinition
JVJournal Voucher

L

Term/AcronymDefinition
LiabilityAny legally enforceable obligation. Within the context of insurance, the obligation to pay a monetary award for injury or damage caused by one’s negligent or statutorily prohibited action.

M

Term/AcronymDefinition
MalpracticeA professional error, omission, or act of negligence. Also, a term used to denote the type of professional liability insurance coverage written to cover physicians, accountants, lawyers, architects and engineers, among others
MBLMetropolitan Business League

N

Term/AcronymDefinition
NAWBONational Association of Women Business Owners
NegligenceThe failure to use a degree of care considered reasonable under a given set of circumstances. Acts of either omission or commission, or both, may constitute negligence
Non-state EmployeeAny individual who is not employed by the state who is conducting state business, including a member of any board or commission

O

Term/AcronymDefinition
Official StationThe area within a 25-mile radius of an employee’s base point
Out-of-State RatesRates that include all locations outside of the state of Virginia
Over the Counter (Point of Sale) TransactionA transaction where your card is physically swiped through a vendor’s credit card processor

P

Term/AcronymDefinition
Pcard/CPCCorporate Purchasing Card
PCOPurchase Card Order
POPurchase Order
Program Administrator/PATVCU Corporate Chard Card Program Administrators
Public TransportationCommercially scheduled airline, rail, bus or taxi (when necessary)

Q

Term/AcronymDefinition
QQQuick Quote
Quick QuoteA small dollar method of purchase

R

Term/AcronymDefinition
R01eVA category for a purchase to eVA registered vendors
R02eVA category for a purchase to non-eVA registered vendors
RequisitionThe Source Transaction for eVA Purchasing Activity
ReviewerIndividual responsible for reviewing and signing off on a cardholder’s monthly reconciliation
RFPRequest for Proposals
Risk ManagementThe process of making and implementing decisions that will minimize the adverse effects of losses on an organization.

S

Term/AcronymDefinition
State EmployeeAny elected, appointed, classified or non-classified employee of the Commonwealth of Virginia
State FundsAny funds deposited with the treasurer, whether derived from appropriation or from agency receipts
SWaMSmall, Women-Owned and Minority-Owned Business

T

Term/AcronymDefinition
TINTax Id Number
TortA civil or private wrong, giving rise to legal liability
Transaction LimitThe maximum amount of money that may be spent on an individual transaction
Travel StatusTravel outside of an employee’s official station

V

Term/AcronymDefinition
V numberUnique vendor identification number in Banner
VACCThe Virginia Asian Chamber of Commerce
VASCUPPVirginia Association of State College and University Purchasing Professionals
VCEVirginia Correctional Enterprises

W

Term/AcronymDefinition
W-9Vendor Registration (Substitute W-9) Form
WaiverThe surrender of a right or privilege
WorksThe name of Bank of America’s online credit card management system

X

Term/AcronymDefinition
X02eVA category for a purchase or transaction exempt to eVA fees