Glossary

A

Term/AcronymDefinition
Additional Insured A 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.

B

Term/AcronymDefinition
Base Point The place, office or building where the traveler performs his or her duties on a routine basis
BoA Bank of America
BVA Best Value Acquisition

C

Term/AcronymDefinition
Certificate of Insurance A 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 Mileage The round-trip mileage traveled routinely by the employee between his residence and base point
Corpcard@vcu.edu Email address used to contact the program administrators regarding P-card program
Credit Limit The amount of money on your purchasing card account that you are able to spend during each billing cycle

D

Term/AcronymDefinition
DBE Federal U.S. Department of Transportation’s Disadvantaged Business Enterprise program
Deductible A portion of a covered loss that is not paid by the insurer. This amount is subtracted from the amount of the insurance recovery.
DSBSD Virginia Department of Small Business and Supplier Diversity

E

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

I

Term/AcronymDefinition
ICA Independent Contractor Agreement
IFB Invitation for Bids
International Travel Travel to all areas outside of the 48 contiguous U.S. states, Alaska and Hawaii

J

Term/AcronymDefinition
JV Journal Voucher

L

Term/AcronymDefinition
Liability Any 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
MBL Metropolitan Business League

N

Term/AcronymDefinition
NAWBO National Association of Women Business Owners
Negligence The 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 Employee Any 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 Station The area within a 25-mile radius of an employee’s base point
Out-of-State Rates Rates that include all locations outside of the state of Virginia
Over the Counter (Point of Sale) Transaction A transaction where your card is physically swiped through a vendor’s credit card processor

P

Term/AcronymDefinition
Pcard/CPC Corporate Purchasing Card
PO Purchase Order
Program Administrator/PAT VCU Corporate Chard Card Program Administrators
Public Transportation Commercially scheduled airline, rail, bus or taxi (when necessary)

Q

Term/AcronymDefinition
QQ Quick Quote
Quick Quote A small dollar method of purchase

R

Term/AcronymDefinition
Reviewer Individual responsible for reviewing and signing off on a cardholder’s monthly reconciliation
RFP Request for Proposals
Risk Management The process of making and implementing decisions that will minimize the adverse effects of losses on an organization.

S

Term/AcronymDefinition
State Employee Any elected, appointed, classified or non-classified employee of the Commonwealth of Virginia
State Funds Any funds deposited with the treasurer, whether derived from appropriation or from agency receipts
SWaM Small, Women-Owned and Minority-Owned Business

T

Term/AcronymDefinition
TIN Tax Identification Number
Transaction Limit The maximum amount of money that may be spent on an individual transaction
Travel Status Travel outside of an employee’s official station

V

Term/AcronymDefinition
V number Unique vendor identification number in Banner
VACC The Virginia Asian Chamber of Commerce
VASCUPP Virginia Association of State College and University Purchasing Professionals
VCE Virginia Correctional Enterprises

W

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

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