A
| Term/Acronym |
Definition |
| 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/Acronym |
Definition |
| Base Point |
The place, office or building where the traveler performs their duties on a routine basis |
| BoA |
Bank of America |
| BVA |
Best Value Acquisition |
C
| Term/Acronym |
Definition |
| 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/Acronym |
Definition |
| 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/Acronym |
Definition |
| 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/Acronym |
Definition |
| 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/Acronym |
Definition |
| JV |
Journal Voucher |
L
| Term/Acronym |
Definition |
| 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/Acronym |
Definition |
| MBL |
Metropolitan Business League |
N
| Term/Acronym |
Definition |
| 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/Acronym |
Definition |
| 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/Acronym |
Definition |
| Paymode-X |
Paymode-X is offered by Bank of America, and it replaces paper checks by electronically depositing payments directly into a designated bank account via ACH (Automated Clearing House). |
| Pcard/CPC |
Corporate Purchasing Card |
| PO |
Purchase Order |
| Program Administrator/PAT |
VCU Corporate Charge Card Program Administrators |
| Public Transportation |
Commercially scheduled airline, rail, bus or taxi (when necessary) |
Q
| Term/Acronym |
Definition |
| QQ |
Quick Quote |
| Quick Quote |
A small dollar method of purchase |
R
| Term/Acronym |
Definition |
| RealSource |
The University's procure to pay system |
| 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/Acronym |
Definition |
| 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/Acronym |
Definition |
| 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/Acronym |
Definition |
| 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/Acronym |
Definition |
| 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 |
Edit | Last updated: 12/31/2024
