Account: Is a numeric code that identifies an allocation to a specific department. This numeric code is created by the Budget office to facilitate expenditures.
Bid: The seller's offer to furnish material or perform services at a stated price under specific terms in response to the buyer's solicitation. A bid may be a formal document, an advertisement, a letter, or a verbal offer by the bidder.
Character Object: Defines what the item is and the range of it's value. These codes may be found by clicking here.
Encumbrance: The recording of a commitment made against project funds to purchase material or services for which actual payment will not be made until materials are delivered or service rendered. Encumbrances are recorded when purchase orders, contracts, subcontracts, or other forms of purchase agreements are issued to the vendor.
Minority Owned Business: A business enterprise, including a sole proprietorship, partnership or corporation that is:
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(a) at least fifty-one percent owned by one or more minority group members;
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(b) an enterprise in which such minority ownership is real, substantial and continuing;
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(c) an enterprise in which such minority ownership has and exercises the authority to control independently the day-to-day business decisions of the enterprise;
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(d) an enterprise authorized to do business in this state and independently owned and operated;
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(e) an enterprise owned by an individual or individuals, whose ownership, control and operation are relied upon for certification, with a personal net worth that does not exceed three million five hundred thousand dollars ($3,500,000), as adjusted annually on the first of January for inflation according to the consumer price index of the previous year; and
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(f) an enterprise that is a small business as defined below.
Price Analysis: The process by which a supplier's selling price for an item or service is evaluated by the buyer to be equitable and/or competitive.
Procurement (Purchase): The acquisition of goods or services in exchange for money.
Property Control System: An information system maintained by the State University of New York that provides a record of state-owned equipment and equipment purchased with Research Foundation administered funds at each campus.
Purchase Instrument: A document that formalizes the terms and conditions mutually agreeable to the University, as the buyer, and the vendor or individual, as the seller, to furnish materials or render services being purchased. Types of purchasing instruments are purchase orders, contracts, subcontracts, and maintenance and lease agreements.
Purchase Requisition: A request to the purchasing department, authorized by the project director, to obtain specific materials or services. Requisitions will indicate a suggested supplier, quantities of material needed, a clear description of services to be performed or goods to be provided, and required delivery date.
Single Source: A single source purchase is a purchase from a supplier who is chosen without soliciting for the minimum number of bids and proposals, despite the fact that competition exists, because of limiting circumstances.
Small Business: A business which has a significant business presence in the state, is independently owned and operated, not dominant in its field and employs, based on its industry, a certain number of persons as determined by the director of the Division of Minority and Women's Business Development (DMWBD), but not to exceed three hundred, taking into consideration factors which include, but are not limited to, federal small business administration standards pursuant to 13 CFR part 121 and any amendments thereto. The director of the DMWBD may issue regulations on the construction of the terms in this definition.
Small Disadvantaged Business: A business enterprise classified as such by the Federal Small Business Administration. Under the Federal Small Business Act, such enterprises must be allowed to compete for an equitable share of all procurements made under federally supported grants and contracts.
Sole Proprietorship: A business that is owned by a person who is solely responsible for all aspects of the business. The owner is personally responsible for all debts of the business.
Sole Source: A purchase from the only available supplier of the product or service. Therefore, no bids or proposals can be obtained.
Solicitation: A written request to a vendor to submit price quotations or bids on materials required or services to be rendered that are clearly and accurately defined by the buyer.
Women Owned Small Business: A business enterprise, including a sole proprietorship, partnership or corporation that is:
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(a) at least fifty-one percent owned by one or more United States citizens or permanent resident aliens who are women;
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(b) an enterprise in which the ownership interest of such women is real, substantial and continuing;
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(c) an enterprise in which such women ownership has and exercises the authority to control independently the day-to-day business decisions of the enterprise;
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(d) an enterprise authorized to do business in this state and independently owned and operated;
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(e) an enterprise owned by an individual or individuals, whose ownership, control and operation are relied upon for certification, with a personal net worth that does not exceed three million five hundred thousand dollars ($3,500,000), as adjusted annually on the first of January for inflation according to the consumer price index of the previous year; and
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(f) an enterprise that is a small business as defined above.