Glossary of Terms

Facilities Condition Assessment Database
Facilities Management maintains a database on a wide range of facility related equipment and systems. For some locations this includes summaries of asbestos and lead assessments in University buildings. This may include an estimated cost for abatement.
Facility
Any enclosed area of a structure, or portion therefore, and which structure is owned and/or being occupied or operated by the University on the Twin Cities campus. This is intended to include University owned and operated vehicles, and outdoor group seating facilities. This definition includes all areas within the residence halls.
Faculty
Members of the faculty as defined in the policies of the Board of Regents. See Board of Regents Policy: Employee Group Definitions.
Faculty Retirement Plan (FRP)
A defined contribution plan sponsored by Board of Regents of the University.
Faculty-Like Appointment
A "University employee who teach[es] or conduct[s] research at the University with a level of responsibility and self-direction similar to that exercised and enjoyed by faculty in a similar activity." Board of Regents Policy: Copyright, §II, subd. 4.
Fair Market Value
The rate of compensation paid under a consulting agreement to a covered individual that meets the following criteria:
  • reflects the expertise and credentials of the covered individual;
  • is comparable to the compensation paid to the covered individual’s peers;
  • is reasonable in the context of the services provided; and
  • does not include an enhancement in exchange for an agreement to improperly:
    • Make or induce others to make referrals to a business entity;
    • Make or induce others to endorse the products or services of a business entity; or
    • Improperly influence research results to benefit the interests of a business entity.
Falsification
Manipulating research materials, equipment, or processes, or changing or omitting data or results such that the research is not accurately represented in the research record.
Family Educational Rights & Privacy Act
Federal law (P.L. 93-568, 2) as amended in 1974 (with updates). Specifies rights and responsibilities of students and colleges regarding access to student data.
Family Member
The covered individual's spouse or domestic partner, dependent children, and any other family member whom the covered individual reasonably knows may benefit personally from actions taken by the covered individual on behalf of the University.
Fiduciary Fund
A fund used to report resources held in a trust or custodial capacity for individuals, private organizations, or other third parties. A fiduciary fund may be either a trust fund or an agency fund, distinguishable from each other in that a trust fund generally has a trust agreement that affects the degree of management involvement and the length of time that resources are held.
Financial Institution
The financial institution chosen by the University to provide charge card services required for the program.
Financial Interest
Anything of monetary value, including, but not limited to:
  • An interest in a business consisting of any stock, stock option, or similar equity interest (excluding any interest arising solely because the investment is in a pension, mutual fund, or other institutional investment fund over which the employee does not exercise control); or
  • The receipt of or the right or expectation to receive any income, such as a consulting fee, honoraria, salary, allowance, royalty, or any other form of compensation from a business entity.
Financial Managers (also known as Fiscal Monitors)
Individuals who are responsible for policy interpretation and implementation for a department (or collegiate unit or higher). They manage the sponsored and non-sponsored accounting and fiscal operations of a department (or collegiate unit or higher) in compliance with University policies and procedures and funding agency restrictions.
Financial Obligation
Students that owe a minimum of $100 to the University handled by the University collections offices on respective campuses.
Financial Stringency
Financial difficulties that are unusual in extent and require extraordinary rather than ordinary responses. Refer to the Board of Regents Policy: Faculty Tenure, Sections 4.5 and 11, and under Interpretations - 3. Interpretation of Section 4.5 Financial Stringency.
Financial System User
Authorized user who has been granted access to enterprise financial data and systems.
First and Second Summer Session
The University of Minnesota academic calendar includes Fall Semester, Spring Semester, May Session and Summer Session. Summer Session is typically divided into two time periods, although some classes may span both summer sessions. Classes are offered each of these terms although the duration of the term can vary. See the Academic Calendar of the appropriate campus for exact dates of the terms in a particular calendar year.
Fiscal Emergency
A drastic reduction in the University budget that has been officially recognized and declared by the Board of Regents.
Fiscal Year of Service
The equivalent of more than two semesters of employment at 67 percent time or greater.
Fixed Fee Award
In a "fixed fee" award, the PI agrees to accomplish project objectives within a specific timeframe for a set dollar amount per patient, per hour, or other unit. These projects are often clinical trials or surveys. The total award amount is based on an estimated number of units and is subject to downward adjustment based on the actual number of units completed. Sponsor approval is required to exceed the estimated number of units. The fee per unit remains constant, even if the actual cost per unit is above or below that amount. Any overexpenditures are the responsibility of the department, and earned unspent revenue does not revert to the sponsor. If the deliverables are not completed within the period of performace, the contract must be extended. Residual balances are retained by the department.
Fixed Price Award
In a "fixed price" award, the principal investigator agrees to accomplish project objectives within a specific timeframe for a set dollar amount. If the deliverables are not completed within the award period, the contract must be extended. The award amount also remains constant, even if actual costs for the project are above or below it. Any overexpenditures are the responsibility of the department. Residual balances are retained by the department.
Food and Drug Administration (FDA)
The regulatory authority in the United States which oversees the pharmaceutical and medical device industries. The FDA is responsible for ensuring that the drugs and medical devices marketed in the US have a greater benefit than risk when used according to manufacturer's directions.
Foreign National
Any person who is not a U.S. citizen or permanent resident of the U.S., or who has not been granted asylum.
FormsNirvana (FN)
FormsNirvana is a Web-based forms generator which allows an authorized user to electronically enter, respond to, approve, and/or route requests, and create transactions.

Electronic Grants Management System (EGMS) refers to the administrative application used to support the entire grants management process.

Foster parent

One who has undergone a foster care placement proceeding to assume child-rearing responsibilities but not full legal responsibility for a child.