Glossary of Terms

Investigational Device Exemption (IDE)
Document submitted to the FDA to allow for the conduct of a clinical study using a significant risk device that is new or not approved for that use.
Investigational New Drug
A new drug, antibiotic drug, or biological drug that is used in a clinical investigation. The term also includes a biological product that is used in vitro for diagnostic purposes.
Investigational New Drug Application (IND)
Document submitted to the Food and Drug Administration (FDA) to allow for the conduct of a clinical study using a drug that is new or not approved for that dosage form or indication.
Investigator
An individual who actually conducts a clinical investigation.
Investment Income
Revenue generated from the investment of University assets. Investments are made by the Office of Investments and Banking (OIB). Examples include income from:
  • Temporary Investment Pool (TIP)
  • Group Income Pool (GIP)
  • Permanent University Fund (PUF)
  • Consolidated Endowment Fund (CEF)
Investment Objectives
The investment guidelines used by various investment pools to meet the goals of the investors and donors.
  • TIP - Maximize short-term income while protecting principal and maintaining liquidity.
  • GIP - Maximize current income. Principal appreciation is a secondary objective of the pool.
  • CEF (and PUF) - Maintain the inflation-adjusted value of the fund and maximize total return (income plus capital appreciation).
  • SIF - Each separately invested fund has its own investment objective specified by the terms of the gift or by administrative decision.
Invoice Approval
Vendor's invoices must be matched against a Purchase Order (when applicable) and/or the receipt of the goods or services prior to payment. There are two processes supporting invoice approval:

Approval of PO related invoices takes place within the financial system when it is matched with the related approved PO and receipt(s).

Approval of non-PO invoices takes place when the financial system routes the transaction to Dept ID approver for their approval. Department staff is responsible for communicating to the Dept ID approver, their verification that the goods and/or services were received as invoiced and should be approved for payment.

Invoice/Bill
The document that notifies the customer what is owed for a particular transaction or time period.
Ionizing Radiation
Ionizing radiation has the ability to remove electrons from atoms, thus creating electrically charged ion pairs. Machines, such as medical or dental X-ray units, can produce ionizing radiation or it can come from the spontaneous decay of radioactive material.
IRB Approval
The determination of the IRB that the research has been reviewed and may be conducted at an institution within the constraints set forth by the IRB and by other institutional and Federal requirements. (See the Code of Federal Regulations Title 45 Part 46, Protection Of Human Subjects)
Joint Work
A "work prepared by two or more authors with the intention that their contributions be merged into inseparable or interdependent parts of a unitary whole." United States Code, Chapter 17, §101.
Judgment
Monetary amounts mandated by court or agency action.
Just Cause
A ground for discipline and takes into account reasonableness, evidence of forewarning, investigation, proof, consistency, and equity.
Key
Any mechanical device used to operate a mechanically controlled mechanism for entry/exit to a controlled area.
Key Coding
Numerical combinations which control the variety of keys a department uses without jeopardizing access control.
Key Storage
An access control system designed for building access, used by service departments or police/fire personnel. Examples include fire lock boxes, enterprise key management, district key boxes, department key storage, elevator lock boxes and Building System Automation Center (BSAC) key boxes on the Twin Cities campus.
Key/Card holder
Any University employee, student, volunteer, alumnus, outside vendor, or visitor authorized to be in the possession of an access device.
Lease
A contract which provides for the real estate owned by one party to be used and controlled on an on-going basis by another party during the term of the contract.
Leave of Absence
Refers to a process by which students request official permission to leave the University for a set duration of time.
Legacy Web Pages
Web pages created prior to the effective date of this policy.
Legal Approval Authority
The review and approval of a contract or agreement by the Office of the General Counsel required by Board of Regents Policy: Legal Review of Contracts and Transactions. Where required, Signature Authority is invalid without Legal Approval. For information about obtaining Legal Approval, see the Office of the General Counsel web site at www.ogc.umn.edu/contracts.
Legend Drug
A drug which is required by federal law to bear the following statement, "Caution: Federal law prohibits dispensing without prescription."
Legitimate Education Interest
An interest in student records for the purpose of performing stated job duties.
License Verification
The selected applicant or employee possesses all the licenses listed on the application materials or otherwise cited by the candidate that qualifies the individual for the position sought and verification of the license required for the position, including verification of the disposition of such licenses. This includes motor vehicle driver’s licenses required for a particular position.
Licensed Pharmacist
An individual with a currently valid license issued by the Minnesota Board of Pharmacy to practice pharmacy.