Common words used in Purchasing
(See 'Competitive Bid' below)
In public sector purchasing, the process through which the contents of bids are revealed for the first time to the government, to other bidders and usually to the public.
A purchase order that covers a reoccurring service over a specific time. Blanket Purchase Orders are common for services such as copier costs.
A standard article of commerce in the form of material goods, supplies, products or similar items.
Competitive Bid (or IFB - Invitation For Bid)
A common method of source selection is the offer of prices and specified elements of performance by vendors competing for a contract. Public sector purchases are often required to perform competitive bid selection using a sealed bid process with the law requiring that the award be made to the lowest responsive and responsible bidder.
A written or oral agreement between two or more competent parties that defines a job or service to be performed and which is legally enforceable.
The recording of a monetary commitment in an account's budget to buy goods or services via requisition, purchase order or contract.
The act of contacting a supplier or carrier with the goal of speeding up the delivery date of an inbound shipment.
The time-frame in which a budget is in effect or financial reporting is done. Fredonia's fiscal year runs July 1 through June 30 of the following calendar year.
Any payment, fee or other compensation given to a covered individual for services that are not related to the individual's official State duties when that compensation is made as a gratuity of an award of honor.
IFR (Income Fund Reimbursable) Account
A self-supporting account that generates revenues and provides services which are not included in the state operating budget. IFR's include athletics fee, technology fee, parking fees and fines, student health fee, facilities and user fee, recreational services, non-credit continuing education programs, fine arts events box office receipts, salary reimbursements from sponsored grants and contracts, transcript and placement file fees, time payment plan and telephone resale. An IFR account must follow all State and campus purchasing and payroll regulations and procedures. The difference between an IFR account and a state operating budget account is an IFR generates its own revenue to support its expenditures, whereas a state operating budget account is supported by general State revenues and by SUNY revenues. The year-end cash balance in an IFR is carried over to the next year; it does not revert back to the State.
A bill for goods or services purchased that includes pertinent information with respect to the quantity, price, terms, nature of delivery, etc.
M/WBE (Minority/Women Business Enterprise)
Any legal entity, organized to engage in commercial transactions that is at least 51 percent owned and controlled by one or more minority (or woman) persons. Ownership interest in the firm must be real, substantial and continuing.
This term literally means "per day" and is used to determine a specific daily rate allowable for a specific purpose.
A payment method whereby individuals are empowered to deal directly with suppliers for low-dollar, high-frequency purchases. The cards reduce paperwork and must be used on purchases under $1000.
A written contractual document prepared by a buyer to describe all terms and conditions of a purchase.
A written or computerized request from faculty or staff to the purchasing department for the procurement of goods or services from suppliers.
Quotation (or RFQ - Request For Quote)
A document which can be used to obtain pricing from suppliers when a formal bid opening is not required including discretionary, sole source, single source or emergency purchases.
SMRT (SUNY Management Resource Tool)
A web-based application for querying budget and expenditure information for an account from the SUNY accounting system.
A bid which has been submitted in a sealed envelope to prevent its contents from being revealed or known before the deadline for the submission of all bids.
Expenses for travel on official State business such as meals, lodging, airline tickets, personal car mileage, conference registrations, etc.
A documentary record of a business transaction denoting payment due the payee.