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University Finance and Administration


Glossary of Budget and Finance Terms 

Click here to download a complete list of budget and finance terms.



Amortized Debt
Debt service includes payments towards principal and interest
Capital Project
A construction project to build, improve, or maintain a physical asset
Credit Rating
An assessment by one or more credit rating agencies of an institution's creditworthiness, measuring the likelihood of it defaulting on its debt
Current liabilities
All liabilities that are payable within the next fiscal year
Debt Capacity
An estimate of how much debt can be issued within existing credit ratings
Debt Service
Payments of principal and/or interest on outstanding bonds
Publicly-traded stock issued by corporations
Fixed Income
Fixed income is a class of assets and securities that pay out a set level of cash flows to investors, typically in the form of fixed interest or dividends. Government and corporate bonds are the most common types of fixed-income products.
Interest-only Debt
Bonds with debt service consisting only of interest payments that need to be refinanced at maturity
Internal Bank
Mechanism to fund departmental capital projects at a predictable, blended interest rate (internal loans)
The end date of a bond when the final payment is due
Credit Rating Agency
Noncurrent liabilities
Liabilities that are due to be paid beyond the next fiscal year
Restricted assests - expendable
Resources that are available for expenditure by the University
Restricted assests - nonexpendable
Resources that have been set aside and invested as required by the provided of the resources
Standard & Poors
Credit Rating Agency
State Appropriations
Funding from the State to support University operating costs
State Paid Fringe
Funding from the State to support some of the University fringe benefit costs
Unrestricted assets
Available to the institution for any lawful purpose