Glossary

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.

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Character Object
Defines what the item is and the range of it's value. These codes may be found by clicking here.

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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.

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MINORITY OWNED BUSINESS
A business owned at least 51 percent by minority group members. In the case of publicly-owned businesses, if 51 percent of more of the stock is owned by minorities, then that business also qualifies as a minority-owned business. Minorities include African Americans, Puerto Ricans, Spanish-Speaking Americans, Asian Americans, Native Americans, American Eskimos, and American Aleuts.

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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.

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PROCUREMENT (PURCHASE)
The acquisition of goods or services in exchange for money.

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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.

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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.

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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.

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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.

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SMALL BUSINESS
A business that is independently owned and operated, is not dominant in its field of operation, and qualifies under various criteria prescribed by the Small Business Administration for number of employees, average annual receipts, etc.

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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.

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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.

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SOLE SOURCE
A purchase from the only available supplier of the product or service. Therefore, no bids or proposals can be obtained.

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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.

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WOMEN OWNED SMALL BUSINESS
A business that is at least 51 percent owned by women who are United States citizens and who also control and operate the business.

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