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DEFICIT
The excess of expenses over revenue during an accounting period. Deficits can be measured before or after depreciation and non-operating activities
DEPRECIATION
A non-cash expense associated with reducing a fixed asset’s book value due to general wear and tear over its defined accounting or useful life. Depreciation is only an approximation of the amount need
EARNED REVENUE/INCOME
Revenue or income received by an organization in exchange for its products or services, e.g., tuition or performance-based government contracts. See contributed revenue/income.
ECONOMIES OF SCALE
Theory that the more you produce of a good or service, the less it costs for each additional unit, i.e. efficiency.
ENVIRONMENTAL AUDIT PHASE I
A report usually issued by an environmental engineering or other qualified entity to determine the risk or reality of environmental contamination of a real estate property.
EQUITY
Represents the difference between an asset's market value and the amount of debt associated with that asset. Also refers to the amount a developer or owner invests in a project. In for-profit accounti
EXPENSES
Represent the total cost of operating the organization, including payments made to employees and other parties, including operating expenses, debt, principal payments, capital expenditures, non-cash e
FACILITY PROJECT
The acquisition of a building or other physical space through purchase or leasehold; a renovation; a construction project; a relocation; a change in number of sites; or an equipment purchase. Any proj
FASB
Financial Standards Accounting Board. Independent board responsible for establishing and interpreting generally accepted accounting principles (GAAP). Financial Accounting Standards 116 and 117 govern
FEASIBILITY STUDY
A determination of the likelihood that a proposed idea, plan or project will fulfill certain economic and operational objectives. Often undertaken to predict the viability of a new venture, facility p
FINANCIAL STATEMENT
A written report that quantitatively describes the financial health of an organization. A complete financial statement includes a balance sheet, an income statement, a statement of cash flows, and oft
FIXED ASSETS
The net worth of the physical items an organization owns (e.g., property, building, equipment, improvements), which cannot easily be converted to cash. Often called property & equipment (P&E).
FIXED PRICE CONTRACT
In construction, a contract between the owner/developer and the general contractor where the contractor agrees to complete the project for a sum fixed in advance regardless of cost.
GAAP
Generally Accepted Accounting Principles. A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, as established by the Financial Accounting Standar
GENERAL CONDITIONS
The portion of the construction contract document in which the rights, responsibilities, and relationships of the involved parties are itemized. Items include security, job site insurance, temporary s