Glossary of Terms
ACHA (Allegheny County Housing Authority)
The mission of the Allegheny County Housing Authority (ACHA) is to provide decent, safe and sanitary housing for eligible low-income families and senior citizens in Allegheny County.
Accredited Residential Manager (ARM)
A property management designation offered by the Institute of Real Estate Management (IREM).
Accredited Management Organization (AMO)
A property management designation offered by the Institute of Real Estate Management (IREM) to property management companies that meet prescribed high standards.
Americans with Disabilities Act (ADA)
A law passed by Congress in 1990 requiring any business or public facility to be accessible to everyone, including those with disabilities.
Affordable Housing
Housing that is governed by a state or federal agency to control the rents and offer assistance to persons meeting certain criteria.
Amenities
Features both tangible and intangible, that enhance the value or desirability of real estate.
ACCT (Account Number)
The 4-digit number used in the General Ledger to classify the kind of activity involved (income, expense, etc.). On source documents,the account number follows the center number.
Accumlated Depreciation
The dollar amount of depreciation for the asset from its acquisition to the most recent depreciation calculations.
Accumulated Use Allowance
The dollar amount of use allowance for the asset from its acquisition to the most recent use allowance calculations.
ACQD (Acquisition Date)
The year and month in which Carnegie Mellon acquired or received the asset (as determined by the shipping date, invoice date, or other source document), or the asset's beginning in-use date if a fixed asset.
Annual Depreciation
The dollar amount of depreciation for the asset for the most recently completed fiscal year.
Annual Use Allowance
The dollar amount of use allowance for the asset for the most recently completed fiscal year.
Asset No. (Asset Number)
The 6-character Carnegie Mellon tag number, usually affixed to a movable asset on a blue and white tag, which identifies the asset in the PAS records. An asset number may include a suffix. The suffix is a numeric code assigned to any components of an asset when those components are not tagged as separate assets.
AV (Availability Code)
The code in the PAS used to specify a movable asset's current status as determined by physical inspection or report by the Department Property Officer, as follows:
- U - Property that is in use within the control of the noted department.
- A - Property that is not currently in use but available for use within the noted department.
- N - Property that is not usable in its present condition.
- S - Excess or Surplus property.
Apartment
A room or a group of related rooms, among similar sets in one building, designed for use as a dwelling.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Building
A roofed structure for permanent or temporary shelter of persons, animals, plants, or equipment, as follows (see Exhibit R for things not included):
- Roofed Structure-Rough (Class Codes 010, 030, 050):
- Excavation and Site Preparation. This includes demolishing previously utilized buildings (net of any salvage value received), bulk excavation, clearing, filling, site grading attributable to the construction of the building.
- Foundation. This includes all concrete or masonry piers, footings or pads which support posts or columns, and continuous footings or foundation walls.
- Frame. This includes posts, columns, beams, girders, sills, underpinning and bracing which are the primary means of support for the building.
- Floor Structure. This includes the floor system used throughout the building - i.e., what is needed to support both the live and dead load requirements of the occupancy. It does not include Floor Cover (Class Codes 017, 037, 057).
- Roof Structure. This includes the structural framing and decking, but not Roof Cover (Class Codes 017, 037, 057).
- Exterior Wall. This includes the basic wall structure, sash, doors, and wall finishes.
- Wall Ornamentation. This refers to portions of the exterior wall surface which have a different type of finish than the majority of the building.
- Interior Construction. This includes partitions (floor to ceiling), doors, stairways, closets, elevator shafts.
- Building Additions and Added Construction. These are included as costs by the appraisers because the specific work could not be identified by components.
- Fees and Building Permits. These include plans and specifications (consultants, engineering studies, etc.), central administration and over-all supervision of construction.
- Roofed Structure-Finish:
- Roof Cover (Class Codes 017, 037, 057). This includes flashing, gravel, stops, gutters, rain spouts, etc., but not Roof Structure-Rough.
- Floor Cover (Class Codes 017, 037, 057). This includes the finish material which is applied to the Floor Structure-Rough. It does not include the Floor Structure itself. It also does not include Finish Flooring (Class Code 075) or carpeting (Class Code 086).
- Ceiling Cover (Class Codes 016, 036, 056). This includes the finish material which is applied to the supporting structure.
- Built-In Construction and Interior Renovations (Class Codes 015, 035, 055). These are included as costs by the appraisers because the specific work could not be identified by components.
- Disposal of interior construction refuse.
- Roofed Structure-Other (Class Codes 020, 040, 060):
- Bowling alleys.
- Exterior stairs and fire escapes.
- Loading docks.
- Stages.
- Swimming pools.
BLDG (Building Number)
The university Office of Planning and Budget's number used in the PAS (see Exhibit J) to designate each building.
Building Class
A class designating the type of construction of a building (see Exhibit J) as follows:
- Class A - Structural steel columns and beams which have been fire-proofed with incombustible materials.
- Class B - Reinforced concrete columns and beams which have been fire-proofed with incombustible materials.
- Class C - Masonry or concrete load-bearing walls. There may be steel or concrete framing members but not totally fire-proofed.
- Class D - Wood or steel studs in bearing walls, wood or steel frame - primarily combustible construction.
Building-related Assets
This includes the cost of the following (see Exhibit R for things not included):
- Building services. (Items required principally for general building occupancy):
- Fire Protection (Class Codes 025, 045, 065). This includes wet or dry wired-in systems with their piping and hangers, fire alarm panels, standpipe, smoke detectors, etc. This does not include mounted fire detection units which are not wired-in (Class Code 080).
- b. Electrical (Class Codes 026, 046, 066). This includes the wiring and equipment used for the generation, conversion, transmission, and distribution of electrical energy. Permanent main or trunk line electrical distribution systems from point of distribution to connections with buildings, as well as within those buildings. Fixtures and receptacles for the lighting and convenience outlets. This does not include the following:
- Data/Telecommunications wiring, outlets, racks (Class Code 071).
- Poles, fixtures, or wiring for outside campus lighting (Class Code 005).
- Electrical equipment (Class Codes 078 and 085).
- Elevators (Class Codes 027, 047, 067). This includes functionally related equipment which is essential to their operation. Dumbwaiters and side walk lifts.
- HVAC (Class Codes 028, 048, 068). This includes basic heating, ventilating, and piped/wired-in air conditioning units, with their boilers, pumps, oil or gas burners, cooling towers, piping and ducts, registers, operating motors and fans. This does not include single room or isolated area air conditioners (Class Code 120).
- Plumbing (Class Codes 029, 049, 069). This includes the permanent main or trunk line piping distribution systems from point of distribution to connections with buildings, as well as within those buildings. Water systems, sewage and waste disposal systems, duct work and piping used in conjunction with HVAC, bridges and trestles used exclusively in connection with piping systems, and plumbing fixtures for these systems. This does not include plumbing equipment (Class Code 079).
- Tunnels (Class Code 070).
- Data/Telecommunications Systems (Class Code 071). This includes wiring, outlets, and closet racks (account number 8908). This does not include data/telecommunications system station apparatus (Class Code 201).
- Fire Protection (Class Codes 025, 045, 065). This includes wet or dry wired-in systems with their piping and hangers, fire alarm panels, standpipe, smoke detectors, etc. This does not include mounted fire detection units which are not wired-in (Class Code 080).
- Building Fixed Equipment/Furnishings:
- Finish Flooring with a 20-year life (Class Code 075). This includes the following:
- Quarry Tile Floor for use where specialized sanitary and/or acid-proof requirements exist for specific machinery or equipment.
- Seamless Floor for use where water-tight specifications are required for specialized equipment such as cat-scan, nuclear accelerators, or other nuclear testing instruments.
- Raised Aluminum Floor for use in such areas as specialized incubation and clean-room facilities.
- Welded Steel Grates such as machinery platforms and cat-walks.
- Special Raised Flooring such as computer flooring.
"Finish Flooring" does not include carpeting (Class Code 086).
- Area Furnishings with a 20-year life (Class Code 076). This includes the following:
- Accoustical Panels which are individual panels (generally wall-mounted) found in auditoriums, music studios, key-punch machine areas, etc.
- Accoustical Ceiling for use where special accoustical treatment is required for the proper operation of machinery and equipment. Examples include hearing labs and testing rooms, sound vibration chambers, and self-contained music studios.
- Diamond wire fence, office partitions attached to floors, thru-wall windows, roll-up doors, built-in shelf rails.
"Area Furnishings" does not include Interior Furnishings (Class Codes 086 and 090).
- Case Work with a 20-year life (Class Code 077). This includes built-in seating and furniture such as cabinets, shelving, counters, tables, storage units, fume hoods, benches, sinks, wall plaques, chalkboards (account number 8909).
- Electrical Equipment with a 20-year life (Class Code 078). This includes cable trays, power distribution panels, circuit breaker panels, safety switch panels, wire mould, emergency lights, track lighting. It does not include Building Services Electrical (Class Codes 026, 046, 066) or Electrical Equipment with a 15-year life (Class Code 085).
- Plumbing Equipment with a 20-year life (Class Code 079). This includes developing sinks, sterilizers, floor drains, but not Building Services Plumbing (Class Codes 029, 049, 069).
- Other Equipment with a 20-year life (Class Code 080). This includes water coolers, exhaust fans, lockers, air compressors, vacuum compressors, free-standing/piped-in heating and ventilating and cooling units, dietary/kitchen units, animal facilities, special safety (security, etc.), mounted but not wired-in fire detection units. This does not include fire protection wired-in systems (Class Codes 025, 045, 065).
- Electrical Equipment with a 15-year life (Class Code 085). This includes 24-hour timers, wall-mounted speakers, clocks and clock systems. It does not include Building Services Electrical (Class Codes 026, 046, 066) or Electrical Equipment with a 20-year life (Class Code 078).
- Interior Furnishings with a 15-year life (Class Code 086). This includes carpeting (account number 8914) and cork wall, office partitions attached to walls, recessed projector screens (account number 8901), but not Interior Furnishings with a 10-year life (Class Code 090). The capitalization criteria is applied to each building based on the amount of each purchase order. For purchase orders of less than $1,000.00, charge account number 8906.
- Parking Lot Apparatus with a 15-year life (Class Code 087). This includes machinery and structures affixed permanently to parking lots, as well as gates, ticket booths, and computerized machinery.
- Interior Furnishings with a 10-year life (Class Code 090). This includes window drapes, venetian blinds, wallpaper, tackboards, modular furniture, pegboards (account number 8901), but not Interior Furnishings with a 15-year life (Class Code 086). The capitalization criteria is applied to each building based on the amount of each purchase order. For purchase orders of less than $1,000.00, charge account number 8906.
- Miscellaneous Equipment with a 10-year life (Class Code 091). This includes cigarette urns, water heaters, explosion-proof lights, bike racks.
- Finish Flooring with a 20-year life (Class Code 075). This includes the following:
Broker
One who buys and sells for another for a commission. In real estate, a broker must be properly licensed to perform certain activities specified in the real estate license laws and collect compensation.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Condo / Condominium
The absolute ownership of a unit in a multi-unit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.
Capitalization Rate
The desired rate of return on an income producing property expressed as a decimal or percentage indicating the relationship between the value and the income.
Certified Apartment Maintenance Technician (CAMT)
A designation offered by the National Apartment Association (NAA).
Certified Apartment Manager (CAM)
A designation for on-site property managers offered by the National Apartment Association (NAA).
Certified Apartment Property Supervisor (CAPS)
A designation offered by the National Apartment Association (NAA).
Certified Apartment Supplier (CAS)
A designation offered by the National Apartment Association (NAA).
Certified Manager of Community Associations (CMCA)
A designation for multi-site supervisors offered by the Community Associations Institute (CAI).
Certified Property Manager (CPM)
The most advanced property management designation offered by the Institute of Real Estate Management (IREM).
Commercial Property
A property where commerce is conducted such as an office building or retail shopping center.
Conventional Housing
Conforming or adhering to the acceptable standards or market rate of housing in an area (see Market Rate)
Capitalization
The recording of the acquisition cost of an item as benefiting two or more accounting years. Capitalized items have their acquisition costs depreciated or recovered via use allowance. Individual items with a unit cost of $1,000.00 or more and a useful life of 2 years or more, are capitalized and charged to the appropriate capital assets account (see Exhibit C, General Ledger Account Numbers) or a capital project account, whichever is applicable.
Center (Center Number)
The 6-digit number, used in Carnegie Mellon's chart of accounts, which identifies the source of the funds and the user of the asset.
Charitable Deduction Property
Any property with respect to which the donee (Carnegie Mellon) signed an appraisal summary (Section B) on Internal Revenue Form 8283 (Exhibit U).
CLS (Class Code)
The 3-digit number used in the PAS to group like assets into common categories by virtue of the assets' inherent similarity of function. (See Exhibit Q for a list of the codes.)
CD (Condition Code)
The code used in the PAS to specify a movable asset's most recent condition as determined by physical inspection or report of the Department Property Officer, as follows:
G - Good - Property that is usable and identical or interchangeable with new items from normal supply sources.
F - Fair - Property that is usable but is deteriorated or damaged to the extent that utility is somewhat impaired.
P - Poor - Property that is usable but is considerably deteriorated or damaged. Enough utility remains to classify the property better than salvage.
X - Salvage - Property which has no reasonable prospect of sale or use as serviceable property without major repairs or alterations because of its worn, damaged, deteriorated or incomplete condition or specialized nature. Repair for any use would exceed 65 percent of the original acquisition cost. Salvage has some value in excess of its scrap value.
S - Scrap - Property that has no reasonable prospect of being sold except for the recovery value of its basic material content.
Cost Is In - If an asset shows no dollars under Total Cost, the asset's cost is included in the total cost of another asset. In that case, that other asset's Carnegie Mellon tag number is listed under "cost is in" for the first asset.
Co-signer
A signer in addition to the principal signer (to verify the authenticity of the principal signature or to provide surety)?
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Duplex (house)
A house having separate apartments for two families, esp. a two-story house having a complete apartment on each floor and two separate entrances.
Department Number
The 4-digit number to designate the department having control over an asset.
Depreciation Code
The number "1" is used in the PAS to indicate that an asset is not to be depreciated (for cost recovery purposes) if any of the conditions noted in Exhibit S is applicable. The number "0" indicates that the asset is to be depreciated (for cost recovery purposes).
Description
This may also include the identification of other assets in the PAS with which the asset is used, and other clarifying information. If the item is government-furnished equipment, the National Stock Number may be included if known.
D (Disposal Code)
A code in the PAS to indicate the reason for the disposal of an asset, as follows:
- 31 - Stolen/missing (per Exhibit O).
- 32 - Disposed-no value (per Exhibit M).
- 33 - Proceeds of Sale/donated/transferred/traded-in/returned to sponsor after purchasing (per Exhibit M). "Proceeds of Sale" means a cash sale. Property Accounting journal entry's the amount of the sale or trade-in to the appropriate income account (as noted in Section XII, A). The amount of the sale or trade-in is entered into the "Proceeds of Sale" field of the disposed asset in the PAS.
- 34 - Returned to owner (per Exhibit B).
- 35 - Returned to vendor for credit (per Exhibit M). The amount of the credit is entered as a credit transaction for the disposed item. If the credit does not equal the original cost because of restocking charges, etc., the difference is to be journal entried to an appropriate non-capital account so that the disposed item's net cost is zero.
- 36 - Transfer research project asset to another institution (per Exhibit N).
- 37 - Inventory adjustment. This type of disposal pertains to an asset which has been unlocated for two successive physical inventories.
- 38 - Inventory write-off (duplication of asset). This is for use when it is determined that an asset is listed in the PAS under two or more asset numbers. An internal credit entry is to be made (Property Accounting records only) for the asset number being disposed so that the net cost is zero. If appropriate, a depreciation adjustment will be made in the PAS for any duplicate depreciation claimed.
Disposal Date
The date an asset ceases to be part of the record of active assets in the PAS.
Double Net Lease
An arrangement whereby the tenant pays the rent utilities property taxes special assessments and insurance premiums.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Equal Housing Opportunity
To create equal housing opportunities for all persons living in America by administering laws that prohibit discrimination in housing on the basis of race, color, religion, sex, national origin, age, disability, and familial status.
Escrow Account
The trust account established by a broker under the provisions of the license law for the purpose of holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction
Ethics / Professionalism
The system of moral principles and rules that becomes the standards for professional conduct.
Economic Rent Increase
An increase in rent prompted by a shrinking supply of comparable rental units in an area and the ability of tenants to afford the increase.
Economic Occupancy
Net Rental Income divided by Gross Potential Rent
Effective Gross Income
Also known as adjusted gross income the income actually collected after deducting for collection losses.
Escalation Clause
A clause in a lease that allows for rent increases based on the occurrence of a certain event.
Estate
Ownership arrangements that tell the types and duration of interests that an individual has in real property.
Excess
Property which is not needed by a department but may be needed by other departments at Carnegie Mellon.
Expense
The cost of an item not subject to depreciation but included in the current operating costs of the university. Individual items of equipment or furniture, with a unit cost less than $1,000.00 or a useful life of less than 2 years, are expense items charged to account number 8905 or 8906, respectively.
Eviction
The legal process by which the tenant is removed from the property due to violations of terms of the lease. Removal of a tenant from rental property by a law enforcement officer. First, the landlord must file and win an eviction lawsuit, also known as an "unlawful detainer."
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Fair Housing Act
The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin
Fair Housing Laws
Federal laws that prohibit housing discrimination on the basis of race or color, national origin, religion, sex, familial status or disability. The federal Acts apply to all aspects of the landlord/tenant relationship, from refusing to rent to members of certain groups to providing different services during tenancy.
Fair Labor Standards Act
A law enacted during the depression regulating certain aspects of labor that the lodging industry feels is in need of revision.
Federal Deposit Insurance Corporation (FDIC)
A federal agency which insures depositors in banks and savings and loan associations to protect their deposits in case of bank failure.
Facility
Property used for academic activities, maintenance, research, development or testing. It includes plant equipment and real property. It does not include material, special test equipment and special tooling.
Fair Market Value
An exchange price that a willing and well-informed buyer and seller would reach through negotiation under current market conditions.
Fixed Asset (real property) refers to the following:
- Land, grading, other land acquisition costs
- Roads, sidewalks, other land improvements
- Buildings
- Building-related assets
- Utilities
The term "Fixed Asset" does not include foundations and other work necessary for installing Special Tooling, Special Test Equipment or Plant Equipment.
FLR (Floor)
The 2-character number and/or letter to designate the floor of the building in which the asset or space is located. Floors above ground are numbered upward (1-2-3, etc.); floors below ground are lettered downward (A-B-C, etc.). Mezzanines are designated "M" with the number of the floor just below (i.e., "M1" means the mezzanine between floors 1 and 2).
Floor Plan
A drawing of a floor of a building showing the configuration of the rooms and identifying them by room number.
FND (Fund Code)
A code in the PAS identifying the source of the funds utilized to acquire the asset, as listed below:
G - Government Owned: Property partially or completely furnished by the government on a loan agreement or otherwise, or purchased with government funds under contractual agreements, which assign title to the government (certain 1-5XXXX centers - see Exhibit S). Title may be transferred to the university subsequent to the property's acquisition.
F - Government Funded: Property acquired with government funds under research grants or contracts which provide for transfer of title to the university (1-5XXXX centers other than "G" fund code, as well as some 5-8XXXX centers).
E - Government Furnished: Property in the possession of, or directly acquired by, the government and subsequently made available to the university. Title remains with the government (1-5XXXX centers) unless transferred to the university subsequent to the property's acquisition.
M - Partially Government Funded: Property acquired in part with government funds under research grants or contracts which provide for transfer of title to the university (1-5XXXX centers other than "G" or "E" fund codes, with any center other than 1-5XXXX - see Exhibit S).
S - Sponsor or Agency Owned: Property partially or completely furnished by a non-government sponsor of research, to which the sponsor retains title (certain 1-4XXXX centers - see Exhibit S). Property belonging to agencies (all 6-XXXXX centers). Title may be transferred to the university subsequent to the property's acquisition.
D - Sponsor Funded: Property acquired by the university with funds provided in non-government sponsored research grants or contracts which provide for transfer of title to the university (1-4XXXX centers other than "S" fund code).
N - Partially Sponsor Funded: Property acquired in part with non-government sponsor funds under research grants or contracts which provide for transfer of title to the university (1-4XXXX center other than "S" fund code, and any center other than 1-4XXXX or 1-5XXXX - see Exhibit S).
L - Property which has been borrowed or loaned for use at Carnegie Mellon. The owner is indicated in the purchase order field on the PAS. (Trial "on-loan" items are tagged if they are at Carnegie Mellon for more than 90 days.)
C - Property which has been rented or leased and is capitalizable.
R - Property which has been rented or leased (not capitalizable).
Furniture and Furnishings
Movable assets (Class Code 501) of $1,000.00 or more in unit cost for offices, classrooms, dormitories, lobbies, conference rooms, cafeterias, etc. The following could be examples:
- Beds
- Chairs
- Sofas
- Bookcases
- Desks
- Tables
- Bureaus
- Lockers
- Throw Rugs
- Cabinets (Filing,other)
- Shelves
- Art Reproductions (not Fine Arts)
The following are not included:
- Carpet, Drapes, Blinds, Modular Furniture - these are considered Interior Furnishings (Class Codes 086 and 090).
Federal Housing Administration (FHA)
A federal agency established in 1934 to insure certain types of home loans protecting the lender and allowing a small down payment from the borrower.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Gross Lease
A commercial real estate lease in which the tenant pays a fixed amount of rent per month or year, regardless of the landlord's operating costs, such as maintenance, taxes and insurance. A gross lease closely resembles the typical residential lease. The tenant may agree to a "gross lease with stops," meaning that the tenant will pitch in if the landlord's operating costs rise above a certain level. In real estate lingo, the point when the tenant starts to contribute is called the "stop level," because that's where the landlord's share of the costs stops.
General Purpose Equipment
Equipment, the use of which is not limited only to research, medical, scientific or other technical activities. Examples of General Purpose Equipment include office equipment and furnishings, air conditioning equipment, reproduction and printing equipment, motor vehicles, and automatic data processing equipment.
Government Material
Government Property which may be incorporated into or attached to a deliverable end item or which may be consumed or expended in performing a grant or contract. It includes raw and processed materials, parts, components, assemblies, small tools, and supplies that may be consumed in normal use in performing a grant or contract.
Government Property
All government-furnished or Carnegie Mellon-acquired property as defined below:
- Government-furnished property is property (regardless of value) which the government has made available to Carnegie Mellon for performing a grant or contract.
- Carnegie Mellon-acquired property is property acquired, or provided, by Carnegie Mellon for performing a government grant or contract. The government has subsequently reimbursed Carnegie Mellon for the full cost of the property.
- Title to Government Property is with the government until title is transferred to Carnegie Mellon.
Gross Potential Rent
The projected amount of rental income based on current leases assuming all units are occupied (market rents less loss to lease)
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
HAP (Housing Assistance Payments) contract
This form of Housing Assistance Payments Contract (HAP contract) is used to provide Section 8 tenant-based assistance under the housing choice voucher program (voucher program) of the U.S. Department of Housing and Urban Development (HUD). The main regulation for this program is 24 Code of Federal Regulations Part 982.
Housing and Urban Development (HUD)
The U.S. Department of Housing and Urban Development. This is the agency responsible for enforcing the federal Fair Housing Act.
House
A building in which people live; residence for human beings.
HUD (Housing and Urban Development)
HUD's (US Department of Housing and Urban Development) mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management, and accountability and forge new partnerships--particularly with faith-based and community organizations--that leverage resources and improve HUD's ability to be effective on the community level.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Income Levels
These are income limits based on the median household income of the government agency used to provide limits on tax credit and other affordable housing.
Industrial Plant Equipment (IPE)
That part of Plant Equipment with an acquisition cost of at least $1,000. It is used for cutting, abrading, grinding, shaping, forming, joining, testing, measuring, heating, treating or otherwise altering the physical, electrical or chemical properties of materials, components or end items entailed in manufacturing, maintenance, supply, processing, assembly, or research and development operations.
Industrial Property
A property where products are manufactured or assembled.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Lead Based Paint Disclosure
Recognizing that families have a right to know about lead-based paint and potential lead hazards in their homes, Congress directed EPA and HUD to work together to develop disclosure requirements for sales and leases of older housing. These requirements became effective in 1996.? EPA has established hazard standards for paint, dust, and soil in most pre-1978 housing and child-occupied facilities. These requirements became effective in 2001.
Lease Option
A lease under which the tenant has the right to purchase the property either during the lease term or at its end. (See Rent to Own)
Lease Renewal
A renewal of the lease for a period of time generally under its original conditions unless otherwise stated in the renewal.
Lease Term
The term or duration of the lease that the landlord (lessor) and tenant (lessee) agree that that tenant will occupy, or have possession of the real property.
Lessee
The tenant that has the possession of the real property for the lease term for a specified consideration (rent).
Lessor
The landlord that has given possession of their real property for the lease term for a specified consideration (rent).
Landlord
The owner of any real estate, such as a house, apartment building or land, that is leased or rented to another person, called the tenant.
Lease
A written agreement by which possession of the property is transferred and the stream of income is secured.
Leasing Agent
An agent who secures qualified tenants for leases on residential commercial or industrial property.
Loss to Lease
The difference between the market rate and the current lease rate
Loss to Vacancy
The total market rent of unleased available units
Land, Grading, Other Land Acquisition Costs (Class Code 001)
This includes the cost of the following (see Exhibit R for things not included):
- Land.
- Any buildings acquired with the land but not intended for use.
- Demolishing any buildings acquired with land to make the land available for new construction or other use. This also includes any credits for the salvage value resulting from the sale of such buildings and building-related assets.
- Perpetual easements or rights of way.
- Surveys, title searches, geological opinions, legal and other expert services incidental to the acquisition of land which is purchased on the basis of such data or services.
- Initial clearing and grading of land.
Land Improvements
See Roads, Sidewalks, Other Land Improvements.
Last INV (Last Inventory)
The date of the most recent physical inventory for a movable asset.
Last Updated
The date of the most recently entered information for an asset in the PAS.
Life
The number of years estimated to be the useful period of the asset, as determined by governmental or other appraisal documents. (See Exhibit Q, Class Codes.)
LITC (Low Income Tax Credit) Properties
These are properties that have been given a designation from the IRS, HUD, and the Justice department that govern the rents, criteria for eligible tenants, and landlords about property in exchange for tax credits paid to the owner.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Maintenance
The care or upkeep of a property or unit. This usually does not increase the value but keeps the property in good working order (i.e. grass cutting, minor plumbing, etc.)
Market Rate
These are properties that are leased at the current rates of the market (what the market will bear, or pay for a said property).
Market Analysis
A study which gives an understanding of the economic factors operating in the local marketplace related to the subject property.
Market Rate (Rent)
The amount the property or unit is leased at under standard market conditions. Typically a survey is used to determine what the competition is receiving in rent for similar space with similar amenities.
Month-to-Month Tenancy
A rental agreement that provides for a one-month tenancy that is automatically renewed each month unless either tenant or landlord gives the other the proper amount of written notice (usually 30 days) to terminate the agreement. Some landlords prefer to use month-to-month tenancies because it gives them the right to raise the rent after giving proper notice. This type of rental also provides a landlord with an easy way to get rid of troublesome tenants, because in most states month-to-month tenancies can be terminated for any reason.
Manufacturer
The name of the company or party who has made the asset.
Model # (Model Number)
The manufacturer's number to indicate the particular type of product which has been acquired. (An asterisk at the beginning or end of the number in the PAS indicates that the full number has been abbreviated because of the lack of space in the PAS.)
Modular Furniture
Movable partitions, cantilevered counters, pedestals, drawers, etc., to form room dividers and work surfaces.
Movable Asset
(1) An article of nonexpendable tangible property (i.e., having physical existence), and (2) intangible property (i.e., having no physical existence, such as patents, inventions, copyrights, and software). Such property has a minimum unit cost of $1,000.00, and a useful life of two years or more. (Government-furnished property, regardless of value, is also included.) A movable asset includes those pieces of furniture or equipment that are not affixed to any part of a room or building. It also includes those pieces of furniture or equipment that are attached to a room or building, but (1) are not permanently affixed, (2) can be removed without costly or extensive alterations or repairs to the building to make the space usable for other purposes, and (3) can be used after removal. It does not include those items described under building, building class and building-related asset.
Multi-Family Units
Residential structures intended to house more than one family unit, such as duplexes or apartment buildings.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Net Lease
An arrangement whereby the tenant pays the rental payment plus certain agreed upon expenses.
A commercial real estate lease in which the tenant regularly pays not only for the space (as he does with a gross lease) but for a portion of the landlord's operating costs as well. When all three of the usual costs--taxes, maintenance and insurance--are passed on, the arrangement is known as a "triple net lease." Because these costs are variable and almost never decrease, a net lease favors the landlord. Accordingly, it may be possible for a tenant to bargain for a net lease with caps or ceilings, which limits the amount of rent the tenant must pay. For example, a net lease with caps may specify that an increase in taxes beyond a certain point (or any new taxes) will be paid by the landlord. The same kind of protection can be designed to cover increased insurance premiums and maintenance expenses.
Net Operating Income
Also called net annual income; the amount of income left from an income producing property after operating expenses have been deducted excluding financing, extraordinary expenses, and taxes.
Net Rental Income
The actual rent for existing leases
Not Tagged
An item which does not have an asset number tag on it because the item cannot be located by the ordering department or Property Accounting.
Nuisance
Something that interferes with the use of property by being irritating, offensive, obstructive or dangerous. Nuisances include a wide range of conditions, everything from a chemical plant's noxious odors to a neighbor's dog barking. The former would be a "public nuisance," one affecting many people, while the other would be a "private nuisance," limited to making your life difficult, unless the dog was bothering others. Lawsuits may be brought to abate (remove or reduce) a nuisance. See quiet enjoyment, attractive nuisance.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
On-Site Manager
A property manager who lives on-site, handles day-to-day activities, and interacts with tenants on a regular basis.
Original Cost
The total net unit cost of the asset in the PAS at the time the asset was acquired. This includes the purchase price less any applicable discounts, plus any delivery charges, and cost of original installation. The definition also includes (1) the fair market value if the item was found during a physical inventory, or (2) any donated value.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Persons with Disabilities Act
The Americans with Disabilities Act gives civil rights protections to individuals with disabilities similar to those provided to individuals on the basis of race, color, sex, national origin, age, and religion. It guarantees equal opportunity for individuals with disabilities in public accommodations, employment, transportation, State and local government services, and telecommunications.
PHFA (Pennsylvania Housing Finance Agency)
The Pennsylvania Housing Finance Agency is the Commonwealth's leading provider of capital for affordable homes and apartments. Created to help enhance the quality and supply of affordable homes and apartments for older adults, persons of modest means, and persons with disabilities. The Agency operates homeownership programs, rental housing development initiatives, and a foreclosure prevention effort.
Property Management
The practice of real estate that manages and preserves the real property assets of another person.
Property Supervisor
A property manager who is responsible for several properties and supervises the on-site managers of those properties.
Physical Occupancy
The percentage of leased units to total units
Property
A piece of land or real estate, including any permanent fixtures attached thereto.
Property Management Agreement
An agreement between a landlord (lessor) and a real estate broker (management company) about the details of how a property will be managed, the compensation paid to the broker, and any other criteria deemed to be necessary between the two parties.
Property Manager
Someone who manages real estate for another person for compensation. Duties include collecting rents, maintaining the property, and keeping up all accounting.
Plant Equipment
Property of a capital nature (including movable assets, machine tools, test equipment, furniture, vehicles, and accessory and auxiliary items) for use in manufacturing supplies, in performing services, or for any administrative or general plant purpose. It does not include Special Tooling or Special Test Equipment.
Precious Metals
Uncommon and highly valuable metals characterized by their superior resistance to corrosion and oxidation. Included are silver, gold, platinum, palladium, iridium, osmium, rhodium, and ruthenium.
Proceeds of Sale
The dollar amount Carnegie Mellon receives for the asset at the time of its disposal.
Property
Fixed assets or movable assets.
PAS (Property Accounting Services)
The computerized database of all property for which Carnegie Mellon has responsibility.
PO # (Purchase Order Number)
The Carnegie Mellon number identifying the purchase order used to acquire the asset. If the purchase order number is not shown in the PAS, one of the following is entered:
- N/A - Purchase order number is not known, or there is no purchase order applicable.
- [NAME] - The name of the owner of the item which is loaned to Carnegie Mellon (Fund Code L) or the name of the donor (Fund Code U).
Proration
Expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing or landlord and tenant at the signing of the lease.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
QLF (Qualifier)
Alpha designations in the PAS concerning movable assets for the following conditions:
- A - Tag cannot be affixed to a movable asset (see #3 on Exhibit I).
- B - Combination of F and H.
- C - Combination of A and F.
- D - Combination of A and H.
- F - Fabricated equipment.
- H - Asset is in the home (private residence) of the faculty or staff member whose Carnegie Mellon room number is listed; also an asset loaned to other parties for off-campus use.
- N - Normal - no special qualifier for the asset.
- U - Asset was not located during the last physical inventory.
- W - Tag is affixed within a movable asset rather than on an exterior surface.
- X - Completed fabricated equipment - Fabrication account closed.
- Y - Combination of A and X.
- Z - Combination of H and X.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Real Estate
Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.
Real Estate Agent
An agent with a licensed real estate broker engaged in the sale or lease of real estate.
Realtor®
A registered trademark term reserved for the sole use of active members of the local REALTOR® boards affiliated with the National Association of REALTORS®.
Rent
A fixed, periodic payment made by a tenant of a property to the owner for possession and use, usually by prior agreement of the parties.
Regional Manager
A property manager who works for a large property management company and oversees the work of property supervisors or on-site managers.
Registered Property Manager (RPM)
A property management designation offered by the International Real Estate Institute (IREI).
Rent Control
A local ordinance prohibiting rent increases on certain types of property.
Residential Property
A property where people reside, including single family residences, condominiums, and apartment buildings.
Rent Schedule
A statement of proposed rental rates, determined by the owner or the property manager or both, based on a building's estimated expenses, market supply and demand, and the owner's long-range goals for the property.
Rent to Own
Typically, this is a lease where you would have the option to buy, and part of your rent may go towards the purchase of the house. (See Lease Option)
Rental Discount
The discount provided by the landlord (lessor) or management company to the tenant if the tenant will pay the consideration (rent) by a certain day.
Real Property
See Fixed Assets.
Roads, Sidewalks, Other Land Improvements
This includes the cost of the following (see Exhibit R for things not included):
- Campus lighting, including fixtures and wiring (Class Code 005).
- Fences and benches (Class Code 006).
- Roads, sidewalks, bridges, trestles, parking lots, guard railings (for pedestrian, vehicle, storage), metal standards, poles, brackets, and initial landscaping including seeding, top soil, sodding, trees, shrubs, retaining walls, etc. (Class Code 007).
Applicable architectural engineering, drafting, clearing, excavating, filling and other services pertaining to the construction of facilities involved in these class codes are included.
Room
A room is a partitioned part of the inside of a building. The partition must be fixed and go from floor to ceiling. Closets, baths, halls, elevators, mechanical and custodial rooms are all included. A number is used to designate the room of the floor of the building in which the asset or space is located. If a room number includes a letter designation, the letter is shown as a suffix.
Repairs
Improvements made on properties that enhance the value or fix something outdated or broken.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Sales Agent / Salesperson
A person who performs real estate activities while employed by or associated with a licensed real estate broker.
Section 8
The Section 8 Rental Voucher Program increases affordable housing choices for very low-income households by allowing families to choose privately owned rental housing. The public housing authority (PHA) generally pays the landlord the difference between 30 percent of household income and the PHA-determined payment standard-about 80 to 100 percent of the fair market rent (FMR). The rent must be reasonable. The household may choose a unit with a higher rent than the FMR and pay the landlord the difference or choose a lower cost unit and keep the difference.
Security Deposit
A payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default or destruction of the premises by the tenant
SFH (Single Family House)
A detached dwelling on a piece of land (real estate) that typically is for one family's use.
Security Deposit
A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes.
Strip Center
A small retail center located in the suburbs containing half-a-dozen to a dozen stores of various kinds.
Sublease
A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant. The tenant is still completely responsible to the landlord for the rent and for any damage, including that caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent.
Subletting
The process by which the original tenant gives up use or possession of all or part of the property but receives payment from the sub-lessee and remains fully responsible for the entire lease payment to the landlord.
Salvage
See Condition Code X.
Scrap
See Condition Code S.
Serial # (Serial Number)
The manufacturer's number to indicate the particular product item which has been acquired. (This may also have an asterisk in the PAS, as described in Model Number.) If the item does not have a serial number, the word "none" is shown in the PAS. If the serial number is not readily accessible, the designation "N/A" is shown.
Special Purpose Equipment
Equipment that is used only for research, medical, scientific or other technical activities.
Special Test Equipment
Either single or multipurpose integrated test units engineered, designed, fabricated or modified to accomplish special purpose testing in performing a contract. It consists of items or assemblies of equipment that are interconnected and interdependent so as to become a new functional entity for special testing purposes. It does not include:
- Material.
- Special Tooling.
- Buildings and structures (except foundations and similar improvements necessary for installing Special Test Equipment).
- Plant Equipment items used for general plant testing purposes.
Special Tooling
Jigs, dies, fixtures, molds, patterns, taps, gauges, other equipment and manufacturing aids, all components of these items, and replacement of these items. Without substantial modification or alteration, their use is limited to (1) the development or production of particular supplies or parts of such, or (2) the performance of particular services. The term "Special Tooling" does not include:
- Material.
- Special Test Equipment.
- Buildings and structures (except foundations and similar improvements necessary for installing Special Tooling).
- General or special machine tools.
- Similar capital items.
Surplus
Any property which is not needed by any department within Carnegie Mellon.
Subsidy / Subsidized
Monetary assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Tenant Damages
Damages done by the tenant or guest of the tenant during the tenants lease term that are outside the normal wear and tear of that unit.
Tenant
Anyone, including a corporation, who rents real property, with or without a house or structure, from a management company or landlord. The tenant may also be called the "lessee."
Triple Net Lease
An arrangement whereby the tenant pays the rent, utilities, property taxes, special assessments, and insurance premiums; and takes responsibility for repairs and maintenance.
Titled (Title Date)
The date that Carnegie Mellon acquired title to the asset from the government or other party.
Total Cost
See Original Cost.
Trans Amount (Transaction Amount)
The dollar amount of a transaction for a particular center.
Transaction Code
This identifies whether a transaction in the PAS is part of the Accounting Department's monthly equipment report (blank field) or an inventory reconciling item (code 9), as follows:
- Blank - Purchase orders with invoices, journal entries, gift-in-kind.
- 9 - Inventory adjustment, loaned item, leased or rented, etc. (includes all fund codes E, R, L, C).
Transaction Date
The date in the PAS that a dollar amount is entered into Carnegie Mellon's Accounting System.
Townhouse
One of a row of houses joined by common sidewalls.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Unassignable Space
A building's rooms that cannot be identified as belonging to a department. These rooms are generally in support of the building as a whole such as mechanical rooms, custodial areas or circulation areas (elevators, stairwells, corridors, etc.)
Unrecovered Cost
The acquisition cost of an asset less the amount of accumulated depreciation and accumulated use allowance.
Utilities
See Building-related Assets.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
Voucher(s) (Section 8)
Through the Section 8 Rental Voucher Program, the administering housing authority issues a voucher to an income-qualified household, which then finds a unit to rent. If the unit meets the Section 8 quality standards, the PHA then pays the landlord the amount equal to the difference between 30 percent of the tenant's adjusted income (or 10 percent of the gross income or the portion of welfare assistance designated for housing) and the PHA-determined payment standard for the area. The rent must be reasonable compared with similar unassisted units.
A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Y|Z
- Tenant placement
- Credit and criminal screening
- Regular property inspections
- Accounting
- Monthly financial reporting
- Maintenance services
- Collections and Evictions
Property Managers: Melissa Buford
Office Phone: (813) 839-0800
Fax: (813) 839-0889
E-mail: rent@rpmtampa.com