Glossary

A

Term/AcronymDefinition
Additional InsuredA person or organization not automatically included as an insured under an insurance policy, but for whom insured status is arranged, usually by endorsement (typically to comply with a contractual agreement requiring the named insured to do). As a state agency, VCU is not permitted to add other entities as additional insures to the Commonwealth’s self-insurance coverage
Authorized Approver

An Authorized Approver is an employee delegated the authority by the responsible Dean, Vice President, or as otherwise stipulated by policy or procedure. Approvals should always move up the chain of command from the payee, not down, to prevent a subordinate approving a supervisor's expense.

B

Term/AcronymDefinition
Base PointThe place, office or building where the traveler performs their duties on a routine basis
BoABank of America
BVABest Value Acquisition

C

Term/AcronymDefinition
Certificate of InsuranceA document providing evidence that certain types of insurance coverage and limits have been purchased by the party required to furnish the certificate.
Collision Damage Waiver (CDW)Also referred to as a loss damage waiver, an agreement with an auto rental company that releases the renter from liability for physical damage to the rental vehicle for a fee.
Commuting MileageThe round-trip mileage traveled routinely by the employee between his residence and base point
Corpcard@vcu.eduEmail address used to contact the program administrators regarding P-card program
Credit LimitThe amount of money on your purchasing card account that you are able to spend during each billing cycle

D

Term/AcronymDefinition
DBEFederal U.S. Department of Transportation’s Disadvantaged Business Enterprise program
DeductibleA portion of a covered loss that is not paid by the insurer. This amount is subtracted from the amount of the insurance recovery.
DSBSDVirginia Department of Small Business and Supplier Diversity

E

Term/AcronymDefinition
eVAWeb-based purchasing system used by the state of Virginia
Event InsuranceProvides liability coverage for the sponsor of public or private events, such as concerts, festivals, conferences, trade shows, sporting events, etc.
ExclusionA provision of an insurance policy or bond referring to hazards, perils, circumstances or property not covered by the policy.

I

Term/AcronymDefinition
ICAIndependent Contractor Agreement
IFBInvitation for Bids
International TravelTravel to all areas outside of the 48 contiguous U.S. states, Alaska and Hawaii

J

Term/AcronymDefinition
JVJournal Voucher

L

Term/AcronymDefinition
LiabilityAny legally enforceable obligation. Within the context of insurance, the obligation to pay a monetary award for injury or damage caused by one’s negligent or statutorily prohibited action.

M

Term/AcronymDefinition
MBLMetropolitan Business League

N

Term/AcronymDefinition
NAWBONational Association of Women Business Owners
NegligenceThe failure to use a degree of care considered reasonable under a given set of circumstances. Acts of either omission or commission, or both, may constitute negligence
Non-state EmployeeAny individual who is not employed by the state who is conducting state business, including a member of any board or commission

O

Term/AcronymDefinition
Official StationThe area within a 25-mile radius of an employee’s base point
Out-of-State RatesRates that include all locations outside of the state of Virginia
Over the Counter (Point of Sale) TransactionA transaction where your card is physically swiped through a vendor’s credit card processor

P

Term/AcronymDefinition
Pcard/CPCCorporate Purchasing Card
POPurchase Order
Program Administrator/PATVCU Corporate Chard Card Program Administrators
Public TransportationCommercially scheduled airline, rail, bus or taxi (when necessary)

Q

Term/AcronymDefinition
QQQuick Quote
Quick QuoteA small dollar method of purchase

R

Term/AcronymDefinition
RealSourceThe University's procure to pay system
ReviewerIndividual responsible for reviewing and signing off on a cardholder’s monthly reconciliation
RFPRequest for Proposals
Risk ManagementThe process of making and implementing decisions that will minimize the adverse effects of losses on an organization.

S

Term/AcronymDefinition
State EmployeeAny elected, appointed, classified or non-classified employee of the Commonwealth of Virginia
State FundsAny funds deposited with the treasurer, whether derived from appropriation or from agency receipts
SWaMSmall, Women-Owned and Minority-Owned Business

T

Term/AcronymDefinition
TINTax Identification Number
Transaction LimitThe maximum amount of money that may be spent on an individual transaction
Travel StatusTravel outside of an employee’s official station

V

Term/AcronymDefinition
V numberUnique vendor identification number in Banner
VACCThe Virginia Asian Chamber of Commerce
VASCUPPVirginia Association of State College and University Purchasing Professionals
VCEVirginia Correctional Enterprises

W

Term/AcronymDefinition
W-9Vendor Registration (Substitute W-9) Form
WaiverThe surrender of a right or privilege
WorksThe name of Bank of America’s online credit card management system

Locations & Hours

Office of
Procurement Services

Mailing Address:
Box 980327
Richmond, Virginia 23298-0327

Physical Address:
912 W. Grace Street, 5th Floor
Richmond, Virginia 23284
Phone: (804-828-1077)
Get Directions »

Procurement Services is a
Scent Reduced Environment

For the health and welfare of our team please do not wear/use any personal hygiene or care products that contain a fragrance when visiting our environment.

Hours

Monday - Friday (8:00am - 4:30pm)

Parking

A valid VCU permit is required for parking in any of the campus lots. Metered parking is available in front of our office building.

24/7 Help Line: VCU-Park (804-828-7275) or
Find Visitor Parking Lots »

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