Accepted as the sole document of title, it is defensible against claims by third parties. ACCESS - Physical accessibility, as well as the provision of appropriate accommodations to ensure use of programs by persons with disabilities. ACCOUNT - A fiscal and accounting entity with a self- balancing set of general ledger codes in which cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, are recorded and segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. For reporting purposes, the state identifies certain accounts as major funds, and administratively combines all remaining accounts into roll- up funds. Refer to MAJOR FUND, and ROLL- UP FUND. ACCOUNT CODE - The three- character alpha/numeric code assigned by the Office of Financial Management to identify each account. Refer to ACCOUNT. ACCOUNTING PERIOD - Any period of time designated for which financial statements are prepared. Refer to FISCAL PERIOD. ACCOUNTING PROCEDURES - All procedures that discover, identify, record, classify, maintain, and summarize financial information to either produce financial reports or to provide internal control. ACCOUNTING SYSTEM - The methods and records established to identify, assemble, analyze, classify, record, and report the state’s transactions and to maintain accountability for its assets and liabilities. ACCOUNTS PAYABLE - Amounts owed to private persons or organizations for goods and/or services received by the state. Accounts Payable does not include amounts due to other agencies, funds, or other governments. Refer to DUE TO. ACCOUNTS RECEIVABLE - Amounts due from private persons or organizations for goods, and/or services furnished by the state. Accounts Receivable does not include amounts due from other agencies, funds, or other governments. Refer to DUE FROM. ACCRETED VALUE - A valuation basis for certain investments and debt instruments that reports on the balance sheet only that portion of their face value that reflects principal and interest accrued to date. ACCRUAL BASIS - The basis of accounting whereby revenues are recognized when earned and measurable regardless of when collected; and expenses are recorded on a matching basis when incurred. Accrued expenditures are expected to be paid in a subsequent accounting period. Refer to ACCRUAL BASIS and ACCRUE. ACCRUED LIABILITIES - Liabilities reflecting the obligation to pay for goods or services that have been incurred or received but not paid for by the end of the accounting period. ACCRUED REVENUES - Revenues that meet the appropriate recognition criteria of the fund type involved, but are not realized during the accounting period. Refer to ACCRUAL BASIS, ACCRUE, and MODIFIED ACCRUAL BASIS. ACCUMULATED DEPRECIATION - A contra- asset valuation account used to record the accumulation of periodic credits made to reflect the expiration of the estimated useful life of capital assets. ACQUISITION VALUE - The price that would be paid to acquire an asset with equivalent service potential in an orderly market transaction at the acquisition date, or the amount at which a liability could be liquidated with the counterparty at the acquisition date. ACTUARIAL BASIS - A basis used in computing the amount of contributions to be made periodically to a fund or account so that the total contributions plus the compounded earnings thereon will equal the required payments to be made out of the fund or account. A Pension Trust Fund for a public employee retirement system is an example of a fund concerned with actuarial basis data. As she used them, Jo found herself humming the songs Beth used to hum, imitating Beth's orderly ways, and giving the little touches here and there that kept. Thesaurus Antonyms Related Words Synonyms Legend: Switch to new thesaurus. Marshall Plan; Long title: An Act to promote world peace and the general welfare, national interest, and foreign policy of the United States through economic. Have you been using your credit card as your financial lifeline, and now it’s caught up to you? If you want to know how to get credit card debt relief, here are. An offer or proposal of a price 2. The amount offered or proposed. Bid Bond A written form of security executed by the bidder as principal and by a. Phase 2 Application Materials Simon Johnson, a senior fellow at the Peterson Institute for International Economics, is the former chief economist at the International Monetary Fund. ADA - An acronym for the Americans with Disabilities Act of 1. ADMINISTERING AGENCY - An agency designated by the Office of Financial Management to provide general oversight of financial accounting activity. An administering agency is also responsible for the cash management of the funds it administers. ADVANTAGEOUS - Direct non- financial, work- related benefits accruing to the state. AFFILIATED ORGANIZATION - An affiliated organization is a nonprofit corporation whose purpose is to raise funds or conduct other activities primarily in support of a governmental entity. AFRS - Refer to AGENCY FINANCIAL REPORTING SYSTEM. AGENCY - Every state agency, office, board, commission, department, state institution, or state institution of higher education, which includes all state universities, regional universities, The Evergreen State College, and community and technical colleges. AGENCY CODE - The four character numeric code assigned by the Office of Financial Management to designate the distinct operational units of state government. Agency codes are used for the identification of state agencies. Agencies are to use only the code assigned to their agency unless specified elsewhere in this manual. Refer to AGENCY. AGENCY FINANCIAL REPORTING SYSTEM (AFRS) - The statewide accounting system maintained by the Department of Enterprise Services. AFRS is the state of Washington's official accounting system. AGENCY FUNDS - Agency funds are used to account for the assets held by the state as an agent for individuals, private organizations, and other governments. Orderly Payment of Debts What is Orderly Payment of Debts? Orderly Payment of Debts (OPD) is a debt payment alternative to bankruptcy in Canada, offered under the. How to Consolidate Your Debts in Canada. If you have a number of debts, you may wish to merge them all into one loan. This is called a debt consolidation loan. Money Mentors is the only authorized provider of the Orderly Payment of Debts Program in Alberta. This calculates your monthly debt payments. Agency funds are purely custodial in nature. Refer to FIDUCIARY FUNDS. AGENCY PROGRAM ADMINISTRATOR – An individual, designated by the agency, responsible for the management and oversight of the purchase card program within an agency. Refer to ALLOCATION. ALLOCATION - A part of a lump- sum appropriation that is designated for expenditure by specific governmental units and/or for specific purposes, activities, or objects. Refer to EXPENDITURE AUTHORITY. ALLOTMENT - An agency's plan of estimated expenditures, revenues, cash disbursements, and cash receipts for each month of the biennium. ALLOWABLE MOVING COSTS - Except as noted in Subsection 6. Refer to HOUSEHOLD GOODS and Chapter 6. ALLOWANCE FOR DEPRECIATION - Refer to ACCUMULATED DEPRECIATION. ALLOWANCE FOR UNCOLLECTIBLES - A contra- asset valuation account used to indicate the portion of accounts receivable that is estimated to be uncollectible. AMORTIZATION - The gradual reduction or liquidation of an amount over a period of time according to a specified schedule (such as, the retirement of a debt by serial payments to the creditor or in a sinking fund) either by a direct credit, or debit; or through the use of a valuation account. AMORTIZED COST - The par value of the investment increased or decreased by any unamortized premium or discount. AMOUNT AVAILABLE IN DEBT SERVICE FUNDS - An . Ancillary costs are capitalized as part of the cost of a capital asset. For an investment, ancillary costs include legal fees and commissions and are included as part of the cost of the investment. ANNUITY - A series of equal money payments made or received at equal intervals over a designated period of time. APPRAISAL - (1) The act of appraising. Refer to APPRAISE. APPRAISE - To make an estimate of value of an asset, for example an investment or capital asset, particularly of the value of property. APPROPRIATION - A legislative authorization for an agency to make expenditures for specific purposes from designated resources available or estimated to be available during a specified time period. APPROPRIATION CODE - Refer to EXPENDITURE AUTHORITY CODE. APPROVING OFFICIAL - An individual, designated by the agency and the agency program administrator to, in a timely manner, monitor, review and approve the purchases of assigned cardholders or designated card users via purchase cards. ART COLLECTION - An individual work of art or group of items of original artwork such as paintings, sculptures, craftwork or other materials commonly identified as a work of art. Art collections that are considered inexhaustible and meet certain criteria are not required to be capitalized. Agencies meeting the criteria for not capitalizing a collection have the option of capitalizing art collections as non- depreciable capital assets. Art collections that are exhaustible (such as those whose useful lives are diminished by display or educational/research applications) are to be capitalized and depreciated. ASSETS - Resources with present service capacity that the government presently controls as a result of past transactions or events. These resources can be tangible or intangible. ASSIGNED FUND BALANCE - A classification for governmental fund balance reporting that includes amounts that the state intends to use for specific purposes. AUDIT - A systematic collection of the sufficient, competent evidential matter needed to attest to the fairness of management's assertions in the financial statements or to evaluate whether management has efficiently and effectively carried out its responsibilities. The auditor obtains this evidential matter through inspection, observation, inquiries, and confirmations with third parties. Refer to COMPLIANCE AUDIT, CORRECTIVE ACTION PLAN, FINANCIAL AUDIT, PERFORMANCE AUDIT, AND SINGLE AUDIT. AUTHORIZED TRAVEL PERIOD - That period of time when the traveler is in authorized travel status away from the official station and official residence. Refer to OFFICIAL STATION, OFFICIAL RESIDENCE, and TRAVELER. AUTOMATED CLEARING HOUSE (ACH) - A nationwide payment and collection system that provides for electronic distribution and settlement of funds. Although the term Electronic Fund Transfer (EFT) is technically more inclusive than the term ACH, the term EFT is often used synonymously with ACH. AUTOMATED TELLER MACHINE (ATM) - Computer controlled terminals located at a bank branch or other location, which enable a customer to perform basic banking activities (such as, withdrawals, deposits, or transferring funds) as they would through a bank teller. How to Consolidate Your Debts in Canada. If you have a number of debts, you may wish to merge them all into one loan. This is called a debt consolidation loan. There may be a number of reasons why you would wish to do this. Below are the most common reasons: Simplify your finances by only having one monthly payment rather than many. Use the consolidation loan to pay off higher interest debts so that you are left with one loan at a lower interest rate. To learn more about what debt consolidation is and how it works in Canada, click here. To consolidate all of your debts, your first option would typically be to approach your bank or credit union and see if they can help you. Add the Debt to Your Mortgage. If you have a mortgage, you might look to see if you have enough equity in your home to consolidate your debt with your mortgage. This is usually people. This means you can arrange much lower monthly payments than with another type of loan. If you do choose to go this route, you should make sure that you try to pay off this extra mortgage as quickly as possible and don. If you find yourself doing this every year or two, that means that you are spending more than you make, and it is going to take forever to get your mortgage paid off at this rate. Get a Debt Consolidation Loan. You can see if your bank or credit union is able to provide you with a debt consolidation loan. Banks and credit unions are typically only willing to lend people around 1. So if you ask your bank for a debt consolidation loan of $2. They may be able to give you a $2,0. When the economy is doing really well and jobs are easy to find, some banks may lend people much larger amounts of money without requiring any security, but this is more of an exception rather than the norm. So if you approach your bank or credit union for a loan to consolidate your debts, they are most likely to say, . In this case, a bank would usually lend you up to maximum black book value of your vehicle (the . These values will be much less than you could sell your vehicle for in the newspaper or on Craigslist). If you have any other valuable asset like a boat, motorcycle, RV, mobile home, non- RRSP mutual funds or piece of property, your bank may be able to use one of these assets as security as well. One thing to be careful about with a debt consolidation loan is that many people in Canada try to obtain consolidated credit payments in order to resolve their financial problems and get out of debt. However, if you don't create a monthly spending plan and budget your money, it's very easy to continue relying on credit and get further into debt rather than get out of debt. See if Family Will Lend You Money. If your bank or credit union can. Lending money to family members involves added risks. If a relative lends you money, but then you lose your job or get hurt and are unable to pay them back, that may sour your relationship with them. A wise relative may not wish to put themselves or you in a situation like this. This may be another reason why a relative may not be willing to lend you money. If a relative is able to lend you money, then make sure that you honour your agreement with them and always make your payments on time as agreed. Other Options. If you are not able to obtain a debt consolidation loan, then maybe you can consider other options like selling assets to pay off your debts, downsizing your lifestyle to save money, cutting out expensive hobbies to save money, finding a cheaper home or cheaper place to rent, or increasing your income by taking on another job, taking in ESL students, teaching ESL, or something else. By increasing your income you can pay off your debts faster, and by cutting expenses you can save money to pay off debts faster. If you are able to do both, then you will be able to pay off your debts even more quickly. If you are serious about paying off your debts, there are ways to do it. You may have to be willing to make short term sacrifices for a better life in the long run. You may also have to consider the possibility that you may not be able to afford your current lifestyle. If you want to change your situation, you will have to do some things differently. Be honest with yourself, look at your situation with an open mind and seek the advice of others who you consider to be wise and trustworthy. Debt Management Program or Orderly Payment of Debts. If none of the above options will work for you, you can speak with a Credit Counsellor to see what other options may be available to you. You may qualify for a debt management program or orderly payment of debts program (depending on your province). These programs help people consolidate all of their credit card payments into one monthly payment and often involve creditors reducing their interest rates to help you get your debts paid off in a reasonable amount of time. These types of programs often provide the added benefit of helping people identify the reasons why their debts got out of hand, and then they help people learn the skills necessary to manage their money well and not repeat their mistakes. Click here for a list of non- profit credit counselling services across Canada. Alberta Debt Consolidation.
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