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Business Glossary Terms - F

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Find below a glossary of terms and definitions that begin with the letter F as it relates to business definitions.

Term Description
Faculty Persons identified by the institution as such and typically those whose initial assignments are made for the purpose of conducting instruction, research or public service as a principal activity (or activities). They may hold academic rank titles of professor, associate professor, assistant professor, instructor, lecturer or the equivalent of any of those academic ranks. Faculty may also include the chancellor/president, provost, vice provosts, deans, directors or the equivalent, as well as associate deans, assistant deans and executive officers of academic departments (chairpersons, heads or the equivalent) if their principal activity is instruction combined with research and/or public service. The designation as "faculty" is separate from the activities to which they may be currently assigned. For example, a newly appointed president of an institution may also be appointed as a faculty member. Graduate, instruction, and research assistants are not included in this category.
Faculty Status A status designated by the institution according to the institution's policies. "Faculty" may include staff with academic appointments (instruction, research, public service) and other staff members who are appointed as faculty members. The designation "faculty" is separate from the activities to which the staff members are currently assigned. For example, a president, provost, or librarian may also be appointed as a faculty member. For IPEDS reporting, graduate assistants do not have faculty status.
Fall Cohort The group of students entering in the fall term established for tracking purposes.
Fall Term The part of the academic year that begins between late August and November 1.
Federal Grants Transfers of money or property from the Federal government to the education institution without a requirement to receive anything in return. These grants may take the form of grants to the institutions to undertake research or they may be in the form of student financial aid.
Federal Supplementary Educational Opportunity Grants (FSEOG) (Higher Education Act of 1965, as amended, Title IV, Part A, Subpart 2, Public Laws 89-329, 92-318, 94-482, et al; 20 USC 1070b-1070b-3.) Provides eligible undergraduate postsecondary students with demonstrated financial need with grant assistance to help meet educational expenses. The Supplementary Educational Opportunity Grants (SEOG) are made directly to institutions of higher education, which select students for the awards.
Fellowships These are grants-in-aid and trainee stipends to graduate students. Fellowships do not include funds for which services to the institution must be rendered, such as payments for teaching, or loans.
Financial Aid Federal Work Study, grants, loans to students (government and/or private), assistantships, scholarships,fellowships, tuition waivers, tuition discounts, employer aid (tuition reimbursement) and other monies (other than from relatives/friends) provided to students to meet expenses. This excludes loans to parents.
First generation student A student with neither parent having a four-year college degree.
First Language First Language indicates a student's first language spoken at home as reported on the UC application for admission.
First-time student (undergraduate) A student who has no prior postsecondary experience (except as noted below) attending any institution for the first time at the undergraduate level. This includes students enrolled in academic or occupational programs. It also includes students enrolled in the fall term who attended college for the first time in the prior summer term, and students who entered with advanced standing (college credits or postsecondary formal award earned before graduation from high school).
First-Year Retention Rate The proportion of students in an entry cohort who continue on at that school during the following year. UC specifically defines retention rates as the proportion of students from an entry cohort who are enrolled in the third week of the fall in the second year.
First-Year student A student who has completed less than the equivalent of 1 full year of undergraduate work; that is, less than 30 semester hours (in a 120-hour degree program) or less than 900 contact hours.
Fixed Assets Assets that cannot readily be turned into cash without disrupting the operation of the institution. Fixed assets include intangible assets consisting of certain nonmaterial rights and benefits of an institution, such as patents, copyrights, trademarks and goodwill.
Foreign Institution High schools in a foreign country (for freshman) OR Colleges or universities in a foreign country (for transfer).
Four-year Institution A postsecondary institution that offers programs of at least 4 years duration or one that offers programs at or above the baccalaureate level. Includes schools that offer postbaccalaureate certificates only or those that offer graduate programs only. Also includes free-standing medical, law or other first-professional schools.
Freshman Students from high schools. A first-year undergraduate student.
FTE, students, fulltime load Students are counted in terms of their proportion of a fulltime instructional load. For lower and upper division undergraduates, a full-time instructional load is considered to be 45 quarter units or 30 semester units. For graduate students, a fulltime instructional load is considered to be 36 quarter units or 24 semester units. Doctoral students who have been advanced to candidacy for 9 or fewer quarters or 6 or fewer semesters are considered full-time, and have an FTE value of 1.0. Doctoral students who have been enrolled for 9 quarters or 6 semesters after advancing to candidacy are counted as 0 FTE. Health sciences students are counted as full-time students, so therefore have an FTE value of 1.00. General campus academic year FTE enrollments are calculated by multiplying the academic year headcount for eachlevel by a conversion ratio.
FTE, summer Summer FTE are computed on the basis of credit units. Summer credit hours for undergraduates are divided by 45 quarter units (or 36 semester units) to yield summer FTE. For graduate students, summer hours are divided by 36 quarter or 24 semester units. Since State funding is provided on the basis of the credit unit workload generated by a three-term student, the same academic year FTE unit is used in summer. This means that it typically takes six summer headcount students enrolling in half a load, to generate one academic-year FTE. As part of the budgeting process and when reporting actual FTE, the FTE generated during the summer at State-supported campuses will be added to FTE generated during the regular academic year.