Asset Descriptions

Asset Descriptions

  1. Checking Accounts: An account at a bank against which checks can be drawn by the account depositor.
  2. Savings Accounts: A bank account that earns interest.
  3. Matured Certificates of Deposit: In deposit terminology, the term Deposit Maturity usually refers to the date at which a certificate of deposit or CD reaches the last date of its term.
  4. Christmas Club Accounts: A Christmas club, also called a holiday club account, is a type of savings account in which people make routine deposits throughout the year. The accumulated savings are then withdrawn before the holiday season to provide funds for Christmas shopping and other holiday expenses, like travel.
  5. Money on Deposit: Money that is on deposit is saved in a bank or something similar.
  6. Security Deposits: A security deposit is money that is given to a landlord, lender, or seller of a home or apartment as proof of intent to move-in and care for the domicile. Security deposits can be either be refundable or nonrefundable, depending on the terms of the transaction.
  7. Unidentified Deposits: Unidentified cash receipts is normally a temporary holding (suspense) account in which funds received but not yet identified as to which account receivable the amount should be properly assigned to are posted.
  8. Suspense Accounts: An account in the books of an organization in which items are entered temporarily before allocation to the correct or final account.
  9. Cashier’s Checks: A cashier’s check is a check written by a financial institution on its own funds, signed by a representative, and made payable to a third party.
  10. Certified Checks: A certified check is a type of check for which the issuing bank guarantees that there will be enough cash available in the holder’s account when the recipient decides to use the check. A certified check also verifies that the account holder’s signature on the check is genuine.
  11. Registered Checks: A check whose payment is guaranteed by a bank. In exchange for a fee, a bank issues a certified check to a person, who is very often both the payer and the payee.
  12. Treasurer’s Checks: A check issued by a bank to make a payment. Treasurer’s checks outstanding are counted as part of a bank’s reservable deposits and as part of the money supply.
  13. Drafts: A written order by one party for a second party to make payment to a third party. A check is an example of a draft drawn by a depositor (first-party) on a financial institution (second party) and payable to an individual or organization (third party).
  14. Warrants: A state check is called a warrant because the State Treasury guarantees payment. The Comptroller’s office promises or warrants that funds will be available when the warrant is presented for payment.
  15. Money Orders: A printed order for payment of a specified sum, issued by a bank or Post Office.
  16. Traveler’s Checks: A traveler’s check is a once-popular but now largely outmoded medium of exchange utilized as an alternative to hard currency. It offers a safe way to travel overseas without cash. The issuing party, usually a bank, provides security against lost or stolen checks.
  17. Foreign Exchange Checks: Foreign checks and currency drawn on foreign banks. The financial agent will publish the exchange rates for all traded foreign currencies.
  18. Expense Checks: It is the financial document used to deposit money into your personal bank account that repays you for business expenses you paid personally.
  19. Pension Checks: A monthly payment made to someone who is retired from work.
  20. Credit Checks or Credit Memos: A credit memo or credit memorandum is a document issued by the seller of goods or services to the buyer, reducing the amount that the buyer owes to the seller under the terms of an earlier invoice.
  21. Vendor Checks: Almost all retailers, especially convenience and grocery stores, have to make several payments to vendors at the individual store level.
  22. Checks Written Off: Write-off definition is an elimination of an item from the books of the account.
  23. Official Checks, Official Check is a term that is often used to refer to cashier’s checks and teller’s checks, both of which are defined in both the Uniform Commercial Code and in Regulation CC.
  24. Certificates of Deposit Interest Checks: Checks to pay the interest on matured certificates of deposits.
  25. Escrow Funds with the Court: Escrow can deposit the escrow funds into Court and obtain a discharge and release from further liability in connection with the escrow account and the parties.
  26. Condemnation Awards: Condemnation Awards means any payments received at any time by the Borrower or any Lender as a result of the taking for public or quasi-public purposes by condemnation as a result of any action or proceeding in eminent domain, or the transfer in lieu of condemnation to any authority entitled to exercise the power of eminent domain, of any of the Collateral or real or personal property of the Borrower.
  27. Missing Heir Funds: Assets are considered abandoned after the original owners or rightful heirs fail to communicate an interest in them over a period of time. The period of time that must pass before an asset is considered abandoned – the dormancy period – is set by law.
  28. Suspense Accounts: An account in the books of an organization in which items are entered temporarily before allocation to the correct or final account.
  29. Miscellaneous Court Deposits: There are literally dozens of various types of deposits that can be made to courts or district clerks for various reasons.
  30. Group Claim Payments or Benefits: Group life insurance is offered by an employer or another large-scale entity, such as an association or labor organization, to its workers or members. Often benefits owed to members of the group are unaccounted for or the member cannot be found and no forwarding address is given.
  31. Death Benefits: The amount paid to a beneficiary upon the death of an insured person.
  32. Matured Policy Endowments: An endowment policy is a life insurance policy that matures after a specified amount of time, typically 10, 15, or 20 years after the policy was purchased, or after the insured individual reaches a certain age.
  33. Premium Refunds: A premium refund is a clause in an insurance policy that grants the beneficiaries a refund on the policy’s face value, as well as the total amount of premiums paid. This type of refund is not limited to life insurance but is given for different policies, including health insurance and primate mortgage insurance.
  34. Unidentified Remittances: Unidentified remittances are payments made to a holder that the holder cannot match up with a corresponding account receivable.
  35. Amounts Due Per Policies: As this indicates, many times amounts are due and payable and the intended recipient cannot be found or is unknown.
  36. Agent Credit Balances: A commission that an insurance company owes to an insurance agent but has not paid. The agent’s balance is created when the agent sells a policy to a client. It is a percentage of the amount the insurance company makes from the new policyholder.
  37. Interest Penalties: In money lending and in sales contracts, penalty interest, also called penalty APR (penalty annual percentage rate), default interest, interest for/on late payment, statutory interest for/on late payment, interest on arrears, or penal interest, is punitive interest charged by a lender to a borrower if installments are not paid according to the loan terms.
  38. Net Revenue Interest: Net revenue interest is the total revenue interest that an entity owns in a particular oil or gas production unit, such as a lease, well, or drilling unit.
  39. Mineral Royalties: The Mineral Royalty is payable on your gross sales for the particular mineral resource.
  40. Overriding Royalties: An overriding royalty is the right to receive revenues, in addition to the basic royalty, from the production of oil and gas from a well without paying the drilling or monthly operating expenses from the well. Overriding royalty interests are not connected to an ownership of minerals under the ground.
  41. Production Payments: A portion of proceeds from production, specified by contract, and payable to the lessor or farm or, or host country until total payment has reached a predetermined limit specified by contract.
  42. Working Interests: A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill, and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing, and operating a well or unit.
  43. Bonuses: Basically, this bonus is like a signing bonus in sports or a hiring bonus at a new job. Most leases include a provision of additional payment if a lease is extended. The amount of this bonus for land use depends on whether there are producing oil wells near your land.
  44. Delay Rentals: Consideration paid to the lessor by a lessee to extend the terms of an oil and gas lease in the absence of operations and/or production that is contractually required to hold the lease. This consideration is usually required to be paid on or before the anniversary date of the oil and gas lease during its primary term and typically extends the lease for an additional year.
  45. Shut-In Royalties: Shut-in royalty is a payment made by an oil and gas lessee to the lessor in order to keep a lease in force when a well capable of producing is not utilized. This is usually because there is no market for oil or gas or no pipeline ready to receive production.
  46. Minimum Royalties: A minimum royalty payment (MRP), also referred to as a guaranteed minimum annual royalty or guaranteed minimum royalty, is a payment made periodically by a licensee to a licensor pursuant to a license regardless of sales success for a licensed product over that year.
  47. Ongoing Production: Continuous production is a flow production method used to manufacture, produce, or process materials without interruption.
  48. Wages: A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.
  49. Commissions: A commission is a service charge assessed by a broker or investment advisor for providing investment advice or handling purchases and sales of securities for a client.
  50. Workers Compensations Benefits: Workers’ compensation insurance is a type of business insurance that provides benefits to employees who suffer work-related injuries or illnesses. Specifically, this insurance helps pay for medical care, wages from lost work time and more.
  51. Payments for Goods or Services: Self-explanatory.
  52. Customer Overpayments: Self-explanatory.
  53. Unidentified Remittances: Unidentified remittances are payments made to a holder that the holder cannot match up with a corresponding account receivable.
  54. Unrefunded Overcharges: Self-explanatory.
  55. Accounts Payable: Self-explanatory.
  56. Credit Balances and Accounts Receivables: Self-explanatory.
  57. Discounts Due: A reduction made from the gross amount or value of something. A reduction made from a regular or list price or a proportionate deduction from a debt account usually made for prompt payment or for payment in cash.
  58. Refunds or Rebates Due: Rebate means an amount of money that is paid back to you because you have paid too much or as an incentive for buying something.
  59. Unredeemed Gift Certificates: Self-explanatory.
  60. Loan Collateral: In lending agreements, collateral is a borrower’s pledge of specific property to a lender, to secure repayment of a loan. The protection that collateral provides generally allows lenders to offer a lower interest rate on loans that have collateral.
  61. Pension and Profit Sharing: A profit-sharing plan is a retirement plan that gives employees a share in the profits of a company. Under this type of plan, also known as a deferred profit-sharing plan (DPSP), an employee receives a percentage of a company’s profits based on its quarterly or annual earnings.
  62. Dissolution Proceeds: In the case of dissolution, shareholders or owners do not receive any proceeds, whereas in case of liquidation, the shareholders or owners receive proceeds from the company if there are enough assets, after paying the debts owed to the creditors of the company.
  63. Miscellaneous Outstanding Checks: Self-explanatory.
  64. Miscellaneous Intangible Property: Intangible property is property that does not derive its value from physical attributes. Patents, software, trademarks, and license are examples of intangible property. On the other hand, business furniture and equipment are examples of tangible personal property.
  65. Suspense Liability: A suspense account is a holding account found in the general ledger. Depending on the transaction in question, a suspense account can be an asset or liability. If it’s an asset in question, the suspense account is a current asset because it holds payments related to accounts receivable.
  66. Reciprocal Property: Property given in exchange or promised for other property.
  67. Salvaged Oil and Gas Equipment: Salvage means “rescue.” Oil and gas wells are often plugged and abandoned after the wells run dry and valuable assets such as pumps, transfer pipe, valves, storage tanks, heater mechanism equipment, and engines may be salvaged by the landowner or others.
  68. Condensate Proceeds: Condensate means liquid hydrocarbons (normally exceeding 40 degrees of API gravity) recovered at the surface without resorting to processing. Condensate is the mixture of liquid hydrocarbons that results from condensation of petroleum hydrocarbons existing initially in a gaseous phase in an underground reservoir.
  69. Other Securities: Self-explanatory.
  70. Dividends: A sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
  71. Registered Bond Interest: Registered bonds include debt obligations that have the owner’s name and contact information registered on file at the issuing company. Only the individual recognized as the registered owner, as of the interest payment date, may receive the agreed-upon earnings.
  72. Principal Payments: A principal payment is a payment toward the original amount of a loan that is owed. In other words, a principal payment is a payment made on a loan. In some cases, the interest expense is that reduces the remaining loan amount due, rather than applying to the payment of interest charged on the loan.
  73. Equity Payments: Equity Payment means any dividend or distribution on, or purchase, redemption, or other payment in respect of, the capital stock of the Borrower or the Guarantor, as the case may be, whether in cash or in kind.
  74. Profits: A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
  75. Funds Paid for Shares: Fully paid shares are shares issued for which no more money is required to be paid to the company by shareholders on the value of the shares. When a company issues shares upon incorporation or through an initial or secondary issuance, shareholders are required to pay a set amount for those shares.
  76. Bearer Bond Interest and Principal: Unlike their registered counterparts, bearer bonds are not subject to taxes. As there is no record of the ownership details, it’s absolutely impossible to track taxable income. Holders of bearer bonds take full responsibility in all matters including security, interest payments, principal payment, etc.
  77. Undelivered Stocks: Undelivered shares means unclaimed physically issued debt or equity securities, which were returned to the issuer by the post office as undeliverable, or which were otherwise never delivered into the possession of the owner.
  78. Cash In Lieu Fractional Shares: A company you invested in might send you a check instead of crediting a fractional share to your stock account. They pay the shareholder cash for the fractional share, and the fractional share is considered sold.
  79. Unexchanged Stocks: Unexchanged or unsurrendered stocks are those shares that should have changed hands but have not. When a share goes unexchanged, it is typically the fault of the company issuing the shares; unsurrendered stocks are typically the responsibility of the borrower.
  80. Other Certificates of Ownership: A title to an asset, such as a share certificate, is certified by an authorized agency with this objective evidence.
  81. Underlying Shares: Underlying Shares means the shares of Common Stock issued and issuable upon conversion of the Preferred Stock, upon exercise of the Warrants and issued and issuable in lieu of the cash payment of dividends on the Preferred Stock in accordance with the terms of the Certificate of Designation.
  82. Liquidation and Redemption Proceeds: If the Fund has not received your redemption request or other instruction by the Liquidation Date, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
  83. Debentures: An unsecured loan certificate issued by a company, backed by general credit rather than by specified assets.
  84. U.S. Government Securities: US government securities are bonds issued by the government and repaid upon the maturity date. Securities such as treasury bills, savings bonds, and notes also offer periodic coupon or interest payments throughout the term.
  85. Book-Entry Mutual Funds: Book-entry securities are investments such as stocks and bonds whose ownership is recorded electronically. Book-entry securities eliminate the need to issue paper certificates of ownership. Ownership of securities is never physically transferred when they are bought or sold; accounting entries are merely changed in the books of the commercial financial institutions where investors maintain accounts.
  86. Warrants or Rights: Rights are issued to get investors to buy more of a company’s stock. Rights tend to expire after a few weeks. Warrants are mostly offered to attract investors when a company issues new stock. They tend to have a longer period before they expire, usually a year or two.
  87. Registered Bond Principle: A type of bond registration that requires the investor to clip coupons to receive the bond’s interest payments. The issuer will automatically send the investor the bonds principal amount at maturity.
  88. Dividend Reinvestments: A dividend reinvestment program or dividend reinvestment plan (DRIP) is an equity investment option offered directly from the underlying company. The investor does not receive dividends directly as cash; instead, the investor’s dividends are directly reinvested in the underlying equity.
  89. Credit Balances: Credit balance refers to the funds generated from the execution of a short sale that is credited to the client’s account, including margin requirements and available funds. It is the amount of borrowed funds, usually from the broker, deposited in the customer’s margin account following the successful execution of a short sale order.
  90. Non-Transferable Shares: Non-transferable Shares mean those Shares that are subject to the transfer restrictions which restrictions have not expired or terminated. Non-transferable Shares may not be sold, transferred, exchanged, assigned, pledged, hypothecated, or otherwise encumbered.
  91. Demutualization Cash Proceeds: It is sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a “windfall” payout, in the form of shares in the successor company, a cash payment, or a mixture of both.
  92. Demutualization Shares: In a demutualization, a mutual company elects to change its corporate structure to a public company, where prior members may receive a structured compensation or ownership conversion rights in the transition, in the form of shares in the company.
  93. Safety Deposit Box Contents: Self-explanatory.
  94. Safekeeping Property: Self-explanatory.
  95. Miscellaneous Tangible Property: Items not listed herein.
  96. Loan Collateral: Real or intangible property pledged to secure a loan that will be forfeited if the borrower defaults on the loan.
  97. Paying Agent Accounts: Paying agents are usually a corporate trust department of a bank or trust company that are designated to make dividend, coupon, and principal payments to a security holder on behalf of the issuer. When paying agents are used for stocks—the agent receives dividends, which they then disburse to stockholders.
  98. Dividends: Amounts paid on shares of stocks.
  99. Fiduciary Funds: A fiduciary fund is used in governmental accounting to report on assets held in trust for others. When financial statements are prepared for fiduciary funds, they are presented using the economic resources measurement focus and the accrual basis of accounting.
  100. Escrow Accounts: Escrow is a legal concept describing a financial instrument whereby an asset or escrow money is held by a third party on behalf of two other parties that are in the process of completing a transaction. Escrow accounts might include escrow fees managed by agents who hold the funds or assets until receiving appropriate instructions or until the fulfillment of predetermined contractual obligations. Money, securities, funds, and other assets can all be held in escrow.
  101. Trust Vouchers: A document entitling the holder to some payment. For example, one may be provided with a voucher for a discount on some product a company sells.
  102. Pre-Need Funeral Plans: A pre-need plan is purchased from a specific funeral home. To set it up, you choose the funeral home you want to work with and specify the arrangements you desire. The funeral home prices it out and you pay the cost ahead of time.
  103. Utility Deposits: Self-explanatory.
  104. Membership Fees: Self-explanatory.
  105. Refunds or Rebates: Payback (money), typically to a customer who is not satisfied with goods or services bought. A rebate is an amount paid by way of reduction, return, or refund on what has already been paid or contributed. It is a type of sales promotion that marketers use.
  106. Capital Credit Distributions: Capital credits allocations are not the same as capital credits distributions (the payment of capital credits to members). They are simply a record of your ownership in the cooperative. Although a dollar amount is assigned, it is not held in an account.