L – glossary definitions

L glossary

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Lease

A formal document which establishes the name of the lessee, the lessor, the conditions of the lease including when and how often the payments should be made along with other details.

Lessee

An individual or organisation that has the rights to use something for a predetermined time, as set out in a lease.

Lessor

An owner of property who rents/leases it to another party.

Liability

A liability is a legally binding obligation payable to another entity. Liabilities are incurred in order to fund the ongoing activities of a school eg accounts payable, wages, taxes.

Limit order

Limit orders are used for services where exact quantities and amounts are difficult or impossible to predict. For example, gas, electricity, telephone charges, TAS food purchases from a supplier.

Local internal order

Local internal orders are used where schools need to track costs for local activities that are not accounted for on the statewide (pre-determined) internal order list.

Local Schools Local Decisions

An education reform that gives NSW public schools more authority to make local decisions about how best to meet the needs of their students. Refer to Local Schools, Local Decisions.

Loss

A shortfall. If the money made by an organisation is insufficient to cover the cost of operating an activity it’s said to have made a loss.

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