Academic time is that initially budgeted time released from the general fund salary commitment by virtue of charging some or all of the faculty/staff member's time to another account/accounts. (More precisely it is the release of dollars initially budgeted to pay for effort).
Whenever a person engages in work for a specific project under the control of the University which has its own distinctive funding, the salary/wages for that employee must be charged on a timely basis to the account of the activity/project benefiting from the services rendered. A timely basis means that the charges must be reported on a current basis, i.e., at the regular end of the pay period for time worked in that pay period.