Functional Entities Ontology
type: Ontology
abstract: This ontology defines the fundamental concepts for entities defined by their function, such as the relationship to the various forms which one or another functionally-defined entity may take. It also includes a number of basic types of entity defined by function, such as business and non-profit. The concepts in this ontology are intended to be extensible in other ontologies which may be dedicated to specific kinds of functionally-defined business entity or organization.
license: https://opensource.org/licenses/MIT
imports: FormalBusinessOrganizations
imports: LegalPersons
imports: ClassificationSchemes
imports: FormalOrganizations
imports: Parties
imports: Roles
imports: ProductsAndServices
imports: Relations
imports: AnnotationVocabulary
imports: Classifiers
imports: CodesAndCodeSets
imports: Designators
imports: Identifiers
version IRI: FunctionalEntities
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20131101/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified per the issue resolutions identified in the FIBO BE 1.0 FTF report.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20150201/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified per the issue resolutions identified in the FIBO BE 1.1 RTF report. Changes include deprecation of the SoleProprietorship class and making it equivalent to the class with the same name in the Sole Proprietorships ontology. This version also introduces a new FunctionalEntity class, as the parent of FunctionalBusinessEntity in this ontology and as the parent of Government in the GovernmentEntities ontology.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20160801/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified by the FIBO 2.0 revision to address missing labels and definitions on the deprecated sole proprietorship class to match those in the equivalent class.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20180801/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to generalize certain unions where they were no longer required and eliminate an unused import.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20190201/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to eliminate deprecated elements.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20190901/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to eliminate duplication of concepts in LCC.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20200301/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to revise and extend the definition of merchant, to support merchant category codes as needed for representation of credit card transactions, merge business and functional business entity and eliminate commerce and commercial activity (which are not used anywhere in FIBO), and to clean up definitions and make them ISO 704 compliant.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20200901/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to add the concept of an association.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20201201/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to address a circular definition on association.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20210201/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to reflect the move of some organization-specific concepts from BE to FND.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20211001/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to address text formatting hygiene issues.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20220801/FunctionalEntities/FunctionalEntities.rdf version of the ontology was modified to use the Commons Ontology Library (Commons) Annotation Vocabulary rather than the OMG's Specification Metadata vocabulary.
change note: The https://spec.edmcouncil.org/fibo/ontology/BE/20230101/FunctionalEntities/FunctionalEntities.rdf version of this ontology was modified to use the Commons Ontology Library (Commons) rather than the OMG's Languages, Countries and Codes (LCC) and to eliminate redundancies in FIBO as appropriate.
has maturity level: Release
copyright: Copyright (c) 2013-2023 EDM Council, Inc.
copyright: Copyright (c) 2013-2023 Object Management Group, Inc.

association
type: Class
subclass of: NotForProfitOrganization
subclass of: Restriction
  on property: playsRole
  some values from: cooperative society
definition: not-for-profit organization that is owned by and acts on behalf of its members
explanatory note: Associations include trade or business associations, industry sector-specific groups, and professional associations, among others. They also commonly include cooperative farms and markets.

cooperative society
type: Class
subclass of: functional business entity
definition: organization owned by and operated for the benefit of those using its services
example: In agriculture, there are broadly three types of cooperatives: a machinery pool, a manufacturing/marketing cooperative, and a credit union
synonym: cooperative

family office
type: Class
subclass of: functional business entity
definition: organization that assumes the day-to-day administration and management of a family's affairs
explanatory note: Family offices are often privately held companies set up to handle investment and wealth management for wealthy families.

functional business entity
type: Class
subclass of: functional entity
subclass of: Restriction
  on property: hasIdentity
  on class: FormalOrganization
  qualified cardinality: 1
definition: functional entity defined in terms of the nature of the commercial activity it conducts

functional entity
type: Class
subclass of: ThingInRole
subclass of: Restriction
  on property: hasIdentity
  on class: IndependentParty
  qualified cardinality: 1
definition: party defined in terms of a function it performs

merchant
type: Class
subclass of: functional business entity
subclass of: Restriction
  on property: isClassifiedBy
  some values from: merchant category code
subclass of: Restriction
  on property: isIdentifiedBy
  some values from: merchant identifier
definition: party engaged in the purchase and sales of goods produced by others for profit

merchant category code
type: Class
subclass of: IndustrySectorClassifier
subclass of: CodeElement
subclass of: Restriction
  on property: isDefinedIn
  on class: merchant category code scheme
  qualified cardinality: 1
subclass of: Restriction
  on property: hasTag
  on data range: string
  qualified cardinality: 1
subclass of: Restriction
  on property: has merchant category description
  some values from: string
subclass of: Restriction
  on property: classifies
  some values from: merchant
definition: code used internationally to classify a merchant
abbreviation: MCC
adapted from: ISO 18245:2003 Retail financial services - Merchant category codes
explanatory note: Merchant categories are organized by the type of business, trade or services supplied. Certain category codes including those for very large businesses, such as airlines and some hotel chains, may be delineated to the point of identifying the business. Merchant category codes and/or the descriptions of the service categories are frequently used in credit card and other banking transactions for analysis, transaction classification, such as for use in promotional rewards, and sometimes tax-related purposes.
explanatory note: Values are specified only for those merchant categories that are generally expected to originate retail financial transactions. Criteria for establishing a new category code includes (a) the merchant category is reasonable and substantially different from all other merchant categories currently represented in the list of code values; (b) the merchant category is separate and distinct from all other industries currently represented in the list of code values; (c) the proposal describes a merchant category or industry, and not a process; (d) the minimum annual sales volume of merchants included in the merchant category, taken as a whole, is USD 10 million; and (e) sufficient justification for the addition of a new code value is found.

merchant category code scheme
type: Class
subclass of: IndustrySectorClassificationScheme
subclass of: Restriction
  on property: defines
  some values from: merchant category code
definition: scheme defining a set of codes for classifying merchant services
adapted from: ISO 18245:2003 Retail financial services - Merchant category codes
explanatory note: ISO 18245 provides a set of merchant category codes that are used internationally. Some countries, regional governments, banks, and other large organizations extend the basic codes with custom additions to fit business needs.

merchant identifier
type: Class
subclass of: Identifier
subclass of: Restriction
  on property: identifies
  on class: merchant
  qualified cardinality: 1
definition: unique identifier for a merchant that is used, for example, for transaction interchange purposes

has merchant category description
type: DatatypeProperty
domain: merchant category code
range: string
definition: provides a text description of the sector to which the code applies

OrganizationIdentifier
type: Class
subclass of: Restriction
  on property: isIssuedBy
  on class: Class
    union of: functional entity
    union of: AgentInRole
  qualified cardinality: 1