I just posted a completed UFO in Pictures and mentioned that I don't have many UFO's. That may not be completely true and I'll open the question to debate. I define a UFO as a project that is in process - fabric has been cut, perhaps some sewing done, maybe even a top that remains unquilted. I usually finish a project once I cut the fabric, so don't have many UFO's.
What I do have lots of is fabric that has been gathered and grouped together, usually with the pattern I intend to use. I haven't cut anything and could still re-purpose the fabric into another quilt if I wanted. I don't consider that a UFO, but rather stash that is designated. So I have stash, designated stash and a few UFO's.
What do you consider a UFO?