In UniVerse files (what you refer to as tables) you can have fields (which you refer to as columns) that are virtual fields, that is, they do not physically exist in the file. They are a field derived from other information or as a result of a calculation. The message you see relates to one of these such fields and that it uses the program PAID.AR.CALC012 to perform to get it's result. The message informs you that the program is not cataloged (or missing) in such a way that it can be accessed in the account you are connecting to in order to run the query.
When you connect to the UniVerse server via ODBC you connect to an account, the error message you see when running the SQL query would also be seen from users within UniVerse in that account if they tried to use the native querey language and attempted to report on the fields (columns) that rely on being able to access the PAID.AR.CALC012 program.
This is not a bug with the U2 ODBC driver, it is expected behaviour reporting that something, in this case a cataloged program defined with the field (column) definiton, cannot be accessed from that account.