Glossary

Here are some common financial services terms that you might hear while communicating with our departments.

Budget Adjustment

• The act of amending the budget by moving funds from one category or line item to another.

Expenditure Transfer

• The process used to move expenditures (payroll charges) from one account to another.

Fiscal Year

• Loyola University Maryland's current fiscal year begins June 1.

Fiscal Year Close / "The Close"

• The series of processes performed in May and June of every year to finalize the financial information for the fiscal year in preparation for Loyola's annual financial statement audit.

Form W-2

• A tax form prepared by an employer and given to an employee to be filed with his/her 1040 form, listing wages earned during that year, federal and state taxes withheld, and Social Security tax information.

Form W-9

• A tax form which certifies an individual's tax identification number.

Form 990

• Informational return which is required to be filed of all not-for-profit entities.  This is filed annually with the Internal Revenue Service.

Form 1099

• The Internal Revenue Service’s tax form used for independent contractors and investors to report income, whether from work or from investments.

Gross Pay vs. Net Pay

• Gross pay is what you make before any deductions. If a job is advertised at $30,000 a year, then that's the gross pay. Net pay is what's left after taxes, health benefits and other deductions are taken out of your check..

IRS Forms

• Documents and information from the Internal Revenue Service.