Here are some common financial services terms that you might hear while communicating with our departments.
- The act of amending the budget by moving funds from one category or line item to another.
- The process used to move expenditures (payroll charges) from one account to another.
- Loyola University Maryland's current fiscal year began June 1, 2009
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.
- 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.
- A tax form which certifies an individual's tax identification number.
- Informational return which is required to be filed of all not-for-profit entities. This is filed annually with the Internal Revenue Service.
- 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..
- Documents and information from the Internal Revenue Service.