Loyola University Maryland

Financial Services

Glossary

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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 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.

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 advertized 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.