Princeton Financial Glossary - Princeton Financial Glossary

IP (Invoice Processing)

A section within the operations support department responsible for review and disbursement of University funds in accordance with its policies and procedures.

Identifying information

Defined as "personal information that may be used, alone or in conjunction with any other information, to identify a specific person," including: name, address, telephone number, social security number, date of birth, government issued driver's license or identification number, alien registration number, government passport number, employer or taxpayer identification number, Princeton University identification number, computer's Internet Protocol address, or routing code.

Identity Theft

A fraud committed or attempted using the identifying information of another person without authority.

Image Security

Sensitive documents, such a donors’ wills, are stored electronically as image files in our Invested Funds and Term Gift Databases. Our security procedures restrict access to these documents.

Imaged Document

An imaged document is a scanned version of the original document.

Immigration Reform and Control Act of 1986 (IRCA)

Law enacted in 1986 that prohibits employers from hiring persons who are not authorized to work in the US and from discriminating against those who are because of national origin or citizenship.

Immigration and Naturalization Service (INS)

Federal agency charged with enforcement of United States immigration laws.

Imputed Income

The value of any cash/non-cash remuneration paid to an employee and not already included in taxable wages, including the difference between market value and what the employee has paid for all personal goods and services provided by the employer.

Inactive Employee

An employee on unpaid leave, such as military leave, educational leave, or extended sick leave without pay. This also includes an employee approved for or receiving disability benefits.

Inception to date (ITD)

Financial activity from the inception of the project through the specified fiscal year and accounting period.

Income Added to Principal (IATP)

IATP is a term used to refer to spendable income generated by an invested fund that is added back to the fund's principal or to another related invested fund. In some cases, donors require that income be added back to principal for a period of time in order to increase the fund's eventual income yield.

Independent Contractor

A non-employee contracted by a business to perform services. Although the business specifies the result of the work to be performed, it has no right to control the details of when, how or who will ultimately perform the work.

Indirect Costs

See Facilities and Administration Costs.

Individual Tax Identification Number (U.S. ITIN)

An Individual Taxpayer Identification Number is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number and are not eligible to obtain a Social Security Number (SSN) because they are not receiving wages or other compensation for services.

Information Return

A return sent to the IRS (i.e., 1099 series) or Social Security Administration (i.e., W-2, Copy A), that indicates information relevant to tax liability.

Information Statement

A statement sent to a payee (i.e., 1099) or an employee (i.e., W-2) that indicates payments made and taxes withheld by the party issuing the statement.

Information Warehouse (IW)

Information repository that integrates data from various systems and applications for easy unified reporting. The Information Warehouse is the University's newer version of their Data Warehouse. It has been slowly replacing the older version of the data warehouse, known as the DataMall. Data  in the Information Warehouse is usually 24 hrs old as it is loaded nightly from the various systems.

Infrastructure and Administrative Charge (IAC)

This charge, authorized by the Board of Trustees, is used to help offset financial system and other indirect administrative costs associated with the programs and activities supported by endowed and other invested funds. See IAC Policy.

Initial Complement of Equipment

Accounting convention that allows the capitalization of a large number of smaller items of tangible personal property that has a useful life of more than one year.

Initiating Department

The department that initiates a financial transaction is the initiating department.

Insurance

Proof of Insurance is required from any vendor who comes on campus to provide a service.

Internal Control

An organization's procedures designed to increase its efficiency, ensure its policies are implemented, and safeguarded its assets.

Internal Revenue Code (IRC)

Federal tax laws.

Internal Revenue Service (IRS)

Federal agency charged with enforcement of United States tax laws and collection of taxes.

Invested Fund

An invested fund is the term used to refer to money held either in a short-term interest-bearing account or a long-term investment account. These are in fund 99.

Invested Funds

Invested funds include funds in the University's primary pool, secondary pool and externally managed trusts.

Investment Income

Interest and/or spendable income generated by internally invested (081XXX/082XXXX) and externally invested (056XXXX) funds. The income from invested funds often is donor-restricted for a certain purpose. Investment income is posted to assigned spending project grants on the 198 account code, and is transferred across project grants on the 199 code.

Investment Year

An investment year is the 12-month period from June 1 through May 31. Income generated during a given investment year is posted for spending in the subsequent fiscal year. For example, gifts deposited to primary and secondary pool funds between June 1, 2006 and May 31, 2007 will generate income for use in fiscal year 2008, which begins on July 1, 2007.

Invoice

An invoice or bill is a commercial document issued by a seller to a buyer, indicating the products, quantities, and agreed-upon prices for products or services the seller has already provided the buyer. An invoice indicates that payment is due from the buyer to the seller.


 

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