Princeton Financial Glossary - E

E-commerce

A term associated with buying and selling products or services electronically through the Internet or other computer network. The Princeton MarketPlace is the University's e-commerce network.

EII (Electronic Inter-department Invoice)

An electronic form used for processing a collection of interdepartmental journal entries into the general ledger.

Earned Income Credit (EIC)

A tax credit available to low-income employees with one or more qualifying children. It may be taken when the employee files his or her individual tax return, or partially paid in advance by the employer during the year.

Education Organization

An institution that normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where its educational activities are regularly carried on.

Effectively Connected Income

Income from sources within the United States, that is treated as though it is connected with the conduct of a trade or business within the United States.

Effort Certification (formerly "Salary Certification")

Method of documenting that the distribution of an individual's salary during a specified period represents a reasonable estimate of the work performed by the employee during that period.

Effort Certification Form

Online forms completed by the principal investigator or a designated person with suitable means of verification of the work performed, documenting that the distribution of an individual's salary charged to his/her respective sponsored research projects during a specified period represents a reasonable estimate of the work performed by the employee during that period.

Effort Certification System

An online, web-based effort reporting system that facilitates both the monitoring of effort distributions during the year and the required periodic certification of effort.

Employee

An individual who performs services for another individual or an organization in return for compensation.

Employees Withholding Allowance Certificate

The federal Form W-4 or an equivalent state or local form on which the employee states their marital status and the number of withholding allowances he or she claims. The form is used by the employer to determine the amount of federal, state, and local income taxes to withhold from the employee's compensation.

Employer

An individual or organization that hires individuals to perform services in return for compensation, and that has the authority to control and direct the work of those individuals as part of the employer-employee relationship.

Employer Identification Number (EIN)

The employers account number with the Internal Revenue Service, consisting of nine (9) digits (00-0000000).

Encumbrance

Encumbrance is an approved expenditure that has not yet been paid and posted on the general ledger. Encumbrances serve as "placeholder" expense amounts between the time a purchase or salary commitment is approved and the time it is actually paid.

Endowment

An endowment is a permanent investment fund. While income from the fund may be spent, the principal of the fund must remain intact. Donors may restrict the purposes for which endowment income can be spent. (See also Quasi-Endowment).

Entertainment

Entertainment expenses are those expenses incurred during a meal or an event that is business-related but social or celebratory in nature. Entertainment expenses include food and beverages, alcohol, catering services, banquet facilities, decorations, and musical groups.

Entity

A particular unit of organization including corporations, partnerships, trusts, and foundations.

External Trust Income

External trusts (056 prefix) are trusts whose investments are managed outside of the University. Typically, the University will receive a periodic income payment from a trust to be used by the University in accordance with the donor's wishes.

External Trusts/Externally Invested Trusts

External trusts (056 prefix) are trusts managed outside of the University. Typically, the University will receive a periodic income payment from a trust to be used by the University in accordance with the donor's wishes.

Extract

An extract is a portion of a larger document that contains information relevant to the gift at hand. For example, a gift description from the Board of Trustees' minutes typically appears as an extract.

ePay

The self-service component of the PeopleSoft HRMS system dedicated to payroll activity. EPay includes Create/Change W-4, view or print paycheck, view or print W2 form.


 

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