Princeton Financial Glossary - G

GL Suspense Project Grant

The suspense project grant was developed to catch errant transactions automatically, place them in suspense by channeling them to a specific project in each department or center, allowing the rest of the batch to be processed and giving the department manager more time to determine the correct project grant.

The DPT2993 suspense project grant is used to post errant transactions, allowing the rest of the batch to be processed without delay and flagging the transaction so the department manager can determine the correct project grant.

Garnishee

In a payroll context, an employer that receives an order requiring withholding from an employees wages to satisfy a debt.

Garnishment

A legal proceeding authorizing an involuntary transfer of an employees wages to a creditor to satisfy a debt.

General Funds (Fund 10)

Those funds that support the core operations of the University under the control of the Provost and allocated to the departments in fund 10 annually through the budget process. General funds appropriations are closed out at the end of each fiscal year.

General Ledger

The complete set of financial records for Princeton University. See also Actual Ledger and Budget Ledger.

General Liability Insurance (GL)

A form of insurance that provides coverage for claims of negligence resulting in bodily injury, property damage or loss, personal injury, and advertising.

Generally Accepted Accounting Principles (GAAP)

Fundamental principles of accounting that are used as guidance in the preparation of the University financial statements.

Gift

Given to a person, a gift is something given as a present. Gifts have no strings attached, can be used by the recipient in any way, and do not obligate the recipient to do anything as a result. Gifts to the University often are given with specific purposes and restrictions on use.

Gift Accounting

A section of the asset administration department which provides guidance and support to both academic and non-academic departments in the recording of charitable contributions, the distribution of endowment income, and the allocation of other restricted funds.

Gift Income

Expendable, donor contributions posted by the Office of Development to departmental spending project grants on the 130/131 account codes. In contrast to most invested funds whose principal is permanently unusable, the whole principal of fund 20 gifts is fully expendable.

Gift in Kind

A gift in kind is a type of giving in which, instead of giving money to buy goods and services, the goods and services themselves are given.

Goods

A physical item other than money, real estate, or services.

Government Sponsored Funds (Fund 60)

A grant or contract from federal or state government funds. Most fund 60 project grants are sponsored research awards. Graduate and undergraduate student aid funds are also accounted for in fund 60.

Grant

Economic aid issued by the federal government. Grants may also be issued by private non-profit organizations such as foundations, not-for-profit corporations, or charitable trusts that are collectively referred to as charities.

Granting Chair or Department Head

An individual who can give permission to allow a user to access a financial system for the department(s) and project grants under his or her control.

Green Card

A federally issued immigrant registration card indicating that the cardholder has been granted permanent residence status. The card allows an alien to work legally, travel abroad, and become eligible for citizenship. Green card recipients are taxed in the same manner as U.S. citizens, even if the individual lives abroad. Green-card holders much file U.S. tax returns annually.

Gross Pay

Wages, before necessary taxes and voluntary or non-voluntary deductions have been withheld.

Gross-Up

An IRS-approved formula that employers can use to determine the taxable gross payment when the employer wishes to pay the employees share of the tax.

Group-Term Life Insurance (GTL)

Term life insurance provided to employees, with the cost being borne by the employer, the employee, or both.

Guidelines

Guidelines are recommended practices intended to streamline a common process. They are not policies in that they allow some discretion in interpretation, implementation, or use.


 

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