Foundation Terminology

Payee

Person or entity receiving payment from the Foundation. Also known as a vendor.

Payroll Deductions

This is a fundraising process that allows employees at the various system campuses and offices to designate donations to any University System of Maryland affiliated foundation account, via a reduction from a payroll check. Monies are deducted from each paycheck by the Central payroll office. All deductions for all employees are accumulated and sent to the USM Foundation offices for processing, reporting, and disbursement back to the designated donee Foundations.

PDIP or Private Donor Incentive Program

A program offered by the State of Maryland that ended in 2008 to encourage investment into endowments.  Qualifying endowments could apply for matching funds.  It was not necessarily a one to one match. PDIP accounts operate under the same MOU as the parent account.   

Per Diem

An amount used in lieu of reimbursement of actual meal expenses while traveling.

Philanthropy

A voluntary action for the public good usually expressed by an effort to enhance the well-being of others through personal acts of kindness or financial support.

Planned Gift

Various legal and tax defined giving mechanisms. Planned gifts are referred to as such because they require more planning, negotiation and counsel than outright gifts of cash or property. They may result in immediate income to a charity, income to the charity over time, or income deferred for the life of the donor or some other time period. There are various state and federal regulations associated with planned gifts.

Pledge

A written, signed, and dated promise to fulfill a commitment to pay a specified amount over a specified period of time.

Pre-PY

Refers to the spendable income from two years back.  It represents those spendable income dollars which have been carried forward for two years as unspent. Any Pre-PY Spendable income not spent in the current year will return to the non-spendable category at year-end. For example, in FY13, Pre-PY spendable income is unspent dollars from FY11.

Project

Another term for account. In our accounting system the accounts are called projects.  

Project Activity Report

 

A financial system report that shows a beginning balance, transactions for a defined period, and ending balance for a particular account.

 

Proposal

A written plan and request for private financial support which typically outlines the goals and objectives of the program to be funded, and the benefits to accrue as a result. Proposals are typically associated with grant applications.

PY or Prior Year

This refers to the FY prior to the one you are currently in.  For example, in FY13, PY would be referring to FY12.

Our Vision

Our vision is to attract broad resources that transform the USM and its institutions, create a network of advocates to embrace the USM’s role as an educator and economic engine, and to grow a long-term, sustainable culture of philanthropy across the University System of Maryland.

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