Metadata is "information about data". This includes both business definitions and descriptions as well as more technical information that includes where the data resides in the source system, what are the physical characteristics of the data (number, text, dollar amount etc.), transformations to the data, and lists of possible values.
Princeton is in the process of acquiring a comprehensive software tool that will enable data stewards to curate the data in their data collections and make them available to members of the university community.