CSS/Profile Clarification about Businesss/Farm Supplement

Paying for College
1

<p>I am trying to (along with my parents) get the business information
filled. I am doing this by hand on Paper (versus online).</p>

<p>1) Is this how this is done (i.e by hand and not online)?</p>

<p>2) Do I mail it to my college or is it to the College Board? Will instructions
appear at some point when I submit the Profile telling me what to
do?</p>

<p>It would be very helpful if someone who has actually submitted the form
this time arounnd could share their experience.... also any gotchas from
people with earlier experiences on what should be done.... Please!</p>

<p>Thank You :)</p>

2

<ol>
<li> Yes</li>
<li> When you submit the Profile, it should tell you if the business/farm supplement needs to be submitted to your schools. You then mail the business/farm supplement directly to those schools.</li>
</ol>

<p>Hope that helps!</p>

3

<p>The one EA school that has asked for the Business/Farm Supp so far asked that we send it directly to the schools' FA department.</p>

4

<p>I recommend your parents have their CPA fill out the form. I have done this four years in a row now. I have no idea what his numbers mean or where they come from. He always puts some comments in the little box that says (paraphrasing) "Such and such is not considered an asset or liability or something or other for some such reason." And he signs it down there. We've never gotten any questions about it.</p>

5

<p>Thank you very much! :)</p>

<p>I got my parent to have our CPA fill it out.</p>

<p>WoW! You are right,it really ought to be filled by someone who knows
exactly :eek: what they are doing;</p>

<p>Thank you again FresnoMom, CountingDown, dt123! :)</p>

6

<p>FresnoMom,</p>

<p>In our case the CSS/Profile information was not accurate. Several schools required the supplement, but were not listed by the Profile.</p>

<p>I would suggest checking directly with the college's FA department - or it may be mentioned on their website.</p>

<p>If in doubt, send it in - my guess is, most colleges will require it anyway.</p>

7

<p>Any private practice physicians care to comment? I don't believe much if any of this is relevevant, but I'd love to hear. If you rent space, all you really own is medical records, and with the advent of managed care, a "practice" generally has no market value....or so I'm told...</p>

8

<p>Actually, I am a real estate appraiser, and we have the same issue. I have not inventory, and no assets, except miscellaneous office equipment. The only thing of value is my client list. It makes page 2 real easy to fill out. But you still have to itemize all deductions over $ 1K on the first page.</p>

9

<p>Shrinkwrap, I think there was some kind of change for small business owners regarding the profile, but I could not find the information. I know another poster would know more. Do you own your medical equipment though? My H has the same situation since he is an attorney in private practice. He is not allowed to sell his business, client list etc., so it has no market value. </p>

<p>NorthEastMom2, I like your screen name ;), and we are from NJ too.</p>

10

<p>The recent change for small business owners was that if there are fewer than 100 employees in your company and you own > 50% of it, you don't need to report it as an asset on FAFSA.</p>

<p>FinAid</a> | Financial Aid Applications | Small Business Exclusion</p>

11

<p>Thanks all! You guys were faster them my tax preparer! The form says if you don't file forms blah blah blah you only compleat column C on the second page. That was easier. BTW, I am a child Psychiatrist so my only "medical equipment" is a bunch of Rescue Heroes!</p>

12

<p>Yeah, my equipment consists of two sewing machines...</p>

13

<p>vballmom, thanks. I knew that someone from cc would post the info. I did not realize the change was for fafsa schools.</p>

14

<p>NorthEastMom,</p>

<p>Sorry about the nearly identical username - I realized almost immediately what I had done. I must have been reading a post from you...and my subconscious picked up on it. I thought of changing my username...but I am not sure how to do it...</p>

<p>Obviously, I am lacking in imagination....I am amazed at all the clever usernames I see.</p>