<p>I have to agree with mom2, this should not be allowed. I will say though, I very much doubt what the OP described - moving $50k from personal to business account just prior to doing FAFSA - would pass if audited. Maybe I’m wrong, but I don’t believe that would fly. Yeah, the chagces of an audit are small, but that would then go for ANYTHING you wanted to claim on FAFSA regarding asset ownership. Income can easily be checked with the tax return, assets, not so easy.</p>
<p>Also, I think it depends on how the business is set up and how this $50k cash infusion is handled on the books. I have a “business account” I use to run my sole proprietership business cash funds, but it’s really a personal account with a business name title and I included the value as personal assets on FAFSA even though I use it primarily for business. If the money in the account is INCOME from your business that you’ve taken as either salary or other income, then it’s NOT really still owned by the business.</p>