<p>Hi all,</p>
<p>Just double checking that we are doing this right.</p>
<p>We own a fish farm. We have money in a high interest savings account and money in a low interest business checking account to pay off our expenses. On the Business/Farm supplement, can we list both under Current Assets 1a "Cash and short-term investments?" Or am I supposed to list the savings account under our personal assets?</p>
<p>Or does it not make any difference?</p>
<p>We also have another savings/checking account for household/personal expenses.</p>
<p>thanks,</p>
<p>FresnoMom</p>
<p>If these accounts are for business purposes, then you should list them as business accounts.</p>
<p>Correct-- remember that your business assets are assessed less severely than your personal assets.</p>
<p>OK, we are just about ready to submit the FAFSA and Profile.</p>
<p>I need help on one last question:</p>
<p>As mentioned on the original post, we live on our farm. For the FAFSA, we are told not to list the net worth of our farm. For the Profile, we are told to list the current market value of our farm.</p>
<p>Ok, so what I did for the Profile was include the money in our business savings/checking account under 42a "Current Market Value of our Farm."</p>
<p>But for the FAFSA, since we are not to list the net worth of our farm, should I include the money in our business savings/checking account under 81 "parent's total current balance of cash, savings, and checking accounts?" Or do I not have to include the money from our business accounts on the FAFSA since they are farm related?</p>
<p>Sorry to sound so confused. </p>
<p>Thanks, FresnoMom</p>
<p>The farm would include all assets associated with the farm: land, equipment, grain, animals, cash, etc.</p>
<p>Do not include farm assets on the FAFSA. It may have been corn, beets, or cotton yesterday and cash today; but it is still part of the farm.</p>
<p>Thanks Scottaa!</p>
<p>I called FAFSA twice. First rep was not very knowledgable and gave me incorrect information. Called again and the 2nd rep actually admitted she wasn't sure of the answer, spoke to someone else, and confirmed what Scottaa said.</p>
<p>I was pleasantly surprised at how easy it was to speak to someone at FAFSA. I waited all of 30 seconds to get through!</p>