Roderick…in terms of asset reporting…the money would need to be in the bank account as of the date of filing the FAFSA or Profile to be listed as an asset. So…no…it might not already be listed as such.
If the family gets the money in, say December, and uses it to pay the bill for the spring term immediately, then files the FAFSA, the money would not be counted as an asset.
Assets are monies IN your possession as of the date of filing.