aaron56

Why do they want to know (under the finaid info) if our parents own a farm?

What part of the application should you work the hardest on if applying to Colgate?

Thanks

Colgate13

They want to know because a farm is a huge asset itself and a large source of income. The whole point of the forms is so they can figure out how much you have and how much you can pay. My guess is that they handle the value of a working farm differently than if your parents just own a huge chuck of land.

mhc48

There are many Federal tax exemptions and subsidies for farms and family farmers. Could be also that assets in connection with a farm are treated differently. Whether better or worse from a student's standpoint, I don't know.

I would suggest you put careful attention to the essay about what one thing you would bring with you to Colgate. In previous discussions a few people who were admitted said that the handwritten note on the acceptance letter specifically mentioned that. I'm almost sure it figured strongly in my D's admission.

gizmo9187

In most cases, farms are structured as businesses with all of the assets owned by the business. This includes barns, land, houses, trucks, and much of the personal property that every one else has to pay with regular, post tax income. Utilities and taxes on all of the above are also normally paid by the farm business. This means that a farmer can receive a very small income from the business and still have most of life's necessities covered by the business.

When they are trying to use reported personal income as a measure for financial aid, a farm business can provide an unequal comparison.

aaron56

Thanks for the replies..

My parents own a huge chunk of land which is part of a bigger farm which used to belong to my grandad. Now my dad's brother runs the farm and he gets all the profits though of course he sends us loads of fruits during fruit seasons. So basically, my parents own part of a farm, but it isn't a source of income. Should I mention in the app that my parents own a farm?

ANd thanks mhc48, I'll keep that in mind when filling my app.

Colgate13

You need to report it on the financial aid paperwork one way or another. I'm confused if your parents are "leasing" land they wholly own to your dad's brother, or if they are a minority owner of the business (aka the farm). If your parents file the various farm schedules as part of their income tax, they should probably report it as a farm on the financial aid paper. Your parents may want to seek advice from an expert since how you handle the reporting of this land could have a major impact on your financial aid.

aaron56

It's an unusual situation. No leasing involved but you might say my parents are minority owners. But I don't know. It's almost like my dad's brother is running his farm on our land 'illegally'. Though of course my dad couldn't care less. Had it not been for his brother, he would probably have let it go barren!

So I'm thinking of not reporting it as a farm, but as a plot of land. Maybe I'll ask my parents to seek expert advice. Thanks.