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css business/farm supplement

inspiredbymusicinspiredbymusic Posts: 206Registered User Junior Member
One of the colleges my son applied to says that you need to submit a css business/farm supplement if your parents are self-employed or own a business.
When I completed the CSS Profile, it included a section on "Parents' Business (BA)" and I filled out this section. Is that it or is the business/farm supplement something additional that we still need to complete? If so, where do I find it?
Thanks.
Post edited by inspiredbymusic on

Replies to: css business/farm supplement

  • bobmombobmom Posts: 90Registered User Junior Member
    There is also a Business/Farm supplement. If you got your IDOC sign-in for the tax forms and supplements, the form is on that site. I believe some of the college websites also have the form on their site.
  • inspiredbymusicinspiredbymusic Posts: 206Registered User Junior Member
    Not the answer I was hoping for, but thanks!
  • R124687R124687 Posts: 1,513Registered User Senior Member
    Unfortunately I found it to be a harder form than FAFSA or CSS profile. As long as you have the last 2 years' company "financials", it's not that hard but it looked daunting at first. It's only 2 pages.

    Anyway...when you get your IDOC instructions, if they want you to fill out that form, it will be included on your REQUIREMENTS list. Then they provide a link to the form, but you can go to collegeboard and check it out in advance. I felt it was more a pain than the rest, and I have a pretty simple business. I don't know much about how to fill it out if you have a farm, but...if they have a company...

    You'll already have to send in their corporate returns, including schedules. Some data will be there (such as the Schedule L, etc...different for different types of filers). BUT...you'll also need your "financials" (balance sheet and income statements, in particular), for 2008 and 2009. That should provide you with all the rest of the detail you need...but they'll probably have to fill it out (assets, liabilities, gross profits, expenses, salaries, etc.).

    Best luck!
  • inspiredbymusicinspiredbymusic Posts: 206Registered User Junior Member
    R124687,
    Yes, I printed it out yesterday and started trying to fill it out last night. It is a pain and makes me a nervous wreck! So much for thinking I was almost finished with the financial aid stuff ...
  • labdocmomlabdocmom Posts: 2Registered User New Member
    Does anyone know if the "Your" in #6 means the student or the parent? Makes a big difference for #16 too. Thanks.
  • R124687R124687 Posts: 1,513Registered User Senior Member
    Well, it took me about 15 minutes to pull the form up to see what those questions were. For others answering, this speaks to the percentage of ownership.

    The form itself is for PARENTS' business, and is headed that way, so I'm sure it's parents. However...it sounds as if you're insinuating your child ALSO has a financial interest in the business...I have no clue about that, sorry.
  • labdocmomlabdocmom Posts: 2Registered User New Member
    Thanks. I just wanted to make sure they were talking about the Parent's business percentage. Sorry I was not clear.
  • inspiredbymusicinspiredbymusic Posts: 206Registered User Junior Member
    labdocmom,
    I wondered about that too. I think it must be talking about the parents' percentage in #s 6 and 16, but it is confusing. I HATE this form!
  • MopinionatedMopinionated Posts: 61Registered User Junior Member
    This form baffled me, or I was just drained from doing the CSS Profile. I finally went to bed and had our accountant fill it out.
  • inspiredbymusicinspiredbymusic Posts: 206Registered User Junior Member
    Mopinionated, That's exactly what I need to do--have an accountant fill it out. Unfortunately I stupidly procrastinated, not realizing that I would have no idea how to fill this form out (since an accountant handles the financial/tax info for my husband's business). So now it is Sunday; Monday is a holiday and also the day that one of the colleges my son applied to wants this form faxed in with estimates of 2009 info, which I have no idea how to estimate since I don't even understand the 2008 info. I am panicking and so upset! I wish we could just turn in the business tax return. I don't understand how to translate the info on the tax return onto the form. I am praying that the accountant is working Monday and can save us!!
    Any other ideas??? Help!!
  • GTalumGTalum Posts: 2,183Registered User Senior Member
    This message is probably too late to help you but, it's a pain and you have to have corporate returns in front of you. My accountant was more baffled than me by the form. My colleges mostly wanted it by April 15th. I think the strong arming on getting it there right away is a strategy to get as many financial aid packages as possible before an April 15th rush. I only got mine in yesterday and was assured that my procrastination would not influence my child's financial aid package.
  • momofthreeboysmomofthreeboys Posts: 11,682Registered User Senior Member
    The form baffled me, also, didn't relate at all to anything I could figure out. I think it generates automatically if you fill out Schedule C on your taxes which is used for all kinds of activities. I didn't complete it since we don't have a business or an interest in a business or a farm and figure if someone actually needs the CSS form (they have a copy of our Schedule C) they will let us know. If we actually had a business or interest in a business or a farm, I would have filled it out because then it would have made sense. When I got the automated CSS e-mail I just felt rebellious and decided I was at the point where I prefer to deal with the individual colleges and not an automated one size fits all "service."
  • GTalumGTalum Posts: 2,183Registered User Senior Member
    Mine was generated due to my K 1 and, in that case, you must fill it out and makes sense only if you have corporate returns which many of us don't see. I think they generate it for a schedule C because you do essentially own your own business if you are getting an income for consulting etc. Yes, all the info is on the schedule C as it is on my corporate tax forms I must send in as well. So, even though I was essentially transferring numbers, they tell me they still want me to try to fill out the form.
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