FASA & Bank Account Question

Rose673
Thu, 19 Jan 2012 00:55:03 +0000

Hey guys! I’m filling out my FASA application right now and I have a few questions. Just to give some background, my family owns a small business that makes less than $35,000 a year. Just this year (this month), we formed a partnership with another person, so split 50/50. And I am a dependent minor so I suppose my financial status will be determined by my parents.

1) Do I have to file the store as part of the net worth of business/farm investment? Because right now, we only have 50% of the store. But in 2011, we had complete ownership of the store. Since we’re using numbers off of the 2011 tax return, we have to think in terms of 2011, correct?

2) When the partnership was formed, the partner paid us money for part of the store. Right now, there is about roughly $46,000 in her personal bank account. I understand that I’ll have to report these numbers but how much will that $46,000 hurt me in terms of financial aid? Isn’t there something about asset protection? Does this fall under it?

I really wish my mom didn’t form the partnership til after I filed FASA :/

What if my mom was able to transfer the money to somewhere else? like the business account? I’m worried.
Please help! Thanks in advance!