<p>I’m from Canada and my mom’s 2010 income statement came just yesterday, and my dads wont be coming until april because he has his own business and his accountant has to process everything before his statement comes out.
I am panicking right now because the schools I have applied for, Hotchkiss exeter andover deerfield choate and st pauls have deadliens for the financial aid forms and they’ve already passed. </p>
<p>I also know that they NEED these 2010 forms to confirm financial aid.
so what am I supposed to do? I will call the schools, but most likely, what will be the outcome of this?</p>
<p>Unless your dad just started his business, you should have the 2008 & 2009 K-1 (or whatever they call it in Canada) for his business. By now, he should also be able to comment on whether 2010 was a better or worse year in terms of profit.</p>
<p>These data points, along with all the other info for the PFS, should be enough for the schools to make a conditional FA decision. That is, it is conditional on his 2010 data being what he projected it would be. If it is significantly higher, be prepared for a revision to the school’s FA amount.</p>
<p>I’m sure there are plenty of BS parents who own their own businesses and who are in similar boats. Don’t worry too much yet, and be sure to communicate with the schools about your family’s situation.</p>
<p>we have submitted financial statements for 2009, but the schools require 2010 statements to finalize the financial aid decisions according to their websites</p>
<p>The key word is “finalize”…if you submit a provisional 2010 (which your dad’s accountant should be able to do) based on best estimates, that should be enough for them to make a provisional determination of your eligibility/amount of FA.</p>
<p>Then, when the tax return is ready to send to IRS (or whatever the Canadian equiv. is), you send the school a copy and they either confirm your FA or adjust if the final isn’t close to your provisional.</p>
<p>There was a current thread about this recently…I tried to find it, but gave up.</p>
<p>I think the most important thing is to be in touch with the schools sooner rather than later. Telling them your situation now and asking for direction is better than waiting for the info to come in mid-march or later. Just my 2¢.</p>