<p>My husband is self-employed. His 2008 income is entirely based on fee for service contract work. He is not incorporated, there is no office, property or possessions related to his work. Do we need to fill out the business/farm supplement for the Profile?</p>
<p>Unfortunately, I believe you do. My h is also self-employed with fee for service work, and we had to fill it out.</p>
<p>I believe Chedva is right.</p>
<p>However, did you check your school’s specific instructions? We are self employed. Last year we filled out the business/farm supplement only to discover that our Profile School didn’t require it.</p>
<p>I checked, the school does require the supplement. </p>
<p>Chedva, any insight on how your husband’s income was treated in the FA process? I’m hoping there isn’t some value placed on a fee for service business, it’s not saleable as an entity, there is no property, etc. We’re new to the world of self-employment. We do have a tax guy now- do they also do things like financial aid forms?</p>
<p>Unfortunately, they treat the “business” as if it has some value, even though it doesn’t. It’s not pretty.</p>
<p>How the heck does that work? There are no assets that can be liquidated/borrowed against. There is no guarantee that there will be a customer base to pay the fees-for-service … how is it not enough that there is an income expectation based on the previous year’s income? Isn’t that double-dipping to assess for income that may/may not materialize AND assess a value to a business that is intangible? Man, some people really get doinked in the Profile process. My sympathies.</p>
<p>Chedva, How can they treat the business as if it has some value if it doesn’t? I thought they were looking for things like property or physical assets owned by the business…if there are none then there is nothing to put down. Then they are looking for retained earnings. In other words if the business made more than the person spent and there is money in the business account(s) it is an asset.<br>
Forgive my ignorance but I don’t get how they can treat the business as if it has value if it truly doesn’t because I don’t understand what the applicant would put down for numbers on the supplement.</p>
<p>I"m watching this thread. Same situation here. Typically our accountant has us “zero out” our businesses at the end of the year. H’s is incorporated. Mine is not. Our business assets are typical office equipment–no real estate, no inventory, etc.</p>
<p>I emailed the financial aid office to get their take on it and haven’t heard back yet. </p>
<p>My daughter would like to ED and the school’s calculator gives numbers we can handle, if based on income and assets aside from the “business” having some mystery value. My husband takes everything he makes as salary, we don’t even have a business bank account. We’re not talking big numbers here.</p>
<p>Back when we did FAFSA & Profile business values, I valued it at $0; there is nothing to sell, the computers are old, so maybe I could garage sale a desk and computer for a couple hundred dollars, but that is it- I went be sale value and whilst I was verified many times for FAFSA they never had any issue with how I calculated that value</p>