Submit the following to complete the requirement for S-Corporations
- This web form (Parent Business/Farm Web Form) for each S-Corporation that your household has any % of ownership in
- 2014 1120S K-1(s) from any family member who has any % of ownership or interest in each business/farm via the SFS Secure Upload
- A signed copy of each business/farm’s 2014 U.S. Federal Business Tax Form 1120S and all of its Schedules/Statements via the SFS Secure Upload
This document is listed as required because either the student indicated on his/her HLS Main Online Institutional Application that your household had ownership in an S-corporation OR when we reviewed your household’s Federal Form 1040 we saw an S-Corporation listed on your schedule E. If you feel this document is listed in error, please contact our office: email@example.com.
The above information is required because the student is applying for HLS need-based grant assistance. Understanding the financial circumstances of businesses/farms is a critical component of our ability to make accurate, complete and fair determinations of need-based aid eligibility to our students. We recognize that we require a lot of detailed information from families who are involved in businesses/farms and it usually involves a lot of communication with our office. Past experience has shown us that no two businesses/farms are the same and there are few universals that can be applied to all businesses/farms uniformly.
Our primary goals through this process are twofold:
- We want to get an in-depth understanding of the recent and current cash flow within all businesses/farms in which your household is involved, and;
- We want to arrive at an appropriate and fair net worth in today’s dollars for all businesses in which your household is involved.
We appreciate your help and patience as we work hard to try and get the data we need to offer the student the best and fairest aid package possible.
A special note for step-parent(s)
HLS requires business/farm data from both biological parents and from step-parents if a biological parent has remarried. If the business/farm in question is the primary activity of the step-parent, we will not use the income generated from this business/farm in the determination of your eligibility for need based aid since we do not include step-parents’ income in our analysis. However we still need to collect tax data on these businesses/farms because we do factor the net worth of all parental assets including the net worth of any business/farm into our determination of your eligibility for aid. For biological parents that have remarried we compile total net worth and then divide it in half to remove the 50% that belongs to the step-parent from our eligibility calculation.
PLEASE NOTE THE FOLLOWING BEFORE YOU BEGIN THIS FORM:
- This is a single session form which means that you need to compete the whole form in one session. You cannot complete a portion of the form now and then return at a different time to finish it.
- We suggest you read through the form before you begin to determine what back up data you need to have ready in order to successfully complete the entire form in one session.
- We estimate it will take between 20 and 30 minutes for you to complete this form depending on your specific circumstances.
- The “Submit Button” will only be enabled if you have filled in all of the REQUIRED Fields. REQUIRED Fields are denoted with an “*”.