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Understanding the financial circumstances of business/farm sole proprietorships 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 SFS. 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:

  1. We want to get an in-depth understanding of the recent and current cash flow within all business/farm sole proprietorships in which your household is involved, and;
  2. We want to arrive at an appropriate and fair net worth in today’s dollars for all business/farm sole proprietorships 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.

Parent/Mother/Father/Step-parent

HLS requires student aid applicants to provide financial information regarding all parents, including biological parents, step-parents, adoptive parents, and legal guardians, even in cases where parents are divorced. After documents are submitted, the HLS Financial Aid Committee will determine the appropriate information that will be incorporated into the parent resource assessment.

A special note for step-parents

If a particular business/farm in question is the primary work activity of the step-parent, we will not use the income generated from this business/farm in the determination of the student’s eligibility for need based aid since we do not include step-parents’ income in our analysis. However we still need to collect complete tax data and asset information on these businesses/farms because we do factor the net worth of all parental assets (including the net worth of any businesses/farms) into our determination of aid eligibility. Our policy is to compile total net worth and then divide it in half to remove the 50% that belongs to the step-parent.

Please expand the below types of businesses/farms to view the specific document requirements for each

  • US Business Sole Proprietorships (Schedule C)

    Submit the following to complete the requirement for US Business Sole Proprietorship (Schedule C) 

    1. This web form (Parent Business/Farm Web Form) for each US Sole Proprietorship that your household has any % of ownership in. Figures should be reported in US currency.
    2. 2016 Federal Tax Form 1040 Schedule C via the SFS Secure Upload
  • Canadian Business Sole Proprietorships

    Submit the following to complete the requirement for Canadian Business Sole Proprietorship

    1. This web form (Parent Business/Farm Web Form) for each Canadian Sole Proprietorship that your household has any % of ownership in. Figures should be reported in US currency.
    2. 2016 Canadian T2125(s) for each business via the SFS Secure Upload
  • Canadian Fishing Sole Proprietorships

    Submit the following to complete the requirement for Canadian Fishing Sole Proprietorship

    1. This web form (Parent Business/Farm Web Form) for each Canadian Fishing Sole Proprietorship that your household has any % of ownership in. Figures should be reported in US currency.
    2. 2016 Canadian T2125(s) and T2121(s) for each business via the SFS Secure Upload

PLEASE NOTE THE FOLLOWING BEFORE YOU BEGIN THIS FORM:

  • This is a single session form which means that you need to complete 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 “*”.
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