The CSS Business/Farm Supplement has been discontinued.
Schools that require business information will usually require copies of business tax returns and relevant schedules in addition to the information reported on the CSS Profile form.
Q & A
Why do some schools require information about my business?
- Although the federal financial aid formula (FM) excludes the value of most family owned businesses, even if the business has a substantial net worth, some schools that use their own money to award need-based grants feel it is necessary to take business values and cash flow into consideration when determining how much aid to award to a family.
Which schools require Business Tax returns?
- In general, colleges that award significant amounts of school-based grants and scholarships require you to submit the copies of your federal business tax returns. If the school requires the CCS Profile, it almost certainly will require complete copies of the latest federal business tax returns.
- If you own a business or are self-employed, you should carefully review the Business Owners Fact Sheet that describes the different ways colleges evaluate your business income, assets and cash flow when determining your eligibility for school based grants.
What if I am self-employed and file a Schedule C?
- In most cases the school will require you to submit a complete copy of your latest federal tax return with all schedules and attachments. You will not be required to submit second copy of your schedules C or E, which will be submitted as part of your complete personal return.
How do we submit the Business Tax Returns to the school financial aid offices?
- It depends on the college. Some will require you to submit them directly to the school financial aid office by mail, fax or email. Many colleges use IDOC, a document imaging service provided by the College Board. IDOC allows you to submit one copy of all the required forms to IDOC, who then delivers copies to each participating school. This saves you from having to submit copies of the same information to several schools. Please refer to the IDOC Fact Sheet for more detailed information.