— 1 —
2022 2023 Estimated 2024
(Jan. 1–Dec. 31) (Jan. 1–Dec. 31)
(Jan. 1–Dec. 31)
11. BUSINESS INCOME
a.
Gross receipts or sales
less returns and allowances
$ ____________
$ ____________
b.
Cost of goods sold and/or operations
(Don’t include salaries paid to yourself, your
dependents or others, or any item listed below.)
___________
c. Gross profit (Line 11a minus 11b)
___________
___________
d. Other business income
___________
________
___
12. TOTAL INCOME (Add 11c and 11d)
___________
___________
13. BUSINESS DEDUCTIONS (Don’t include
any amount entered in 11b above.)
a. Depreciation
___________
___________
b. Interest expense
___________
___________
c. Rent on business property
___________
___________
d. Parents’ W-2 wages from this business
___________
___________
e.
Salaries and wages paid to family members
other than yourself employed in the business
Name and Relationship
Salary
_______________________________________
____________
___________
_______________________________________
____________
___________
_______________________________________
____________
___________
f.
All other salaries and wages
___________
g. Other business expenses (Itemize on a
separate sheet any single item over $1,000.)
___________
_______
____
14. TOTAL DEDUCTIONS (Add 13a–13g)
___________
_______
____
15. NET PROFIT (OR LOSS) (Line 12 minus line 14)
___________
$ __________
16. YOUR SHARE OF LINE 15 (Multiply line 15
$
$
$
by your percentage of ownership, question 6.)
The IRS line references are for 2022. For 2023 use the corresponding lines from 2022 IRS forms.
2022 2023
Estimated 2024
(Jan. 1–Dec. 31) (Jan. 1–Dec. 31)
(Jan. 1–Dec. 31)
11. FARM INCOME
a. Profit (or loss) on sales of livestock and
other items purchased for resale (from
Form 1040, Schedule F, line 1c)
$ ____________
$ ____________
b.
Sales of livestock and produce ra
ised
(from Schedule F, line 2)
___________ ___________
c.
Other farm income (from Schedule F,
lines 3b, 4b, 5a, 5c, 6b, 6d, 7, 8)
___________
_____
______
12. GROSS INCOME (Add 11a
–
11c)
(from Schedule F, line 9)
__________
13. FARM EXPENSES
a.
Farm deductions less depreciation (from
Schedule F, lines 10
–
13 and lines 15
–
32)
___________
___________
b. Depreciation (from Schedule F, line 14)
___________
___________
14. TOTAL EXPENSES
(Add 13a and 13b)
(from Schedule F, line 33)
____
_______
15. NET FARM PROFIT (OR LOSS)
(Line 12 minus line 14)
(from Schedule F, line 34)
__________
__________
_
16. FARM-RELATED CAPITAL GAINS (OR LOSSES)
from sale or exchange of livestock and farm
machinery (from Form 1040, Schedule D)
__________
__________
_
17. NET PROFIT (OR LOSS)
(Add lines 15 and 16)
_
Estimated 2024
__________ $ _________
18. YOUR SHARE OF LINE 17 (Multiply line 17
$
$
$
by your percentage of ownership, question 6.)
BUSINESS OWNERS ONLY
FARM OWNERS ONLY
INCOME AND EXPENSES
INCOME AND EXPENSES
INSTRUCTIONS FOR COMPLETING THE BUSINESS/FARM SUPPLEMENT
■ Don’t
submit
balance
sheets,
profit
and
loss
statements,
cash
flow
statements
or
tax
returns in place of the Business/Farm Supplement, unless specifically requested by your
college.
■ If your home is part of the business or farm, enter its value and the amount of its mortgage
on
the
CSS/Financial
Aid
PROFILE
®
Application.
Don’t
include
your
home
value
on
the
Busi ness/Farm Supplement.
■ If farm inco me is reported on an accrual basis, the required information can be found on
IRS Form 1040, Schedule F, Part III. In this case disregard questions 11a–11c below and
begin your entries with Gross Income in question 13.
■ If you have gains or losses from the sale or exchange of livestock and/or farm machinery,
report the full amount of such gains or losses in question 16 below. Don’t include in this
question gains or losses arising from the sale or exchange of other property, as reported
on your IRS Form 1040, Schedule D.
■ If a financial question does not apply to you, write 0. Do not leave questions blank unless
the instructions tell you to do so.
DSTUDENT'S INFORMATION
STUDENT’S
NAME
DATE
OF
BIRTH
w
FIRST NAME
M.I.
SOCIAL SECURITY NO.
MONTH
DAY
YEAR
Business/Farm Supple ment
School Year 2024-25
3. LOCATION OF
BUSINESS/FARM
STREET ADDRESS
CITY/TOWNSHIP
COUNTY
STATE
ZIP CODE
4. TYPE OF
BUSINESS/FARM
■ Sole proprietor
■ Corporation
■ Partnership
Indicate type _________________
5. GIVE NAME(S) OF OWNERS AND PARTNERS, THEIR RELATIONSHIP TO THE PARENT(S) AND THEIR PERCENTAGE
OF OWNERSHIP
PARENTS’ BUSINESS/FARM INFORMATION
1. NAME OF
BUSINESS/FARM
2.
DATE BUSINESS COMMENCED
OR FARM PURCHASED
MONTH
DAY
YEAR
6. YOUR PERCENTAGE
OF OWNERSHIP
____________________%
7. NUMBER OF
EMPLOYEES ____________________
8. DESCRIBE PRINCIPAL PRODUCT OR SERVICE
Estimated 2024
9. RESIDENCE AND MORTGAGE INFORMATION
Monthly mortgage payment on the business or farm
$__________________
Farm owners: Do you live on the farm?
■ Yes
■ No
Business owners:
Is the business a part of your home?
■ Yes
■ No
If yes, what percentage of home is claimed for business use?
__________________%
10. TOTAL ACRES OWNED (FARM OWNERS ONLY)
Market value per acre
No. of acres owned
No. rented to others
Tillable land
Nontillable land
Woodlands and waste
Agricultural reserve
TOTAL
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2011 The College Board. College Board, CSS/Financial Aid PROFILE and the acorn logo are registered trademarks of the College
Board. inspiring minds is a trademark owned by the College Board. Visit the College Board on the Web: www.collegeboard.com
.
■ If you have more than one business or farm, or a business and a farm, complete a
supplement for each of them.
■ When completing this supplement, refer to both your 2022 and 2023 IRS tax returns —
specifically, Form 1040, Schedules C, D and F, as applicable. If an incorporated business is
involved, refer to Form 1120 as well. If a partnership is involved, also refer to Form 1065 and/
or Schedule K1. For any year for which tax forms have not been completed,
estimate as accurately as possible. The financial aid administrator may later ask you to
provide copies of your tax returns, including your corporate and partnership tax return(s).
■ If you are the owner or part owner of a partnership or a corporation: (1) enter your
percentage of ownership (question 6); (2) enter total income, expense deductions and profit
for the entire business entity (questions 11–15); and (3) enter your share of net profit
(question 16).
■ IMPORTANT:
If a business is a major source of family support but no salaries are
reported and business net profit is under $10,000, explain on an attached sheet how
basic family expenses are met.
__________
__________
__________
0%
Beginning of
End of
Tax Year 2022
Tax Year 2022
5.
LIABILITIES
a.
Accounts payable
$ _____________
$ ____________
b.
Other current debts
_____________
____________
c.
Total current debts
(Add 5a and 5b)
_____________
____________
6.
LONG-TERM LIABILITIES (Don’t include
any amount listed above.)
a.
Mortgages on land and buildings
(Don’t include home mortgages.)
______________
_____________
b.
Debts secured by equipment
______________
_____________
c.
Loans from partner(s) or shareholder(s)
Itemize by shareholder:
______________
_____________
Name:
_______________________________
____________
__
_____________
______________
_____________
Name:
_______________________________
______________
_____________
d.
Other debts
______________
_____________
e.
Total long-term debts (Add 6a
–
6d)
______________
_____________
7.
TOTAL LIABILITIES
(Add 5c and 6e)
______________
_____________
8.
YOUR SHARE OF TOTAL LIABILITIES
$
$
(Multiply line 7 by your percentage of ownership.)
Use this space to explain any special circumstances. If more space is required, attach a letter
to this form.
SIGNATURES
PARENT 1 SIGNATURE
DATE
PARENT 2 SIGNATURE
DATE
BUSINESS/FARM ASSETS
The figures you report in column C should reflect the fair market value of the business or farm (a reasonable estimate of what each asset
is worth and could be sold for). Filers of IRS Form 1120, 1120S or 1065 should refer to Schedule L to complete columns A and B. If you
don’t file any of these IRS forms, you may leave columns A and B blank.
1. CURRENT ASSETS
Column A
Column B
Column C
Book Value at Beginning
of Tax Year 20
22
Book Value at End
of Tax Year 2022
Fair Market Value at
End of Tax Year 2022
a. Cash and short-term investments
b. Receivables (total)
c. Allowance for bad debts
)(
)(
( )
e. Other current assets not included above (Do not include
loans to partners or shareholders.)
f.
Total current assets (Add 1a, 1b, 1d and 1e, then subtract 1c)
2. FIXED ASSETS
Accumulated
Depreciation
B
ook Value at Beginning
of Tax Year 2022
Accumulated
Depreciation
Book Value at End
of Tax Year 2022
Fair Market Value at
End of Tax Year 2022
a.
Land
b.
Buildings (purchase price)
c. Accumulated depreciation on buildings
d. Machinery and equipment (purchase price)
e. Accumulated depreciation on machinery
f.
Other fixed assets
g.
Total fixed assets (Add 2a, 2b, 2d and 2f)
h.
Total depreciation (Add 2c and 2e)
3. ALL OTHER ASSETS
Book Value at Beginning
of Tax Year 2022
Book Value at End
of Tax Year 2022
Fair Market Value at
End of Tax Year 2022
a.
Total loans to partners or shareholders listed in 5 on side 1
Itemize by partner or shareholder
Name:
Name:
Name:
Name:
b.
Loans to others than partners or shareholders
c.
All other assets
d. Total other assets (Add 3a
–3
c)
4. TOTAL ASSETS
Book Value at Beginning
of Tax Year 2022
Book Value at End
of Tax Year 2022
Fair Market Value at
End of Tax Year 2022
a.
Add 1f, 2g and 3d
b.
Your share of total assets (Multiply line 4a by your
percentage of ownership.)
— 2 —
BUSINESS/FARM LIABILITIES
REMARKS
Name:
____
___________________________
Name:
_
______________________________