From: Brenda Tom (brenda.tom@alverno.edu)
Date: Tue Feb 01 2000 - 08:18:23 EST
Debbie-
We are not reporting financial data until there are guidelines regarding
what/how to report.
However, I believe your students are correct. The Federal tax credits for
tuition and fees are based upon what was paid in the year, not what was
billed. (Similar to 1099 reporting) If the student paid his/her tuition
for spring '00 by December 31, 1999, it should be included....otherwise it
belongs in the next calendar year for 1098 purposes. Also keep in mind that
the tax credits only apply to personal payments, not grants, scholarships or
discounts to tuition.
The Datatel program (that you are not using) is suppose to look at payments
and has a method of "prioritizing" certain payments that pull through from
the financial aid module (per our AR consultant). I haven't worked with it
at this point to know any real specifics. Hope this helps.
Brenda Tom, Director of Accounting
Alverno College, Milwaukee, WI
-----Original Message-----
From: owner-cftalk@datatel.com [mailto:owner-cftalk@datatel.com]On
Behalf Of Debbie Tran
Sent: Monday, January 31, 2000 3:29 PM
To: bursar-l@virginia.edu; cftalk@datatel.com
Subject: [CF] TRA '97 - Reporting Financial Data
Hi, Folks.
We have chosen to report financial data on the 1098t forms for 1999.
The data we submitted was based on the posting date of the
transaction in our ar system (we are a Colleague site- and are not
using Datatel's program for this but wrote our own). Our spring '00
tuition and fees were charged to the students in November '99 and
therefore were reported as 1999 1098t transactions even though most
students did not pay their spring '00 fees until 1/00, which was when
the fees were actually due.
Some students think that the spring '00 fee charges should show up on
the 2000 1098t since that is when they were due and when most of
them paid.
For those of you reporting financial data, can you please tell me if
you are reporting the data like we are? If so, why? Are there any
specific guidelines as to why we should report this way? We just
did it this was because of the administrative ease. If you are
not, reporting this way, how are you reporting and why?
Would appreciate your comments.
Thanks.
For those of you who voluntarily report the financial data for the
1098t forms for the Tax Payer Relief Act, can you tell me for 1999,
did you report activity with a date of 1999
*********************************
Deborah Tran
Director of Fiscal Services
UC Hastings College of the Law
200 McAllister Street
San Francisco, CA 94102-4978
Phone: (415) 565-4740
Fax: (415) 565-4698
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