From: Eileen Walker (emwalker@owu.edu)
Date: Thu Nov 07 2002 - 13:19:47 EST
Ann,
We have decided that we will report amounts billed and not amounts paid,
because it would be inappropriate for us to make the decision of how a
partial payment should be allocated between qualified tuition and related
expenses or room and board or ancillary charges. Obviously the treatment of
the payment can have an effect on the taxability of scholarships and grants
that are not specifically designated to tuition. We don't feel we are in a
position to ask the payor how they want to allocate their payment or to
make that election for them.
However, this has brought up an interesting scenario, as we bill for Spring
Semester in November and the payment is due at the beginning of January.
Therefore, a tax payor will have an amount on their 1098-T that relates to
the next calendar (tax) year. I have not yet figured out how the IRS will
reconcile all of this!
Eileen Walker
1:40 AM 11/7/2002 -0500, Ann Lacertosa wrote:
>Good morning,
>
>We are discussing the pros/cons of reporting the aggregate amounts of
>qualified tuition and expenses paid or amounts billed to the student.
>We are PowerCampus users.
>
>We have contracted with TCRS to produce our 1098-T's and "plan" to
>report financial information this year. (In the past, demographics were
>reported through TCRS and we supplied our students with a statement of
>their account.)
>
>Imput, as to which way you report and why is appreciated.
>
>Thank you
>
>Ann Lacertosa
>Director of Student Accounts
Eileen M. Walker
Associate Vice President & Controller
Ohio Wesleyan University
Delaware, Oh 43015
Phone: (740) 368-3363
Fax: (740) 368-3009
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