From: Bruce Forinash (baforina@gw.fis.ncsu.edu)
Date: Fri Apr 04 2003 - 08:04:39 EST
At North Carolina State (public, Research I, 30,000), we adopted the
new regulations for the 2002 reporting year so we could get an early
start on some of the issues. So far it has been a smooth transition,
with relatively few questions from recipients of the new format. My
responses to your specific questions are shown below, in caps:
======================================================
++++++++++++++++++++++++++++
Bruce Forinash
Director, University Cashier's Office
NC State University
2005 Harris Hall
Campus Box 7213
Raleigh, NC 27695
919.515.6010 (office)
919.515.1164 (fax)
bruce_forinash@ncsu.edu
>>> Patricia Hayes <hayespb@bc.edu> 04/03/03 04:14PM >>>
Like most of you, Boston College is in the process of making changes to
be
in compliance with next year s reporting for the infamous 1098T. I
would
appreciate any response to a few questions.
1. Are you planning to report billed charges or
payments? Why?
AT NC STATE, WE ELECTED TO USE BILLED CHARGES RATHER THAN PAYMENTS. TWO
MAIN REASONS: 1) IT WAS VERY CLEAN FOR US TO IDENTIFY AND CAPTURE
TUITION AND QUALIFIED FEES BILLED IN OUR SYSTEM; AND 2) OUR PAYMENT
APPLIER LOGIC ASSIGNS PAYMENTS TO CHARGE CATEGORIES IN AN ORDER THAT MAY
NOT AGREE WITH THE WAY THE TAXPAYER WOULD CONSIDER THE PAYMENT MADE.
SIMPLY SHOWING THE AMOUNT OF QUALIFIED CHARGES BILLED AVOIDS CONFUSION
AND MISUNDERSTANDINGS. WE GIVE AN EXPLANATION OF THE 1098-T INFORMATION
ON OUR WEBSITE: http://www7.acs.ncsu.edu/cashier/impoinfo/1098T.htm
2. How are you planning to handle changes after the
semester is over, but during the same academic year?
WE USE A CALENDAR YEAR CUTOFF FOR ALL BILLED TRANSACTIONS, REGARDLESS
OF TERM.
3. What is your definition of financial aid? Do you
plan
to report stipends, scholarships, grants?
IN GENERAL TERMS, WE CONSIDER FINANCIAL AID AS ANYTHING OTHER THAN
LOANS THAT IS APPLIED TO THE STUDENT ACCOUNT THROUGH THE FINANCIAL AID
SYSTEM. STIPENDS - NO; SCHOLARSHIPS - YES; GRANTS - YES.
======================================================
If anyone has any specific questions I may be able to help with, please
let me know.
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