From: Becky Cragin (Becky.Cragin@okbu.edu)
Date: Tue Dec 09 2003 - 15:34:30 EST
I have a question about the timing of reporting of tuition billed and Financial Aid.
We may bill and apply financial aid to some students for the Spring semester during the previous fall months of November and December but our billing is still associated with the particular term (Spring in this case).
The billing and the application of financial aid may not be done in the same month. A student may enroll and be billed in November but the financial aid may not be completed and applied until January or February. However, some Financial Aid may be applied in the previous November or December.
Payments for the Spring semester may be made during the previous November and December months but most of the payments will be made in the Spring.
I had planned to report Qualified Tuition billed and Financial Aid applied for the 2003 terms in 2003 and not report the tuition billed during November and December for Spring 2004 in the 2003 1098 T, even though quite a few will have been billed in 2003.
Obviously, some payments made in November and December of 2003 will apply to terms in 2004.
I also had not planned to mark Box 6.
I have come across some documentation that has made me question this plan. Is anyone out there in this same situation and what have you planned to do and why?
Thank you for your response,
Becky
Rebecca S. Cragin
Controller
Oklahoma Baptist University
phone (405) 878-2020
fax (405) 878-2080
email Becky.Cragin@okbu.edu
This archive was generated by hypermail 2.1.6 : Tue Dec 09 2003 - 16:13:40 EST