Is this income subject to being taxed? I would hope so.

(07-07-2015 03:22 PM)Potomac Wrote:  Is this income subject to being taxed? I would hope so.

Why would it be taxed? Isn't it technically a financial aid grant?

(07-07-2015 06:02 PM)JMU2014 Wrote:  

(07-07-2015 03:22 PM)Potomac Wrote:  Is this income subject to being taxed? I would hope so.

Why would it be taxed? Isn't it technically a financial aid grant?

I'm asking. I personally view it as income and these are employees of the school, but I'm sure they'll classify it make it tax exempt.

You've gotta be kidding me. Why the hell are we behind Towson and Wilmington on this? Makes me want to drive my head into a wall.

(07-07-2015 06:25 PM)Madison 91 Forever Wrote:  You've gotta be kidding me. Why the hell are we behind Towson and Wilmington on this? Makes me want to drive my head into a wall.

Because Alger and Bourne are too busy leading ISIS attacks on Americans, providing consulting services to the Taliban, engaging in top secret spying endeavors on behalf of Putin, sending out anthrax filled letters to U.S. Peace Corps workers in Africa, and working with Bill Cosby on a How To book on getting sex with chicks.

(07-07-2015 06:02 PM)JMU2014 Wrote:  

(07-07-2015 03:22 PM)Potomac Wrote:  Is this income subject to being taxed? I would hope so.

Why would it be taxed? Isn't it technically a financial aid grant?

Financial aid grant? Care to elaborate on that interpretation because I don't see how you consider income on top of their scholarship as financial aid?

(07-07-2015 07:32 PM)DolleyMadison Wrote:  

(07-07-2015 06:02 PM)JMU2014 Wrote:  

(07-07-2015 03:22 PM)Potomac Wrote:  Is this income subject to being taxed? I would hope so.

Why would it be taxed? Isn't it technically a financial aid grant?

Financial aid grant? Care to elaborate on that interpretation because I don't see how you consider income on top of their scholarship as financial aid?

There are more expenses to attending college than just paying for tuition and books. I believe that's why the additional funds are referred to as "full cost of attendance"...which sounds like financial aid to me.

(07-07-2015 07:51 PM)Longhorn Wrote:  

(07-07-2015 07:32 PM)DolleyMadison Wrote:  

(07-07-2015 06:02 PM)JMU2014 Wrote:  

(07-07-2015 03:22 PM)Potomac Wrote:  Is this income subject to being taxed? I would hope so.

Why would it be taxed? Isn't it technically a financial aid grant?

Financial aid grant? Care to elaborate on that interpretation because I don't see how you consider income on top of their scholarship as financial aid?

There are more expenses to attending college than just paying for tuition and books. I believe that's why the additional funds are referred to as "full cost of attendance"...which sounds like financial aid to me.

Those expenses are called life...

I had to work two jobs to make it through college to pay for those things you list "more expenses to attending college". I was taxed on the income I earned that was used to pay for things like trips back home, meals, and all the other stuff they are lumping into these ridiculous costs of attendance.

Try giving a couple thousand dollars to an engineering student on an academic student and lets see if they can get away with taht money being "tax free".

Nice to see the leadership from JMU in the CAA.

(07-07-2015 08:10 PM)DolleyMadison Wrote:  

(07-07-2015 07:51 PM)Longhorn Wrote:  

(07-07-2015 07:32 PM)DolleyMadison Wrote:  

(07-07-2015 06:02 PM)JMU2014 Wrote:  

(07-07-2015 03:22 PM)Potomac Wrote:  Is this income subject to being taxed? I would hope so.

Why would it be taxed? Isn't it technically a financial aid grant?

Financial aid grant? Care to elaborate on that interpretation because I don't see how you consider income on top of their scholarship as financial aid?

There are more expenses to attending college than just paying for tuition and books. I believe that's why the additional funds are referred to as "full cost of attendance"...which sounds like financial aid to me.

Those expenses are called life...

I had to work two jobs to make it through college to pay for those things you list "more expenses to attending college". I was taxed on the income I earned that was used to pay for things like trips back home, meals, and all the other stuff they are lumping into these ridiculous costs of attendance.

Try giving a couple thousand dollars to an engineering student on an academic student and lets see if they can get away with taht money being "tax free".

NCAA sets very restrictive rules on the income a scholar-athlete can receive from part-time work. Rules are necessary to control the kind of scams over-zealous boosters can use to funnel money, cars etc. to prized recruits. Hence, many of the athletes who come from less affluent homes are unable to work part-time jobs that might pay for the incidental costs of being away from home (like buying a pizza on a weekend). A fair reading of the increased support would still see the extra funds as financial aid, and last I checked students don't pay an income tax on monies extended as student loans/financial aid.

(07-07-2015 08:10 PM)DolleyMadison Wrote:  

(07-07-2015 07:51 PM)Longhorn Wrote:  

(07-07-2015 07:32 PM)DolleyMadison Wrote:  

(07-07-2015 06:02 PM)JMU2014 Wrote:  

(07-07-2015 03:22 PM)Potomac Wrote:  Is this income subject to being taxed? I would hope so.

Why would it be taxed? Isn't it technically a financial aid grant?

Financial aid grant? Care to elaborate on that interpretation because I don't see how you consider income on top of their scholarship as financial aid?

There are more expenses to attending college than just paying for tuition and books. I believe that's why the additional funds are referred to as "full cost of attendance"...which sounds like financial aid to me.

Those expenses are called life...

I had to work two jobs to make it through college to pay for those things you list "more expenses to attending college". I was taxed on the income I earned that was used to pay for things like trips back home, meals, and all the other stuff they are lumping into these ridiculous costs of attendance.

Try giving a couple thousand dollars to an engineering student on an academic student and lets see if they can get away with taht money being "tax free".

You may have been an athlete in college, I don't know, but athletes have a lot more demands on their time than do non-athletes. Many, many hours are spent by athletes preparing themselves, working out, practicing, which would make it very difficult for them to hold down a job as well. Also, athletes do generate income for schools, not only by earning post-season monetary awards for their conferences and schools, but also in athletic merchandise sales, and increased alumni giving.

I know they are receiving free educations, but their services and efforts are deemed worth a bit of extra expense money by many.

(07-07-2015 08:10 PM)DolleyMadison Wrote:  

(07-07-2015 07:51 PM)Longhorn Wrote:  

(07-07-2015 07:32 PM)DolleyMadison Wrote:  

(07-07-2015 06:02 PM)JMU2014 Wrote:  

(07-07-2015 03:22 PM)Potomac Wrote:  Is this income subject to being taxed? I would hope so.

Why would it be taxed? Isn't it technically a financial aid grant?

Financial aid grant? Care to elaborate on that interpretation because I don't see how you consider income on top of their scholarship as financial aid?

There are more expenses to attending college than just paying for tuition and books. I believe that's why the additional funds are referred to as "full cost of attendance"...which sounds like financial aid to me.

Those expenses are called life...

I had to work two jobs to make it through college to pay for those things you list "more expenses to attending college". I was taxed on the income I earned that was used to pay for things like trips back home, meals, and all the other stuff they are lumping into these ridiculous costs of attendance.

Try giving a couple thousand dollars to an engineering student on an academic student and lets see if they can get away with taht money being "tax free".

I'm in grad school now and when I look at my financial aid statement, it says that my estimated cost of attendance for the summer session, fall semester, and spring semester is "X". The government will allow me to borrow up to that amount. So it seems like in the past, the NCAA has limited scholarship aid to athletes as basically tuition and room and board. For example, if a school says that tuition is $10,000 a semester plus an extra $4,000 in room and board, the most the school could offer was $14,000 per semester. If the other estimated costs of attendance came out to an extra $2,000 per semester, the school wouldn't be able to give that to the student-athlete. Now, it seems like the school will be able to offer that extra $2,000 to student-athletes.

This whole "cost of attendance" thing is not new. It has been part of the financial aid process for years. It's just that now, schools are allowed to make sure it's all covered for student-athletes.

(07-07-2015 07:08 PM)Wear Purple Wrote:  

(07-07-2015 06:25 PM)Madison 91 Forever Wrote:  You've gotta be kidding me. Why the hell are we behind Towson and Wilmington on this? Makes me want to drive my head into a wall.

Because Alger and Bourne are too busy leading ISIS attacks on Americans, providing consulting services to the Taliban, engaging in top secret spying endeavors on behalf of Putin, sending out anthrax filled letters to U.S. Peace Corps workers in Africa, and working with Bill Cosby on a How To book on getting sex with chicks.

Consider a better choice of a word, Leading is not likely here. Consider using a more appropriate word, for example, monitoring.

(07-07-2015 09:05 PM)paintedblue2 Wrote:  

(07-07-2015 08:10 PM)DolleyMadison Wrote:  

(07-07-2015 07:51 PM)Longhorn Wrote:  

(07-07-2015 07:32 PM)DolleyMadison Wrote:  

(07-07-2015 06:02 PM)JMU2014 Wrote:  Why would it be taxed? Isn't it technically a financial aid grant?

Financial aid grant? Care to elaborate on that interpretation because I don't see how you consider income on top of their scholarship as financial aid?

There are more expenses to attending college than just paying for tuition and books. I believe that's why the additional funds are referred to as "full cost of attendance"...which sounds like financial aid to me.

Those expenses are called life...

I had to work two jobs to make it through college to pay for those things you list "more expenses to attending college". I was taxed on the income I earned that was used to pay for things like trips back home, meals, and all the other stuff they are lumping into these ridiculous costs of attendance.

Try giving a couple thousand dollars to an engineering student on an academic student and lets see if they can get away with taht money being "tax free".

You may have been an athlete in college, I don't know, but athletes have a lot more demands on their time than do non-athletes. Many, many hours are spent by athletes preparing themselves, working out, practicing, which would make it very difficult for them to hold down a job as well. Also, athletes do generate income for schools, not only by earning post-season monetary awards for their conferences and schools, but also in athletic merchandise sales, and increased alumni giving.

I know they are receiving free educations, but their services and efforts are deemed worth a bit of extra expense money by many.

Perform a service...get paid...that's income.

It'll be taxed but the amount of money they'll get would be insignificant and put them in a lower tax bracket that they'll get it back in tax return.

If JMU wants to achieve the vision in its Athletic Strategic Plan, they will have to make an investment in CoA to do so. If JMU chooses not to invest then it will be a slow and painful death for JMU athletics. It will be sad to watch what could have been.

(07-08-2015 08:08 AM)DolleyMadison Wrote:  

(07-07-2015 09:05 PM)paintedblue2 Wrote:  

(07-07-2015 08:10 PM)DolleyMadison Wrote:  

(07-07-2015 07:51 PM)Longhorn Wrote:  

(07-07-2015 07:32 PM)DolleyMadison Wrote:  Financial aid grant? Care to elaborate on that interpretation because I don't see how you consider income on top of their scholarship as financial aid?

There are more expenses to attending college than just paying for tuition and books. I believe that's why the additional funds are referred to as "full cost of attendance"...which sounds like financial aid to me.

Those expenses are called life...

I had to work two jobs to make it through college to pay for those things you list "more expenses to attending college". I was taxed on the income I earned that was used to pay for things like trips back home, meals, and all the other stuff they are lumping into these ridiculous costs of attendance.

Try giving a couple thousand dollars to an engineering student on an academic student and lets see if they can get away with taht money being "tax free".

You may have been an athlete in college, I don't know, but athletes have a lot more demands on their time than do non-athletes. Many, many hours are spent by athletes preparing themselves, working out, practicing, which would make it very difficult for them to hold down a job as well. Also, athletes do generate income for schools, not only by earning post-season monetary awards for their conferences and schools, but also in athletic merchandise sales, and increased alumni giving.

I know they are receiving free educations, but their services and efforts are deemed worth a bit of extra expense money by many.

Perform a service...get paid...that's income.

I'm not so sure the value of the tuition, room and board, fees etc. each need to be reported as income and subject to tax. Though, I do realize they are not currently subject to taxation. I can see allowing the payment of this portion of taxes to be paid over a period following graduation.

(07-08-2015 08:34 AM)BleedingPurple Wrote:  

(07-08-2015 08:08 AM)DolleyMadison Wrote:  

(07-07-2015 09:05 PM)paintedblue2 Wrote:  

(07-07-2015 08:10 PM)DolleyMadison Wrote:  

(07-07-2015 07:51 PM)Longhorn Wrote:  There are more expenses to attending college than just paying for tuition and books. I believe that's why the additional funds are referred to as "full cost of attendance"...which sounds like financial aid to me.

Those expenses are called life...

I had to work two jobs to make it through college to pay for those things you list "more expenses to attending college". I was taxed on the income I earned that was used to pay for things like trips back home, meals, and all the other stuff they are lumping into these ridiculous costs of attendance.

Try giving a couple thousand dollars to an engineering student on an academic student and lets see if they can get away with taht money being "tax free".

You may have been an athlete in college, I don't know, but athletes have a lot more demands on their time than do non-athletes. Many, many hours are spent by athletes preparing themselves, working out, practicing, which would make it very difficult for them to hold down a job as well. Also, athletes do generate income for schools, not only by earning post-season monetary awards for their conferences and schools, but also in athletic merchandise sales, and increased alumni giving.

I know they are receiving free educations, but their services and efforts are deemed worth a bit of extra expense money by many.

Perform a service...get paid...that's income.

I'm not so sure the value of the tuition, room and board, fees etc. each need to be reported as income and subject to tax. Though, I do realize they are not currently subject to taxation. I can see allowing the payment of this portion of taxes to be paid over a period following graduation.

I am unaware that any athletic scholarship is reported as income. Any former varsity athletes care to weigh in?

So it's deemed additional funding to a scholarship and is therefore not income earned, like at a part time job.
I disagree on the classification of it, but thanks for the explanation.

Cost of attendance is estimated as an offset against expenses ... won't be taxable.