Finance & Operations

Finance & Operations

The 1098-T form is informational only and should not be considered as tax advice.

1. What is a 1098T?

The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit the student's name, address, taxpayer's identification number (SSN), enrollment status, amounts pertaining to qualified tuition and related expenses, and scholarships and/or grants, taxable or not. A 1098-T form must also be provided to each applicable student.

2. Why did I receive a Form 1098-T?

At the end January of each year, Monroe County Community College provides and mails your 1098-T to your home address. This IRS Form 1098-T is for all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year.

3. Where can I get my 1098-T?

The 1098-T forms were mailed at the end of January and are also available online. To view them online, login to your WebPal account from Monroe County Community College’s homepage. If you are experiencing problems logging into your WebPal account, please call the WebPal help line at 734-384-4333 for assistance.

4. Did Monroe County Community College send a copy of this form to the IRS?

Yes. Section 6050S of the Internal Revenue Code, as enacted by the Taxpayer Relief Act of 1997, requires institutions to file information returns to assist taxpayers and the IRS in determining eligibility for the Hope and Lifetime Learning education tax credits.

5. Why isn't there an amount in Box 1? The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. Monroe County Community College reports qualified tuition and related expenses that were billed during the tax year (Box 2); therefore, Box 1 - Payments Received for Qualified Tuition and Related Expenses will be blank.

6. What amounts appear in Box 4 - Adjustments made for a prior year?

This box shows the amount of any tuition and fees reductions in the current calendar year for charges that were billed in a previous calendar year.

7. What amounts appear in Box 6 - Adjustments to scholarships or grants for a prior year?

This box shows the amount of any scholarship, grant, and if applicable, third party reductions in the current calendar year for aid that was credited in a previous calendar year.

Transparency At A Glance

As a publicly funded institution Monroe County Community College is committed to providing information including financial reports to the public. The following information complies with Sec. 209 in P.A. 144 of 2022, the education omnibus budget bill, which required community colleges to publish a transparency web page and stipulates the content.

Budgeted Fiscal Year 2023-2024 general fund revenue from tuition and fees: $6,986,299

Budgeted Fiscal Year 2023-2024 general fund revenue from state appropriations: $6,257,950

Budgeted Fiscal Year 2023-2024 general fund revenue from property taxes: $14,906,295

Budgeted Fiscal Year 2023-2024 total general fund revenue: $28,748,814

Budgeted Fiscal Year 2023-2024 general fund expenditures: $28,748,814

 

FY 2024-2025 General Fund Revenue and Expenditure Projections:

Total general fund revenue (estimated): $31,204,501

Total general fund expenses (estimated): $31,204,501

Project: HVAC Project – Debt Obligation $16,151,962

2023-2024 Principal Payment: $1,093,899

2023-2024 Interest Payment: $332,518

6/30/2023 Outstanding Principal: $9,906,895

6/30/2024 Outstanding Principal: $8,812,936

Fire | Wed., 9.10.25      

Health Ed – 8:15am      

Tech Center – 8:30am        

Life Sciences – 8:45am      

Student Center – 9:00am      

Founders Hall – 9:15am                                                

Campbell Center – 9:30am                                                  

LZB Center – 9:45am                                                      

Whitman Ctr. – 10:45am   

 

Tornado | Wed., 9.17.25          

Main Campus – 9:00am      

Whitman Ctr. – 11:00am      

Main Campus – 5:30pm          

Whitman Ctr. – 6:30pm 

 

Tornado | Wed., 3.18.26              

Main Campus – 9:00am            

Whitman Ctr. – 11:00am      

Main Campus – 5:30pm            

Whitman Ctr. – 6:30pm  

 

Fire | Wed., 4.1.26  

Health Ed. – 12:30pm

Tech Center – 12:45pm

Life Sciences – 1:00pm

Student Center – 1:15pm

Founders Hall – 1:30pm

Campbell Center – 1:45pm

LZB Center – 2:00pm

Whitman Center – 3:00pm 

Accreditation Information

Higher Learning Commission

230 South LaSalle Street, Suite 7-500
Chicago, Illinois 60604
Phone: 800.621.7440
http://www.hlcommission.org/ 
Email:  info@hlcommission.org