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STANDARDS OF ASSISTANCE Regulations INCOME 44-101 (Cont.)
44-101 INCOME DEFINITIONS (Continued)
(k)Interest Income#
(k) Interest Income
Interest on a savings account in a bank, savings and loan association, or other institution authorized to accept savings and interest which is received as a result of any contractual obligation.
(l)Lump Sum Income#
(l) Lump Sum Income
Lump sum income is any income received by an AU which is not recurring regular income. Lump sum income is usually nonrecurring in regard to amount and/or source. Lump sum income includes but is not limited to the following: retroactive social insurance payments, real estate commissions such as from sales, income from freelance work, net proceeds from sale of a crop and bonuses.
(SAR) (1) Lump sum nonrecurring payments are considered property under the semi-annual reporting system (see Section 42-209.2).
(AR/CO) Lump sum nonrecurring payments are considered property under the annual reporting system (see Section 42-209.2).