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Chapter: 1800 Income Program: MFAM 7

When an individual is the borrower, proceeds of a loan received are excluded as income.

When an individual is the lender the interest portion of the payment received is included and the principal portion of the payment received is excluded as income. 1830.1303 Trusts (MFAM) Monies that are withdrawn from a trust fund by the assistance group are to be considered income in the month of receipt. Dividends and/or interest from the trust, which the assistance group has the option to receive or reinvest in the trust, are included as income. 1830.1305 Prizes and Awards (MFAM) Cash prizes and cash awards are included as income.

An award is generally something of value received as a result of a decision or judgment of a court, board of arbitration, or similar action. Awards are almost always cash or its equivalent. 1830.1400 LUMP SUM PAYMENTS (MFAM) Lump sum payments are received as non-recurring amounts of money and include but are not limited to: retroactive payments from Social Security, railroad retirement benefits, insurance settlements, and refunds of security deposits on rental property and utilities. These payments are counted as income in the month received.