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Chapter: 2400 Budgeting Income Program: CIC 47 2. If income is received weekly, add four pay periods and divide by four to get the weekly average. 3. If income is received biweekly, add two pay periods and divide by two to get the biweekly average. 4. If income is received semimonthly, add two pay periods and divide by two to get the semimonthly average. 5. If income is received monthly, use the most recent month if representative.

The result of the above is called the averaged amount. With the exception of monthly amounts, the averaged amount described above must be converted to a monthly amount.

Note: When an individual has just begun or terminated a job in the current month, a full month's income is not budgeted but only that amount received in the month or anticipated to be received. 2450.0600 ROUNDING (CIC) When it is necessary to divide because of averaging or prorating, round the resulting amount to the nearest cent as follows:

Step 1 - Perform the division to three decimal positions; that is, to three positions after the decimal point. Step 2 - If the third decimal position is five to nine, round the amount to the next higher cent. Step 3 - If the third decimal position is four or less, round the amount to the next lower cent (that is, drop the third decimal position). 2450.0700 INCOME CONVERSION (CIC) Most income is received more often than monthly; that is; it is received weekly, biweekly, or semimonthly. Since eligibility and benefit amounts are issued based on a calendar month, income received other than monthly is to be converted to a monthly amount.

The following conversion factors based on the frequency of pay are used.

Weekly income (once a week): Multiply by 4.3. Biweekly income (every two weeks): Multiply by 2.15. Semimonthly income (twice a month): Multiply by 2.