B Contract Income
 
(07/01/13 – 10/31/13)
Contract income is money paid to a participant based on a written agreement. When the contract is signed by the employer and the employee, both are legally bound by the terms of the agreement.
 
When the employer or employee can terminate an employment relationship at any time with or without any advance warning and with no subsequent liability, the contract is considered at-will employment. This does not change how the income is budgeted.
 
The earnings received, or expected to be received, based on contract employment are COUNTABLE.
 
NOTE Key contract income according to the policy and procedures in Budgeting Contract Income.