Budgeting Income - Documentation Requirements
Documentation must explain discrepancies and support the decision made. Include the following information when documenting income and budgeting:
●Explanation of the income period used
●Explanation of why the income period was used
●Explanation why the income period was not used
●Explanation of how the income was determined
●Explanation of deductions such as earned Income tax credits (EITC), child support, etc.
●Explanation of why the income in the application is higher or lower than the amount budgeted
●Explanation, when applicable, of why the pay stubs in OnBase were not used
When hard copy verification is unavailable, the following information provided by a
collateral contact must be documented:
●Date of collateral contact
●Name, title, and phone number of the person providing verification
●Hourly wage
●Hours worked
●Pay period end date
●Actual pay date
●Frequency of pay
●Date changes occurred or are expected to occur
●Extra income, such as bonuses, tips, commissions and overtime
●Date income started
●Date income stopped