Lump Sum Payment Request - Western Illinois University 2025

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A lump sum is any one-off payment you receive. This can be any amount of money. Lump sums and one-off payments are treated as capital rather than income. Any regular payment is treated as income. Most lump sums will count towards your savings.
A lump-sum payment is an amount paid all at once, as opposed to an amount that is paid in installments.
A lump sum payment can come in the form of a bonus from your job, an insurance claim or settlement, a tax refund, an inheritance, or even winning the lottery.
A lump sum is a one-time payment to an employee. Examples are bonuses, commissions, severance, and vacation payouts.
This is the cash equivalent of an early leavers accrued benefits (taking account of both member and employer considerations), which can either be used to buy an annuity or paid into a registered pension scheme A short service refund lump sum is limited to the amount of contributions actually paid by a member.

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Unlike traditional funding models, which reimburse specific expenses, lump sum funding allocates a fixed amount to cover the entire project. This model eliminates the need for detailed financial reporting, making the process more efficient for both beneficiaries and funding bodies.

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