Tigers head of football operations Adam Pearson told BBC Radio Humberside: "We're getting nearly ?20,000 a week and it's a ?320,000 contribution.
"People may sniff at that but in the Championship that's an awful lot of money and more than pays for the three or four players we've brought in."
Pearson has been irritated by the figures that have been quoted in the press and was keen to put the record straight after suggestions that Ipswich had taken Bullard on loan until the end of the season for next to nothing.
And he has has revealed that Bullard's wages are a fifth of the club's entire playing budget for next season.
"We've set the budget for next year at around ?12m to get the club back on an even keel and Jimmy's salary is circa 20-21% of the budget," he said.
Source: BBC Sport
Source: BBC Sport