602-2 A. DEFINITION AND TYPES OF RESOURCES
Resources must be verified when questionable. See MS 601-4 for verification procedures. Sources of verification are described in the Administrative Procedures Manual. The following describes the definition of resources for purposes of SNAP.
1. Liquid Resources
Liquid resources are those
that can be readily converted to cash. Examples of liquid
resources include: cash on hand, uncashed checks, money in
a checking/savings account, money in a credit union, U.S. United States savings bonds, lump sum payments, stocks
and bonds, Crowdfunding accounts (GoFundMe, Kickstarter, etc.),
monies held by third parties, and bona fide loans. Refer to
MS 602-2B for a
list of exempt resources.
All bona fide loans received, other than deferred repayment educational loans, are counted as a liquid resource the month after receipt if the money is retained as cash or in a bank account.
Money in a crowdfunding account is considered an accessible liquid resource if the account was set-up by the household. If the account was set-up by someone outside of the household, the money in the crowdfunding account is not considered an accessible liquid resource until the funds have been given to the household.
The net value of liquid resources is the total amount of cash or liquid resources the household has.
The Eligibility Technician should count the actual value of funds accessible to the household at the time of interview.
Credit card company gift cards that can be spent as cash are considered cash on hand and are counted toward the resource test in the month after receipt.
Paul received a credit card company gift card from his mother two months ago with $1,200.00 preloaded on it when he moved into his new apartment. He states that he will not receive another gift card, no future funds will be deposited to this card it, and that there is $1,120.00 available now after purchasing a lamp. The $1,120.00 is counted as a liquid resource by the eligibility technician.
2. Non-liquid Resources
Non-liquid resources are those that cannot be readily converted to cash. Examples of non-liquid resources are real property such as houses, buildings and land, and personal property such as cars, trucks, boats, snow machines, planes, travel trailers, campers, business inventory, and livestock. Refer to MS 602-2B for a list of exempt resources.
Calculate the equity value of non-liquid
resources as follows:
Determine the fair market value. The fair market value is how much the household could reasonably expect to receive for the property if it were sold.
Subtract from the fair market value the amount the household owes on the property. The remainder is the equity value of the resource. Non-liquid resources with an equity value of $1500 or less are excluded. Refer to MS 602-2B(27).
3. Determining Resource Eligibility
Interview held during the month the application is filed - The total value of all household resources on the date of the interview is used to determine the eligibility for that household. If the household's total countable resources exceed the resource limit, the household is ineligible and the application is denied. The household can reapply anytime.
Interview held during the month following the month the application is filed - The total value of all household resources on the date of the interview is used to determine eligibility for both the month of application and the following month. If household resources exceed the limit on the date of the interview, the household is ineligible for both the month of application and the following month.
Participant Ongoing Households:
For prospective eligibility determinations, the value of the resources anticipated to be held by the household on the first day of the issuance month will be used to determine ongoing eligibility. Countable resources are considered held by the household until such time as they are spent, sold, or otherwise disposed of and the household no longer has interest or ownership in the resource.
4. Commingled Resources
When any money considered an exempt resource is commingled with a countable resource, the exempt portion is disregarded for six months from the date funds were commingled. After the six months the entire amount is counted toward the resource limit.
If only excluded money is in an interest bearing account, the interest earned does not constitute commingling with the excluded money. The interest, which must be counted as unearned income, is identifiable from the excluded funds through the account history of deposits.
Exempt resources that are kept separate and identifiable from other countable resources retain their exempt status indefinitely.