Assets
Current Income
The EDG has $900 in a savings account and $900 in a checking account. The EDG received $400 in wages during the current month deposited into the checking account. The $400 current income is excluded as an asset for the current month, leaving $1,400 in countable assets.
Non-Member Assets
Mr. and Mrs. A have 2 children. Mrs. A is disabled and has gross income greater than 200% of the FPL. Each child owns savings bonds. The cash value of the savings bonds is $1,000 for each child. One child is an ineligible student. The EDG has no other assets. Do not count the ineligible student’s $1,000 cash value. The EDG has $1,000 in countable assets.
Jointly Owned Assets - Excluded Member Assets
Ms. J and Ms. B have a jointly owned checking account with a $3,000 balance. Ms. J and Ms. B can each access the full amount of the account without the other’s approval. The entire balance is countable to both Ms. J and Ms. B.
Excluded jointly-owned assets
Mr. W jointly owns a piece of property with his 6 siblings. Mr. W cannot sell the property without his siblings’ approval. Not all the siblings are willing to sell the property. The property is not countable for Mr. W.
Partial or No Ownership
Ms. A, age 56, is legally blind and lives alone. Ms. A added her daughter’s name to her checking account. Ms. F writes checks out of the account only to pay her mother’s expenses. Ms. F provides verification from her mother that the money in the account is only Ms. A’s money, and she only has her daughter’s name on the account to write checks to pay her bills. This account is not an asset to Ms. F, because the money belongs to Ms. A and the intent is that the money is used exclusively for Ms. A.
Loans
Mr. C. does not have enough money to pay his employees. Mr. C. takes out a loan for the purpose of paying his employees. The lender has a legal requirement placed on the loan that restricts the money from being used for purposes other than Mr. C. paying his employees’ wages. The loan is exempt as an asset.
Transferred Assets
An EDG with $2,400 in a savings account transferred ownership of non-excluded property worth $2,350 to try to qualify for SNAP benefits. The EDG’s asset limit is $4,500.
Calculate the disqualification period as follows:
· $2,350 countable value of the transferred property
+
· $2,400 bank account = $4,750.
· $4,750 - $4,500 asset limit = $250 over the asset limit.
Disqualify the EDG for 6 months, based on being $250 over the asset limit. See Disqualification Period Table.
Last Update
Source #: 15
Effective Date: 10/01/2024