430-1 RESOURCES DEFINED

430-1 RESOURCES DEFINED

Resources are any assets, including cash or any other real or personal property, that an individual (or the individual's spouse or alien sponsor, if any) owns and can convert to cash to be used for his or her support and maintenance.

Any cash or other property received from the sale, exchange, or other disposition of a resource retains the character of a resource. Such resource conversions are not considered to produce income.

Resources may be either liquid or nonliquid. This distinction is important for purposes of determining whether a resource may be excluded as non-business property essential for self-support, and whether the individual or couple whose resources exceed the resource limits might qualify for conditional benefit payments.

Liquid resources. Liquid resources include cash and any other resource that can be converted to cash within 20 working days. (Saturdays, Sundays, and federal holidays do not count as working days.) Examples are cash, stocks, bonds, mutual funds, promissory notes, personal and real property contracts or mortgages, and financial accounts (including joint accounts).

Note: Client statement is allowed regarding resources unless questionable. Cases that involve a trust still require expenditure review. A statement from the institution or an OPA ledger is acceptable verification of questionable resources.

Non-liquid resources. Nonliquid resources are all resources that cannot be converted to cash within 20 working days. Nonliquid resources include:

Personal property such as vehicles, machinery, livestock, household goods, and personal effects.

Real Property such as land, buildings, or other objects that are attached permanently to the land.

Some kinds of resources may be either liquid or nonliquid depending on whether they can actually be converted to cash within 20 working days.