CASH AND CONVERTIBLE ASSETS

A. Checking and savings accounts or other accessible electronic deposits: 1. The current amount in a savings or checking account or other accessible electronic deposits is determined by verifying ownership and the available balance: a. From a copy of a current statement of the account; or, b. With the financial institution online, by phone, or in writing. 2. The balance in a joint account shall be considered available to the client in proportion to the number of persons on the account. a. If the co-owner of the joint account is the client's legal fiduciary, such as a guardian, conservator, or power of attorney, the account shall be considered to be 100% owned by the client and all funds in the account shall be considered available to the client. b. If the client establishes by a preponderance of evidence that the intent of ownership is other than the client's equal and proportionate share of the account balance, the county department shall apply the prudent person principle to the evidence to determine the amount to be considered available to the client. c. In cases where the client has no interest in the account, the county department shall request a change in the account designation removing the client's name, and submit the original and revised account records showing the change was made. B. Convertible assets 1. The value of a retirement or pension account is determined as follows: a. The gross value of the account, less any taxes due, is the amount that is countable as a resource, regardless of whether the client, spouse of the client, or sponsor(s) of the client is receiving any monthly income from the account. b. If the client is not able to provide the amount of taxes that are due, the value shall be determined by deducting 20% from the gross value of the account. 2. The fair market value of stocks, mutual fund shares, municipal, corporate or government bonds, and other securities is based on the price as of the opening of the market on the date their value is determined by the county department. The market price is obtained from the published quotations on the internet or by contacting a local securities firm. a. The value of stocks traded over-the-counter is expressed on a “bid” and “asked” basis. In such cases, the bid price is used to determine the market value. b. When stocks or other securities have no locally determinable value, the market value is requested from the issuing company. The office of the Secretary of State in each state will supply the address of the issuing company and information as to whether the stock is still on the market. 3. The current cash value of U.S. savings bonds, treasury notes, and similar investment vehicles is determined from the value tables appearing on the bonds themselves, through the online treasury direct system, or by contacting a financial institution. 4. The equity value of mining claims and oil, mineral or water rights, if assessed separately from land, is determined by using the equity value established by the current market value. C. A county department may selectively contact one or more financial institutions to establish whether a client has any account at the institution or has an account in addition to one declared. The client's signature on the application provides authorization to make such contacts.