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Chapter: 1600 Assets Program: CIC 8 1650.0531 Business Inventory (CIC) Property/inventory related to a business (a farm operated for profit) is included as an asset. The net value of the business inventory is the current market value minus any indebtedness. Business inventory includes items such as equipment, machinery or livestock.

The individual must provide information on:

1. the ownership of each item; 2. the type, make, model, and age of machinery; 3. the kinds and number of livestock; and 4. the amount of indebtedness on each item. 1650.0532 Verification (CIC) Sources of verification for farm business inventory include items such as:

1. inventory reports for equipment filed with the county tax assessor; 2. statements from reputable businesses knowing resale value of items; or the county agricultural agent. 1650.0534 Home (CIC) Home property is excluded as an asset, regardless of its value, if it is the individual's principal place of residence. Only one residence can be excluded under this provision.

A home is any shelter in which the individual has an ownership interest and that is used by the individual (and spouse, if any) as the principal place of residence. The home may be real or personal property, fixed or mobile, and located on land or water. The home includes all the land that appertains to it and the buildings located on such land. Houses, cooperative and condominium apartments, mobile homes, motor homes, and houseboats are examples of shelters that may qualify for exclusion. 1650.0541.01 Good Faith Effort to Sell (CIC) When the individual is making a good faith effort to sell property, it can be excluded for up to nine months if the family agrees to use the proceeds from the sale to repay the Temporary Cash Assistance received. The individual must provide evidence of good faith effort to sell the property prior to approval for assistance.

The parent or relative must sign a CF-ES 2672 form, Real Property Agreement, in the presence of a witness acknowledging that:

1. the family owns real property the value of which exceeds the $2,000 asset limit (or, when combined with other assets, the total value exceeds the limit), and 2. the family agrees to dispose of the property and to make repayment of any Temporary Cash Assistance benefits that would not have been received had disposal occurred at the beginning of the exclusion period.

Passages 1650.0541.02 - 1650.0541.04 provide additional policy on the nine month exclusion period.