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Chapter: 1600 Assets Program: CIC 1 1650.0000 Child In Care Each individual's assets must be considered to determine eligibility for public assistance.

This chapter presents requirements for determining eligibility based on assets. The chapter discusses policy for the following topics:

1. Asset Definition, 2. Asset Limits, 3. Asset Ownership and Availability, 4. General Determination of Asset Value, 5. Types of Assets: Definitions and Value Determinations, and 6. Transfer of Assets. 1650.0100 ASSET DEFINITION (CIC) This policy pertains to Title IV-E eligible children only. There is no asset limit or test for children in care that are Non Title IV-E Medicaid eligible.

Assets, liquid or nonliquid, are assets or items of value that are owned (single or jointly) by an individual who has access to the cash value upon disposition.

Liquid assets are cash assets or assets that are payable in cash on demand. Nonliquid assets are assets that cannot be readily converted to cash.

Assets of each member of the SFU must be determined. A determination of whether each asset should be included or excluded must be made. 1650.0200 ASSET LIMITS (CIC) The asset limit is the maximum amount of liquid and/or nonliquid assets that an assistance group can retain and remain eligible for public assistance.

The total countable assets for Title IV-E Child in Care cannot exceed $10,000.00. 1650.0206 Verification of Assets (CIC) Verification of all assets, except cash, is required when the total assets of the SFU are within $100 of the asset limit. The individual’s statement of the amount of cash is accepted. If it is clear from the individual’s statement that total assets exceed the limitation or if the individual is ineligible on another factor, assets need not be verified. 1650.0300 ASSET OWNERSHIP AND AVAILABILITY (CIC) Any individual who has the legal ability to dispose of an asset is considered the owner of the asset. The type of ownership (single or joint) of an asset determines to whom the asset is available and the value that is counted to the individual. 1650.0301 Joint Ownership (CIC) Joint ownership exists when the legal right to dispose of an asset is shared by more than one individual.