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Chapter: 1600 Assets

Program: FS 4 1610.0321 Assets Unavailable - Circumstances Beyond Control (FS) Assets unavailable due to circumstances beyond the individual's control are not considered in the determination of eligibility.

The individual must present convincing evidence to prove the asset is unavailable to him due to circumstances beyond his control. The eligibility specialist will make an independent assessment of the availability based on the evidence presented. Additional guidance can be requested from the Region or Circuit Program Office, Circuit Legal Counsel, or Headquarters through the Region or Circuit Program Office. 1610.0400 GENERAL DETERMINATION OF ASSET VALUE (FS) The value of an individual's assets is based on the total value of the assets at the time they become available. In order to be eligible, an individual's assets must be within the program limits at the time of the interview. 1610.0403 When Asset Value Affects Eligibility (FS) For an initial application, assets must be within program asset limits at the time of the interview. Following approval, an assistance group may become ineligible on assets at any time during their program participation. If the assistance group acquires an asset, the eligibility specialist must determine whether or not the asset affects eligibility at its acquisition. 1610.0407 Definition of Actual Value (FS) For assets that are in cash, or payable in cash on demand, the actual value is the cash value. For other forms of assets, the actual value is the fair market value (the amount of cash that could be received by selling or converting the asset). 1610.0409 Conversion of Assets (FS) Proceeds, including cash, from the sale of an asset or conversion of an asset from one form to another are considered assets rather than income. The proceeds of the item to which the asset is converted must be evaluated to determine if they affect eligibility, and if so, the value of the new asset.

Verification concerning the new asset must be obtained regardless of whether a liquid or nonliquid asset is involved. For example, an individual may have an automobile (nonliquid asset) which he sells for cash (liquid asset), or he may have cash, which he uses to purchase an automobile. In either case, the conversion or sale does not result in income to the individual. The newly acquired item is an asset subject to all asset valuation policy. 1610.0500 ASSETS: DEFINITIONS AND VALUE DETERMINATIONS (FS) The different types of liquid and nonliquid assets are discussed alphabetically in the following subsections. The policies assume that the assets are owned by and available to the individual unless noted otherwise. Refer to policy on asset ownership and availability described in passages 1610.0300 through 1610.0321. Refer also to Chapter 2200, Standard Filing Unit, which describes whose assets must be considered.