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Chapter: 1600 Assets

Program: FS 6 1610.0506 Verification of Bank Accounts (FS) Information required for verification of an individual's bank account assets includes the:

1. type of account, 2. name and location of the financial institution, 3. names of any joint owners, and 4. amount of the balance.

The current bank account statement or other statements from the facility are verification sources.

Verification of a time deposit certificate must include information on when the funds can be withdrawn and any penalties for early withdrawal. If the individual cannot provide this information, the eligibility specialist must request the information from the individual's financial institution. 1610.0508 Funeral Agreement (FS) Funeral agreements are any arrangements with a legitimate funeral service provider to pay for burial expenses. Examples of funeral agreements include items such as burial trusts and any burial contracts regardless of whether they are revocable or irrevocable.

Each assistance group member can exclude a maximum of $1,500 of equity value in a single funeral agreement. Any additional funeral agreement amounts are included as an asset. 1610.0516 Burial Spaces (FS) One burial space per AG member is excluded.

"Burial space" means a casket, urn, grave site, burial plot, crypt, mausoleum, niche, or other repository customarily and traditionally used for a decedent's bodily remains. It also includes necessary and reasonable improvements or additions to such space, including but not limited to vaults, headstones, markers or plaques. 1610.0517 Verification of Burial Spaces (FS) For food stamps the individual's statement is acceptable verification. 1610.0518 Cash (FS) Cash includes money the individual owns no matter where it is located. 1610.0519 Verification of Cash (FS) The individual must provide information on the amount of cash they have on hand. While an individual's statement of actual cash on hand is accepted without verification, the individual must be made aware that cash on hand includes amounts in the individual's personal possession; amounts the individual may have at home; and amounts being held for the individual elsewhere. 1610.0520 Lump Sum Payments (FS) A lump sum payment is considered an asset in the month of receipt and is excluded as income unless the lump sum payment meets an exception below. Lump sum payments are defined as money (unearned) received in the form of a non-recurring lump sum payment including, but not limited to: income tax returns, rebates or credits; retroactive lump sum Social Security, SSI, Earned Income Tax Credit, Child Tax Credit, public assistance, railroad retirement benefits, or other payments; lump sum insurance settlements; or refunds of security deposits on rental property or utilities.

Exception: Federal income tax returns, including refundable tax credits (EITC and Child Tax Credit) and over-withholding (tax refunds) are excluded as income and assets in the month of receipt and will continue to be excluded as an asset for 12 months from the date of receipt.