Page 27

resource is the current market value less the legitimate expenses related to the sale of the shares. • Municipal, Corporate, and Government Bonds o A bond is a written obligation to pay a sum of money at a future specified date. It is a negotiable instrument and is transferable. o The eligibility worker must verify the current market value of bonds by contacting a securities dealer. As with stocks and mutual fund shares, expenses related to the sale of a bond must be deducted from the current market value to determine the cash value to be counted as a resource. • United States Savings Bonds o A United States Savings Bond is an obligation of the federal government but, unlike other government bonds, it is not transferable in that it can only be sold back to the government. o Although many bonds have a table of values on the reverse side of the bond, it is often inaccurate because the interest rate may have changed since the bond was issued. Therefore, the eligibility worker should contact a bank to verify the current value. Also, the Department of Treasury's web site can be used to calculate the value of bonds. Home — TreasuryDirect (www.treasurydirect.gov)

2615.45.05 CRYPTOCURRENCY/VIRTUAL CURRENCY (S)

Cryptocurrency/virtual currency is a non-exempt, non-excludable resource. It is not considered legal tender nor is it considered a household goods or personal effect. It can be used to obtain goods and services, but some virtual currency can be exchanged for real currency. (f11) 2615.45.05.05

DETERMINING VALUE OF CRYPTOCURRENCY/VIRTUAL CURRENCY (S)

For the purposes of determining SNAP eligibility, the value of available resources is determined at the time of interview; therefore, the current market value of cryptocurrency/virtual currency (such as Bitcoin, Litecoin, etc.) should be determined at the time the household is interviewed. The applicant/recipient needs to provide a current account statement showing the number of virtual coins owned.

If the virtual currency is listed on an exchange, the value should be determined by using that exchange. If the virtual currency is not held on an exchange, utilize www.coinbase.com to determine the value. The exchanges website and the exact exchange rate at the time of verification must be documented in case notes. (f12) 2615.50.00 MORTGAGES, LOANS, AND PROMISSORY NOTES

A negotiable mortgage, loan, or promissory note held by an individual is a countable resource. Such items are negotiable when they can be sold (there is no legal barrier to the transfer of ownership). The value counted as a resource is the amount of the outstanding principal balance. Also, any payment received on the principal is a resource. The interest portion of any such payment is unearned income.