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• Time deposits, including IRAs and Keogh Plans • Guardianship accounts. 2615.10.05 SAVINGS AND CHECKING ACCOUNTS It is assumed that all of the funds in a savings or checking account are owned by and available to the individual designated as owner in the account title. If the account is jointly owned, it is to be presumed that all of the funds belong to each owner.10 The individuals are to be advised of this presumption and given the opportunity to rebut it. If an applicant/recipient rebuts, they are responsible for providing proof of ownership of the funds, which includes a record of deposits and withdrawals from the account.11 Following a successful rebuttal, the funds must be separated and placed in separate accounts. Only the funds actually belonging to the applicant/recipient will then be counted as a resource to the applicant/recipient. The resource value of savings and checking accounts is the balance in the account as of the first moment of the first day in which eligibility is being determined (see IHCPPM 2605.20.00).When determining the balance of a checking account for resource eligibility purposes, any checks that have not cleared the bank as of the date on which eligibility is determined are to be subtracted from the balance. Income is considered income in the month received, and a resource the month following. All income received in the previous month that was intended for that month counts as a resource in the following month. The only exception to this is early payments. For example, social security deposited the check on 01/03, but then deposited the February check early on 01/31. The second social security check should be deducted from the 02/01 bank balance. If a member routinely gets income at the end of the month, it is considered income in the month received and a resource the month after. If there are questions, submit to PAL. Example 1: The RSDI (Social Security) check is deposited on May 31st, but this is a June payment. Because it was deposited a day early, then it is considered as income for the month of June and will not become a resource until July. The RSDI deposit should be subtracted from the June 1st bank balance.

Example 2: As of the first moment of the first of January, the bank balance is $3,800. The member received a deposit of $1,000 on 01/03. A second deposit from the same company is made on January 31st. The last payment was deposited early and is considered income in the month of February. No income can be deducted from the bank balance in January. The beginning bank balance did not