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Child Care Assistance Program Policy Manual Issued 05/2022 Evaluating assets 4.12.3 If a family declares their assets are more than $1 million, follow up with the family to determine if all assets declared are countable. Request verification of assets Send the family a Memo requesting verification of their assets. Allow 15 days to provide verification. See Chapter 7.1 (Verification Due Dates). Sample text: You reported assets of more than $1 million. To get help with child care, countable assets must not be more than $1 million. For all family members, submit verification of: • Cash: Send a signed statement. • Bank accounts (checking, saving, money market, debit cards, matured Certificate of Deposits): Send bank statements. • Stocks, bonds, pension, and retirement accounts you can access without penalty: Send statements. • Vehicles (cars, trucks, vans, campers, motorcycles, and trailers): Send each vehicle’s year, make, and model. • Property: Do not include your home or any property for self-employment. Send property statements for other property. • Business accounts used to pay expenses not related to the business. CCAP will deny your request if countable assets are more than $1 million or if you do not submit verification. Any form of verification is acceptable if it confirms the client’s statement. Do not demand a specific document or form of verification. When proof is not available despite the efforts of you and the family, get a signed statement from the family. See Chapter 7 (Verification). When you receive verification, follow the guidance in Chapter 4.12.6 (Calculating countable assets) to determine the value of the family’s countable assets. Countable assets do not exceed $1 million Determine eligibility as usual if: • The family returns requested verifications AND • The value of the family’s countable assets does not exceed $1 million. Send a Memo informing the family their countable assets are below the limit. Include the calculated value of their countable assets, and remind the family that they must report within 10 days if their countable assets go above $1 million.