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31 | P a g e October 25 Note: If the applicant owns real property that is being used for business purposes, the equity value of that property is considered Business Equity as opposed to a Resource. BUSINESS EQUITY – A household having equity value in business assets more than $29,290 is ineligible. Formula for determining equity value: Fair Market Value Less amount owing = Equity value* TRANSFER OF PROPERTY – LIHEAP benefits shall not be provided to any applicant or recipient who has deprived themselves directly or indirectly of any resources for the purpose of qualifying for LIHEAP. Any transfer of resources or interest in resources within twelve (12) months prior to the date of application without receiving adequate consideration shall be presumed to have been transferred to qualify for LIHEAP. This is a “rebuttable” presumption, and the LIHEAP applicant or recipient must provide documentation that the transfer of resources was not made for the purpose of qualifying for LIHEAP. It is the LIHEAP applicant or recipient’s responsibility to submit this documentation. 3.14 Resources: Included vs. Excluded Some types of resources could be either included or excluded in the eligibility determination process depending on the circumstance of the resource, such as whether the resource contract contains a statement or clause indicating it is “revocable” or “irrevocable”. Generally, “irrevocable or inaccessible = excluded” and “revocable or accessible = included”. Some examples of resources which could be either excluded OR included based on the circumstances of the resource: JOINTLY OWNED RESOURCES – Resource ownership is always presumed to rest with the primary applicant. This action, for the purpose of eligibility determination and notification, is a "rebuttable presumption". In other words, if the applicant can document lack of ownership, i.e., non-access to the resource, then the resource would be excluded. TRUST FUND ACCOUNTS – Trust fund accounts may be designated either revocable or irrevocable. • INCLUDE: A trust fund account is revocable if it can be terminated by the grantor of the trust. A revocable trust fund account is an accessible resource. • EXCLUDE: A trust fund account is irrevocable if: o The trust fund account is not likely to cease during the period of eligibility and the household members have no power to revoke the trust arrangement or change the name of the beneficiary; and