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DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 112 61.2. Value — Publicly Traded Stocks The CMV of a stock as of the first moment of a given month is its closing price on the last business day of the preceding month. The values of over-the-counter stocks are shown on a “bid” and “asked” basis. For example, “18 bid, 19 asked.” Use the bid price as the CMV. The “par value” or “stated value” shown on some stock certificates is not the market value of the stock. Note: Broker fees do not reduce the value that stocks have as resources. 61.2.1. Verification The closing price of a stock on a given day can usually be found in the next day's regular or financial newspaper. If the value of a stock does not appear in the newspaper, the individual may use the internet or contact a local securities firm. Record the appropriate closing price and the source of the information. 61.3. Value — Stock That Is Not Publicly Traded The stock of some corporations is held within close groups and traded very infrequently. The sale of such stock is often handled privately and subject to restrictions. As a rule, it cannot be converted to cash within 20 working days. Note: Broker fees do not reduce the value that stocks have as resources. 61.3.1. Verification The burden of proof for establishing the value of this kind of stock is on the individual. The preferred evidence is a letter or other written statement from the firm's accountants giving their best estimate of the stock's value and the basis for the estimate, e.g.: • Most recent sale, • Most recent offer from outsiders, • CMV of assets less debts on them, • Cessation of activity and sale of assets, • Bankruptcy, etc.

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Page 123

Official source

DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 112 61.2. Value — Publicly Traded Stocks The CMV of a stock as of the first moment of a given month is its closing price on the last business day of the preceding month. The values of over-the-counter stocks are shown on a “bid” and “asked” basis. For example, “18 bid, 19 asked.” Use the bid price as the CMV. The “par value” or “stated value” shown on some stock certificates is not the market value of the stock. Note: Broker fees do not reduce the value that stocks have as resources. 61.2.1. Verification The closing price of a stock on a given day can usually be found in the next day's regular or financial newspaper. If the value of a stock does not appear in the newspaper, the individual may use the internet or contact a local securities firm. Record the appropriate closing price and the source of the information. 61.3. Value — Stock That Is Not Publicly Traded The stock of some corporations is held within close groups and traded very infrequently. The sale of such stock is often handled privately and subject to restrictions. As a rule, it cannot be converted to cash within 20 working days. Note: Broker fees do not reduce the value that stocks have as resources. 61.3.1. Verification The burden of proof for establishing the value of this kind of stock is on the individual. The preferred evidence is a letter or other written statement from the firm's accountants giving their best estimate of the stock's value and the basis for the estimate, e.g.: • Most recent sale, • Most recent offer from outsiders, • CMV of assets less debts on them, • Cessation of activity and sale of assets, • Bankruptcy, etc.