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DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 86 43.6.1. Resource Value Since accelerated payments can be used to meet food, or shelter needs, the payments are income in the month received and a resource if retained into the following month and not otherwise excludable 43.7. Verification Ask the individual to submit: • All the life insurance policies he or she owns; • The most recent annual dividend statement issued for each policy; and • Documents that verify the amount of additional insurance purchased with dividends • Documents verifying any loans against a policy If examination of a policy does not reveal an item of needed information, obtain that information from the individual's agent or the insurance company.

44. Loans A loan is a transaction whereby one party advances money to, or on behalf of another party, who promises to repay the lender in full, with or without interest. The loan agreement may be written or oral, and must be enforceable under Virginia law. Loans may be formal or informal. • An informal loan is a loan between individuals who are not in the business of lending money or providing credit. An informal loan can be oral or written. An informal loan is “written” when the parties to the loan commit to writing the terms of their agreement. • A formal (e.g., commercial) loan is a loan between an individual and an entity that is in the business of lending money or providing credit. Note: Federal Educational Loans (Federal PLUS Loans, Perkins Loans, Stafford Loans, William D. Ford Loans, etc.) under Title IV of the Higher Education Act (HEA) are excluded from resources and income. See Chapter E – 32.1 and Chapter I – 29.2.

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Page 97

Official source

DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 86 43.6.1. Resource Value Since accelerated payments can be used to meet food, or shelter needs, the payments are income in the month received and a resource if retained into the following month and not otherwise excludable 43.7. Verification Ask the individual to submit: • All the life insurance policies he or she owns; • The most recent annual dividend statement issued for each policy; and • Documents that verify the amount of additional insurance purchased with dividends • Documents verifying any loans against a policy If examination of a policy does not reveal an item of needed information, obtain that information from the individual's agent or the insurance company.

44. Loans A loan is a transaction whereby one party advances money to, or on behalf of another party, who promises to repay the lender in full, with or without interest. The loan agreement may be written or oral, and must be enforceable under Virginia law. Loans may be formal or informal. • An informal loan is a loan between individuals who are not in the business of lending money or providing credit. An informal loan can be oral or written. An informal loan is “written” when the parties to the loan commit to writing the terms of their agreement. • A formal (e.g., commercial) loan is a loan between an individual and an entity that is in the business of lending money or providing credit. Note: Federal Educational Loans (Federal PLUS Loans, Perkins Loans, Stafford Loans, William D. Ford Loans, etc.) under Title IV of the Higher Education Act (HEA) are excluded from resources and income. See Chapter E – 32.1 and Chapter I – 29.2.