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DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE TRANSFERS 11/18 CHAPTER G PAGE 8  Signed statement by the person to whom the property was transferred;  A signed statement by the transferor, if the evidence above cannot be obtained and the sale was on the open market (not to a relative).

7. Current Market Value The current market value (CMV) of a resource is the going price for which it can be reasonably expected to sell on the open market in the geographic area involved. Use the CMV value of a resource at the time the resource is transferred. 7.1. Property Sold On the Open Market If the property was sold on the open market, the selling price is accepted as the CMV. If the property was not sold on the open market (e.g., it was sold to a relative), obtain a CMV estimate from a knowledgeable third party. Use the resource procedures that apply to the type of resource transferred to determine who an appropriate third party would be.

8. Compensation Compensation is the cash or other valuable consideration provided in exchange for the resource. Compensation can include real or personal property received by the individual in exchange for the resource. Compensation also may include in-kind support and maintenance or services to be provided to the individual because of the transfer. Compensation also may include assumption of the transferor's legal debt. A transferor receives compensation when he/she receives something of value pursuant to a legally binding agreement (e.g., a contract, a bill of sale, a deed) that was in effect at the time of transfer. The transferor may actually receive the compensation before, at, or after the actual time of transfer. If the individual received compensation equal to or greater than the transferred resource’s current market value, the transfer is a compensated transfer that does not impact eligibility. 8.1. Compensation For Cash Transferred Assume, absent evidence to the contrary, that an individual gets current market value when he/she spends cash resources. Purchases of goods and services are compensated transfers.