Page 751

West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 25 Chapter 5 Assets

For CDs, the amount deposited, plus any accrued interest, minus any penalties imposed for early withdrawal, is counted as an asset. Some funds held in CDs cannot be withdrawn prior to maturity under any circumstances. In this situation, the certificate is not an asset until the first month after it matures. For a joint checking or savings account, or jointly owned time deposit, refer to the jointly owned assets section under each program of assistance. The current month's income deposited in accounts is not counted as an asset for that month. See Section 5.3. Checks dated or posted before the usual check receipt date are treated as if they were received in the usual month of receipt. SNAP: • When excluded funds are kept in a bank account with non-excluded money, the normally non-excluded funds are excluded for six months from the date they were placed in the account. After six months, the exclusion ends and all money in the account is an asset. • Educational funds are excluded for SNAP, even when co-mingled with other funds. • When a non-AG member deposits his own money, for his own use, into the account of an AG member, the amount remaining in the account on the first day of the next calendar month is counted as an asset for the SNAP AG. SSI Medicaid Groups: • See Section 5.5.13 below for educational funds set aside for tuition and other educational expenses. • Bank accounts and CDs used in a trade or business are excluded as property essential to self-support. 5.5.4.B Dedicated Account for SSI Recipient WV WORKS and SSI Medicaid Groups: • When the SSI recipient is under age 18 and the Social Security Administration (SSA) requires the establishment of a dedicated account for past due monthly SSI payments, the amount in the dedicated account is excluded as an asset. This applies when the back-payment amount is deposited by SSA directly in the account and when it is deposited there at the discretion of the representative payee. These accounts may include checking, savings, and money market accounts. The exclusion continues until all funds in the account are depleted, or until SSA determines the account no longer meets