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Countable Resources
[EAS 63-501.1]
Liquid Resources
- Cash, savings and checking accounts, savings certificates, trust deeds, notes receivable, revocable trusts.
- Stocks and bonds.
- Nonrecurring lump sum payments:
- CalWORKs homeless payments for temporary shelter or permanent housing
- Cal-Learn bonuses for a good report card or high school graduation
- Insurance settlements
- Tax refunds
- Rebates or credits
- Retroactive Social Security or Railroad retirement
- Keogh plans established solely between AU members (Count the total cash value minus any penalty for early withdrawal.)
- Lottery winnings received in a single payment
- Vacation pay received in a single payment after employment ceases
- Rental or security deposit refunds
- Any unused portion of the VA educational program retained subsequent to the month of receipt will be counted as property.
- Motor vehicles. Refer to Leased Vehicles.
Value Determination
Count the equity value of a nonexempt property, except for motor vehicles which are treated differently. Refer to Motor Vehicles. To determine the equity value, subtract encumbrances (amount owed) on the property from its FMV.
- Fair Market Value - Encumbrance = Equity Value
Determine the Fair Market Value by:
- Obtaining two appraisals from reputable dealers and averaging the two appraisals, or
- Self-Certification Form for Motor Vehicles (CW 80).
Subtract the encumbrances (amount owed on the property) to determine the property’s equity value.
Refer to Equity Value to determine the equity value of a vehicle.
Encumbrances of Record
Encumbrances of record are obligations for which the property is security. They include, but are not limited to, the following:
- Loans which actually encumber the property. If the borrower should default on payment of the loan, the loaner expects to take over ownership of the property item.
- Attachments for debts or taxes.
- Chattel or secured transaction, mortgages and liens.
- The unpaid balance on the purchase price of property under a conditional sales contract.
- The amount paid on the principal for property sold under a conditional sales contract.
- Property liens established to repay CalWORKs grants.
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