|
|
Resources
Resource determinations are made as of the FIRST MOMENT OF THE MONTH. Any applicant/recipient whose countable resources are below the limits as of the first moment of the month meets the resource requirement for the ENTIRE month. Refer to Timing of Resource Determination.
In general, resources are defined as cash or other liquid assets, or any real or personal property, that an individual (or spouse) owns which could be converted to cash to be used for support and maintenance.
If an individual has the right, authority or power to liquidate property or a share in property, the proceeds are considered a resource. If a property right cannot be liquidated, the property will not be considered a resource.
Resources, unlike income, do not affect payment amounts; they only affect eligibility. If countable resources exceed the limits listed below, the person is not eligible for any payment. Refer to Resource Limits.
Resource Limits
Individual
The resource limit is $2,000 for an individual.
Couple
The resource limit is $3,000 for a couple.
The couple resource limit is the same regardless of whether one or both members of the couple are eligible for CAPI. A couple member’s individually owned asset is counted toward the joint couple limit.
Exception: Pension funds owned by an ineligible spouse are excluded from countable resources. Pension funds are defined as funds held in an IRA or in a work-related pension plan, such as a Keogh plan.
Timing of Resource Determination
Resource determinations are made as of the FIRST MOMENT OF THE MONTH. Any applicant/recipient whose countable resources are below the limits as of the first moment of the month meets the resource requirement for the ENTIRE month.
Any increase or decrease in the value of a resource is not counted until the first of the following month.
When an individual first receives property, it is income and should be counted under the income rules. It becomes a resource the following month. Some income items, however, are excluded for one or more months before they become a countable resource. Refer to Retroactive Aid Payments and 9-Month Exclusion.
If the individual has the right, authority or power to liquidate property or a share in property, the proceeds are considered a resource. If a property right cannot be liquidated, the property will not be considered a resource.
If an applicant or recipient sells, exchanges, or replaces a resource, the receipts (or increased values) are not income, but considered a resource conversion.
Related Topics