June 8, 2008 by admin

2611. How are resources counted?

An individual's countable resources are determined as of the first moment of the month that an application for the extra help is filed or the month that eligibility is redetermined. A resource determination is based on resources the individual (or the individual and living-with spouse) have as of the first moment of the month.

Resources, other than cash, are evaluated according to an individual's equity in the resources. For purposes of determining eligibility for the extra help, the equity value of an item is defined as the price that item can reasonably be expected to sell for on the open market in the particular geographic area involved, minus any encumbrances. If resources are jointly owned, the individual's equity value is determined following SSI rules for determining ownership and equity (see §2152).

Cash an individual receives during a month is evaluated under the rules for counting income during the month of receipt. If the individual retains the cash until the first moment of the following month, the cash is countable as a resource unless it is otherwise excludable.

Last Revised: Apr. 18, 2006