PM 07-01-06

Verify personal property as follows:

Liquid Assets in Banks and Savings Institutions

Use the following items to verify bank and savings assets:

  • Current bank books or statements
  • Current credit union statements
  • Current savings and loan association statements
  • Savings certificates
  • Records of banks (Form 46, Bank Inquiry, may be used)
  • Records of other institutions
  • Discuss with the client the contents of a safe deposit box. Accept the client's statement on the contents of the safe deposit box, listing the contents in the case record. You do not need to view the contents of a safe deposit box to verify the client's statement unless there is a good reason to doubt their statement. In such a case, the caseworker should make an appointment with the client to view the contents of the box.

Any individual nonexempt assets in a safe deposit box, such as stocks, bonds, etc., must be verified.

Stocks, Bonds, and Other Securities

Use the following items to verify stocks, bonds, etc.:

  • Certificates on documents
  • Records of stock broker
  • Records of firm issuing stock

List in the case record all stocks and bonds, give a complete description of each security including:

  • complete name of the issuing company, along with the name of the transfer agent, if one is named;
  • address of principal office, if not available, give the name of the state in which the company is incorporated;
  • number of the certificate and date issued;
  • number of shares and kind (common, preferred);
  • kind of Bond and denomination (e.g. mortgage, debenture, $1000, $500, $100);
  • interest rate of bond, and whether the interest coupons have been clipped to date;
  • current market price; and
  • co-owner, if there is one.

If you cannot get the above information, send a description of the security along with a Form 34, Consent to Release of Information, signed by the owner of the security, to the Bureau of Program and Field Management Services in Springfield.

Farms and Small Businesses

Complete a Form 210, Farm Work Sheet, to document income producing farm assets. Complete Form 210 at initial application or at REDE, regardless of whether or not the farm is actually producing income.

NOTE: Grain being held for sale at an advance in price is not exempt, since it can be sold at any time.

Complete a Form 0191, Schedule for Small Business, to document income producing business assets. Complete Form 191 at initial application or at REDE, regardless of whether or not the business is actually producing income.

When completing a Form 210 or Form 0191, obtain the cash market value of equipment from a dealer or auctioneer in new or used equipment of that type. When requesting an evaluation, provide a complete description of the article.

If you have problems getting enough information to establish the value of the business or farm equipment, contact the Bureau of Program and Field Management Services in Springfield.