An asset is real or personal property. Specific assets are exempt when figuring eligibility. Use the equity value of nonexempt assets when figuring eligibility. Equity value is the face or market value of an item minus any debts owed against it.
If the value of a noncategorically eligible (PM 05-07-00, PM 05-07-02 ) SNAP unit's nonexempt assets exceeds the asset limit the unit is ineligible.
A noncategorically eligible SNAP unit must report all assets at application. See PM 18-04-00 for changes the SNAP unit must report during the approval period.