PM 07-04-09

The following documents and records are generally available from the unit to verify liquid assets:

  • Bank notes
  • Stock certificates
  • Bond certificates
  • Mortgages/notes
  • Securities
  • Credit union statements
  • Bank statements

If a client cannot verify their liquid assets, ask them to sign a Form 46 Bank Inquiry, to request the needed proof from the institution. Examples of proof from an institution are:

  • Bank records
  • Credit union records
  • Judgment and lien records
  • Savings and loan records

Lump Sum Payment

A lump sum payment is an asset starting with the month of receipt. A lump sum payment may include an amount for the first month of an ongoing benefit, such as, but not limited to, an IPE or a Social Security retroactive payment. The portion of a lump sum payment, if any, that is for a current month of an ongoing benefit is not a part of the asset, but is income for the current month.

  • revised textFederal tax refunds are exempt as an asset. There is no need to verify the federal refund. For non-categorically eligible SNAP units that report receipt of a Federal tax return, ask the unit what amount they received and subtract the refund from the total amount of assets prior to comparing to the asset limit. If the difference between the resources and the amount of the Federal tax refund is less than the resource limit, the unit remains eligible.

Example 1: On February 21, Ms. A applies for TANF and SNAP benefits for herself and her child. On the application Ms. A reports a savings account with $3400. At the interview, the worker asks Ms. A if she received a Federal tax refund in the last 12 months and she reports that she received a $1510 refund.

The worker subtracts the $1510 from the total assets of $3400 and is left with a balance of $1890. $1890 is below the TANF asset limit of $3000 for two people so Ms. A is eligible for TANF. The case is categorically eligible for SNAP so assets are exempt.

Example 2: Mr. S receives SNAP for his wife and two children. Mr. S is disqualified for an Intentional Program Violation so the unit is not categorically eligible for SNAP. During his March REDE interview, Mr. S reports a checking account with $2700. His worker asks if he has received a Federal tax refund in the last 12 months and he reports he received a $1600 refund.

The worker subtracts the $1600 from the total assets of $2700 and is left with a balance of $1100. Since Mr. S is not categorically eligible due to his IPV sanction, assets are nonexempt. The $1100 is below the SNAP asset limit of $2000 for three people so Mr. S is eligible for SNAP.

  • new textState income tax refunds are considered an available asset.

Note: The assets of a categorically eligible SNAP unit are exempt (PM 05-07-00).