PM 07-04-09: Liquid Assets

WAG 07-04-09

The following liquid assets are nonexempt and are used to determine eligibility. These assets include, but are not limited to:

  • cash on hand,
  • checking or savings accounts,
  • credit union accounts,
  • savings certificates,
  • stocks or bonds, and
  • lump sum payments (considered available starting in the month of receipt, unless exempt under Federal Law).
    • Federal tax refunds received after December 31, 2009 are exempt as an asset. For non-categorically eligible SNAP households that report receipt of a Federal tax return, ask the household what amount they received and subtract the refund from the total amount of assets prior to comparing to the asset limit.
    • State income tax refunds are exempt for SNAP households that are categorically eligible.  For non-categorically eligible SNAP households, consider the State tax refund as a nonexempt asset in the month following the month of receipt.
    • new manual textSubstantial lottery or gambling winnings is a cash prize won in a single game, before taxes or other amounts are withheld, which is equal to or greater than its asset limit of New Manual Text$4,250. Substantial lottery or gambling winnings is nonexempt for categorically eligible households (including SNAP households receiving TANF and SSI income) and noncategorically eligible households (see PM 07-04-21).
  • An establishment-specific gift card, such as a department store gift card, that can only be used to purchase goods and services at the establishment offering the card is exempt as an asset and exempt as income.
  • A credit card company gift card, such as American Express, MasterCard, or Visa is considered as cash on hand, unless it is provided regularly and can be reasonably anticipated. If provided regularly and can be reasonably anticipated, consider a credit card company gift card exempt as an asset, but nonexempt as income.  

Note: The assets of a categorically eligible SNAP household (PM 05-07-00) are exempt, revised manual textunless the household receives substantial lottery or gambling winnings as a cash prize of New Manual Text more than $4,250 (see PM 07-04-21).