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IMA POLICY MANUAL
PART VI: FINANCIAL ELIGIBILITY REQUIREMENTS
CHAPTER 1: Determining Countable Assets
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A burial space includes customary items for a deceased's bodily remains such as a:
- Grave site (burial plot);
- Mausoleum, crypt, or niche; or
- Casket or urn.
Also included are necessary improvements such as a:
- Vault, outside receptacle, or rough box;
- Headstone, marker, and/or plaque;
- Burial container;
- Opening and closing of the grave site; and
- Care and maintenance of the grave site (endowment care).
Exclude the value of burial space items, provided the items are identified separately from the value of non-burial space items.
Exclude one burial space for each person for whom assets are counted (see Chapter 2: Whose Assets are Counted in this Part). |
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Exclude all accounts receivable, promissory notes, and loan-related assets. |
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Cash that is countable as income is not an asset in the month received (see Section 1.12: Income in this Chapter). Current assistance payments (TANF, GC, IDA, SSI, and so on) are not an asset in the month received. See Section 1.21: Non-recurring Lump Sums and Accrued Benefits in this Chapter for information on the treatment of lump sum cash awards including retroactive benefit payments.
Unless otherwise excluded based on the origin of the cash, cash on-hand is considered an asset.
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Earned Income Tax Credit (EITC) 1.8
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Exclude all EITC payments. |
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Exclude all energy assistance payments, including payments made in a prior month that were intended to cover expenses in a previous month but were not spent. |
Higher Education Savings Plans 1.9a
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Section 529 College Savings Plans are higher education savings plan trusts established under Section 529(b) of the Internal Revenue Code as "qualified tuition programs." Through these plans, individuals may make inverstments for the purpose of accumulating savings for qualifying higher education costs of beneficiaries.
Exclude all Section 529 College Savings Plans. |
Household and Personal Goods 1.10
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Exclude household goods customarily found in the home and intended for its maintenance, use, or occupancy such as:
- Furniture and furnishings;
- Appliances;
- Carpets;
- Dishes and utensils;
- Televisions and audio equipment; and
- Household tools and equipment.
Exclude personal goods (incidental items for personal use) such as:
- Clothing;
- Watches and jewelry;
- Exercise equipment; and
- Musical instruments.
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Inaccessible assets, also known as 'unavailable assets,' are assets which the group can neither use for ongoing support nor sell. Examples of unavailable assets include but are not limited to irrevocable trust funds, security deposits on rental property or utilities, property in probate, and real property which the household is making a good faith effort to sell at a reasonable price and which has not been sold or is unlikely to produce any 'significant return' or any 'significant amount of funds' for the support of the group.
Significant return means any return, after taking into account estimated costs of sale or disposition and the ownership interest of the household, that is estimated to be one-half or more of the applicable asset limit for the household. 'Any significant amount of funds' means any funds amounting to one-half or more of the applicable asset limit for the household.
Assets having cash value which are not accessible to the group are exempt. |
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Countable income (see Chapter 4: Determining Countable Income in this Part) is not an asset in the month received.
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A May 10th bank deposit of Mr. Carreon's paycheck is not an asset for May, but funds remaining in the account in June will be considered assets.
The amount of the paycheck is considered income, not assets, for May. |
When income must be averaged or prorated (such as self-employment, or farm and rental income), exclude the resulting assets for the months of proration. |
Income-Producing Assets/Essential to Self-Support 1.13
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Exclude the portion of a non-cash asset (such as a separate parcel of land) necessary to maintain and use a vehicle for producing income for someone whose assets are counted (see Chapter 2: Whose Assets are Counted in this Part). This exclusion applies even if the group can convert the asset to cash or a parcel of property is in effect subdivided contrary to an ordinance or law.
Income-producing assets are excluded as long as they produce a return consistent with their value. In addition, for self-employed farmers, exclude assets, including land, equipment, and supplies, essential to self-employment of a unit member engaged in farming. Upon terminating farming as self-employment, continue to exclude essential self-support farming assets for one year.
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SR (excluding SSI Recipients): In addition, the assets of a blind or disabled individual that are essential to the fulfillment of a Department-approved self-support plan are non-countable for as long as the self-support plan remains in effect. Such assets must be specified in the plan for self-support in accordance with the policies governing the deductions for achieving self-support (see Section 6.4: Income Disregards and Deductions in thei Part.)
QM: See SR.
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Exclude income tax refunds not consisting of an EITC. See Section 1.8: Earned Income Tax Credit (EITC) in this Chapter for a description of the treatment of the EITC. |
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Exclude Indian lands jointly held with a tribe and land that can only be sold with the approval of the Department of Interior, Bureau of Indian Affairs. |
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