302.03 Resource Definitions (Eff. 10/01/05) Type Definitions Examples POMS All assets, including real and personal property, which an individual or couple: Home Owns Land Can apply toward Bank Accounts General basic needs of food, Burial Assets Definition clothing, and shelter – Life Insurance either directly or by Automobiles conversion Investments Is not legally restricted from use for support and maintenance Stocks, bonds and mutual fund shares Checking and savings Cash or items that are accounts, time deposits, Liquid readily converted to cash CDs Resources (within 20 days) US Savings Bonds, treasury bills, notes Mortgages and promissory notes Building, land, and real property rights Vehicles Farm machinery and Non-Liquid Are not cash and are not livestock Resources readily convertible to cash Household and personal effects Non-cash business property A resource, or part of a resource’s value, that is Exclusion (Refer to list in MPPM .) not considered in the eligibility determination Resources remaining after all exclusions are applied. Countable **The current or fair Resources market value of resources must be verified and the equity value considered.
302.03 Resource Definitions (Eff. 10/01/05) Type Definitions Examples POMS General Definition All assets, including real and personal property, which an individual or couple: Owns Can apply toward basic needs of food, clothing, and shelter – either directly or by conversion Is not legally restricted from use for support and maintenance Home Land Bank Accounts Burial Assets Life Insurance Automobiles Investments Liquid Resources Cash or items that are readily converted to cash (within 20 days) Stocks, bonds and mutual fund shares Checking and savings accounts, time deposits, CDs US Savings Bonds, treasury bills, notes Mortgages and promissory notes Non-Liquid Resources Are not cash and are not readily convertible to cash Building, land, and real property rights Vehicles Farm machinery and livestock Household and personal effects Non-cash business property Exclusion A resource, or part of a resource’s value, that is not considered in the eligibility determination (Refer to list in MPPM .) Countable Resources Resources remaining after all exclusions are applied. **The current or fair market value of resources must be verified and the equity value considered.
Chapter_302.docx