Code of Massachusetts Regulations
106 CMR - DEPARTMENT OF TRANSITIONAL ASSISTANCE
Title 106 CMR 363.000 - Supplemental Nutrition Assistance Program: Financial Eligibility Standards
Section 363.130 - Countable Assets

Universal Citation: 106 MA Code of Regs 106.363

Current through Register 1531, September 27, 2024

Countable assets are all those that must be included in determining the total value of the household's assets. If an asset is jointly owned, the value available to the household shall be determined in accordance with 106 CMR 363.120. Assets shall be distinguished from income as defined in 106 CMR 363.200.

Assets counted in determining financial eligibility include, but are not limited to:

(A) Cash.

(1) Definition. Cash is currency, checks, or bank drafts in the possession of, or available to, the household.

(2) Verification. The amount of cash shall be countable at application, recertification, and when a change is reported.

The household's declaration of the amount of cash available shall be sufficient verification.

(B) Bank Accounts.

(1) Definition. Bank accounts may be in the form of savings, checking, trust accounts, term certificates, or other types of accounts held at banks, savings or loan institutions.

Funds in a bank account are considered available when a member of the household has both ownership of, and access to, the balance of funds in the account.

(2) Joint Bank Accounts. If a household member is a co-holder of a joint bank account, the entire amount on deposit shall be considered available as an asset unless the household demonstrates otherwise.

Crowdfunding accounts (e.g., GoFundMe and Kickstarter) shall also be considered liquid resources if funds are accessible to the household. The actual value of funds accessible to an accountholder shall be counted as a liquid resource.

A household member who states that he or she is not the owner, or is only partial owner, of the funds must verify ownership of the funds. A household member who states that he or she has no access, or only partial access to the funds must verify lack of access.

(3) Verification of Access to and Ownership of Bank Accounts. Claimed lack of access and ownership must be verified. (See Inaccessible Assets). If lack of access is verified, the funds will not be considered available to the household. If the verification submitted does not demonstrate lack of access, the case manager shall then determine ownership.
(a) Verification that a household member lacks access to and ownership of the funds may be demonstrated by the household member's having his or her name removed from the account.

(b) If the verification specified in 106 CMR 363.130(B)(3)(a) is not provided, a household member shall verify lack of ownership of all or a portion of a bank account by providing at least two of the following which demonstrate such lack of ownership:
1. Documents showing the origin of the funds, who opened the account, or whose money was used to open the account;

2. Federal or state tax records showing who declares the tax on the interest income received;

3. Records of who makes deposits and withdrawals and, if appropriate, of how withdrawn funds are spent;

4. Any reasonable evidence of relevant written or oral agreements made between the parties listed on the account or by someone who established or contributed to the account, with respect to the ownership of the funds in the account;

5. Evidence as to why the household member is listed on the account.

If the household member states that he or she does not own the account but is listed as a co-holder solely as a convenience to the other co-holder to conduct bank transactions on his or her behalf, proof of the age, relationship, physical or mental condition, or place of residence of the co-holder shall also be provided;

6. A signed, notarized statement from the household member and from either one of the individuals listed in the joint account, or a person who established or contributed to the account, that the household member had no knowledge of the existence of the account; and

7. If only one of the items listed in 106 CMR 363.130(B)(3)(b)1. through 7. is available and if the other individual(s) listed on the account or who has opened or contributed to the account is unavailable, unable or unwilling to provide a statement, the household member may provide a signed statement attesting under penalties of perjury as to the ownership of funds in the account.

A document or piece of evidence submitted to verify a particular fact shall not count as more than one verification under 106 CMR 363.130(B)(3)(b)1. through 7.

However, a document, piece of evidence or a statement may address more than one fact needed for verification.

(4) Verification of Bank Account Balances. Bank account balances must be verified at application, recertification, and at times of reported change. The amount shall be verified by bank books, bank statements or online printouts that show the bank balance within 45 days of the date of the application, recertification, or reported change.

If at recertification the household member declares a balance of $25 or less in an account, other than a checking account, verification shall not be required if the balance was $25 or less at the last eligibility determination and the account balance, in combination with other countable assets, is not over the asset limit. The household's declaration shall be recorded in the case record.

(C) Securities.

(1) Definition. Stocks, bonds, options, futures, contracts, debentures, mutuals, exchange-traded and money market funds, government, bank, corporate or promissory notes and other financial instruments are countable assets. Tradeable securities are valued at the most recent closing bid price, and non-tradeable securities are valued at current equity value. A security for which there is no market or which is inaccessible shall be noncountable.

(2) Verification. Verification of the current value of each security owned is mandatory at application, recertification, and when a change is reported.

Verification of the value of a security can be made by:

(a) a written statement or online printout from the individual, corporation, licensed stockbroker, bank, or government agency that issued the security;

(b) a current newspaper article showing the date and closing price;

(c) a statement from any bank or other financial services institution of the current value of the security; or

(d) documentation from a current financial publication.

A claim that a particular security has no market value shall be verified by one of the verifications listed in 106 CMR 363.130(C)(2)(a) through (d).

A claim that a security is inaccessible shall be verified in accordance with 106 CMR 363.140(F).

(D) Nonrecurring Lump Sum Payments.

(1) Definition. Money received in the form of a nonrecurring lump sum payment includes, but is not limited to, income tax refunds; rebates or credits; retroactive lump sum Social Security benefits, public assistance, and railroad retirement benefits; lump sum insurance settlements; and refunds of security deposits on rental property or utilities. These payments shall be counted as an asset in the month received, unless exempted by 106 CMR 363.140.

When the receipt of the lump sum payment puts a household over the asset eligibility limit, the Department shall notify the household and shall allow the household to update its entire asset statement. If the household declines to update the asset information, the Department shall begin action to terminate the household's eligibility in accordance with 106 CMR 366.200: Notice of Adverse Action.

(2) Verification. Lump sum payments shall be verified by one of the following:
(a) a copy of the benefit or award letter;

(b) a copy of the check or payment document; or

(c) a written statement from the agency or person making the payment.

(E) Land or Buildings.

(1) Definition. The equity value of all land or buildings shall be counted in the determination of the household's eligibility unless exempted as specified in 106 CMR 363.140(A) and (E).

Equity value is the fair market value less any liens or encumbrances.

Fair market value is the price for which the real estate will sell in the geographic area.

(2) Verifications. The fair market value and equity value of all countable land and buildings owned by the household exclusive of the home and lot as defined in 106 CMR 363.140(A) shall be verified at application and recertification when the information provided by the household is questionable and affects the household's eligibility or benefit level.

Fair market value shall be verified by a copy of the most recent tax bill or the property tax assessment that was most recently issued by the taxing jurisdiction, provided that the assessment is not:

(a) a special purpose assessment;

(b) based on a fixed rate per acre method; or

(c) based on an assessment ratio or providing only a range.

If a current property tax assessment is not available or the household wishes to rebut the fair market value determined by the Department, a comparable market analysis or written appraisal of the value of the land or buildings from a knowledgeable source shall establish the fair market value. A knowledgeable source shall be a licensed real estate agent or broker, a real estate appraiser, bank, savings and loan association, or similar organization, or an official of the local real property tax jurisdiction. The household shall be notified how to rebut the Department's fair market value determination. The household can rebut the fair market value determined by the Department at any time.

If the lender is an organization, the verification of liens or encumbrances on the land or buildings shall be by copies of documents showing the outstanding balance of the loan. If the lender is an individual, the amount of the lien or encumbrance shall be verified either by a copy of the loan instrument and a signed statement from the lender showing the payment schedule and outstanding balance of the loan, or other documents that show the outstanding balance of the loan.

Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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