Tenn. Comp. R. & Regs. 1240-01-04-.07 - COUNTABLE RESOURCES - FOOD STAMPS/AFDC
The fair market value of liquid resources and the fair market value less encumbrances (equity) of non-liquid resources are used to determine the total countable resources available to the HH/AG.
(1) The following are counted as liquid
resources for Food Stamps and AFDC unless otherwise specified:
(a) Cash on hand
(b) A checking or savings account in a bank
or other savings institution including credit union. (In a checking account,
only that amount which exceeds known monthly income is counted as a
resource.)
(c) Savings
certificates
(d) Stocks or
bonds
(e) Burial Agreements-See
Section 1240-01-04-.05(9)(b)
1. If the burial agreement was purchased
prior to 7/01/81 and has not been declared irrevocable by court, it will be
considered a resource.
2. if
purchased after 7/01/81 and the contract does not contain a statement that the
"contract is irrevocable" the agreement must be counted as a
resource.
(f) Proceeds
from sale of property if received as a lump sum.
1. AFDC Only. Lump sum proceeds from the sale
of exempt property will also be exempt for a period of up to three months
following the month of sale if intended to be used to replace the exempt
resource.
(g) Proceeds
from estate settlement if received as a lump sum.
(h) Other Non-recurring Lump Sum/Retroactive
Payments
1. Food Stamps Only - Lump sum liquid
resources such as the following are considered a resource in the month
received, unless specifically excluded from consideration as a resource by
other federal laws:
(i) Retroactive Payments
such as RSDI, Veterans Benefits, Unemployment Compensation and Workers
Compensation
(ii) Windfalls, cash
gifts, prizes and awards
(iii)
Income tax refunds
(iv) Tax rebates
and credits
(v) Refunds of security
deposits on rental property or utilities
(vi) Vacation pay withdrawn in a lump sum
payment by an employee who has been laid off. If the employee chooses not to
withdraw his/her vacation pay and leaves the vacation time with the employer in
case he/she is called back to work, the value of the vacation pay is counted as
a resource.
2. AFDC Only
(i) Income tax refunds are a non-recurring
lump sum payment that is considered a resource in the month received, and
thereafter if retained.
(ii)
Non-recurring lump sum payments countable as income (such as retroactive RSDI,
VA, etc.) are considered a resource only if retained beyond the benefit
month(s) for which they are budgeted as income.
(2) Countable Non-liquid Resources
(a) Food Stamps/AFDC. Unless otherwise
exempt, the equity in all non-liquid resources shall be counted as a resource.
Examples are as follows:
1. Non-exempt
licensed and unlicensed vehicles
2.
Non-exempt buildings
3. Non-exempt
land
4. Recreational
properties
5. Property such as
boats, vacation homes and mobile homes, or other property not specifically
excluded.
(b) AFDC Only
1. Non-exempt personal property
2. Insurance policies
(i) The total cash value of all policies is
considered in relation to the personal property reserve.
(ii) The owner of insurance is considered to
be the insured person named in the policy, unless otherwise specified by the
insurance company.
Notes
Authority: T.C.A. §§ 14-8-104, 14-8-106, 14-27-104; PL 97-35; 45 CFR 224.50; 7 CFR 273.8(c); and CFR 244.50.
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