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EXmIT D ASSETS A. Assets That Should Be Considered IL Asset That Should Not Be Considered • 1 . Savings accounts and the average 6- month balance I . Necessary personal property, except as noted in 10. of checking accounts. 2. Stocks, bonds, savings certificates, money market 2. Interest in Indian trust lands. funds, and other investment accounts. 3. Assets that are a part of an active business or farming operation . (Note: Rental properties are 3. Equity in real property or other capital considered personal assets unless real estate is the investments. Equity is the estimated current applicant's main occapation.) market value of the asset less the unpaid balance on all Joans secured by the asset and reasonable costs 4. Assets not accessible to the family and that provide (such as broker fees ) that would be incurred in no income for the family. For example, an abused selling the asset. Under HOME and SHIP, equity spouse who legally and jointly owns a house but ( 1 ) in the family's primary residence is not considered does not live is the house; (2) receives no income for home owner repair programs, from ownership of the house; and (3) has no ability to sell the hoose. 4. The value of land, In excess of land allowable for housing production is an asset. (SHIP Program S. Vehicles specially equipped for the handicapped. ONLY). 6. Equity in owner-occupied cooperation and S. Cash value of trusts that are available to the manufactured homes in which the family lives. household . 7. Assets held in applicants ' name but which are 6. IRA , Keogh, and similar retirement savings actually owned by someone the. accounts, even though withdrawal would result in a penalty. a. Asset and income from asset accrue to someone else. 7. Contributions to company retirement/pension b. The other person is responsible for paying taxes • funds that can be withdrawn without retiring or on income. terminating employment. This amount would be c. . Not to be confused with joint ownership. reduced by any penalty for early withdrawal. 8. Assets that, although owned by more than one 8 Cash value of life insurance policies. person , allow unrestricted access by the applicant. 9. Lump-sum receipts, such as inheritances, capital gains, lottery winnings, insurance settlements, and other claims. 10. Personal property held as an investment such as gems, jewelry, coin collections, antique cars, etc. 11 . Assets disposed of for less than fair market value during two years preceding certification or recertification . • ICF t 1POFi4TEp Jut996 Income Comp tlanoo July t SSa 34