Resources
REQUIREMENT:
A $1000 resource limit is applied to all Temporary Assistance households at application. That limit is increased to $5000 for Temporary Assistance recipients who have signed a Individual Employment Plan (IEP).
VERIFICATION:
The equity value of resources must be verified. See the chart below for specific verification requirements.
|
Liquid Resource |
Verification |
Recording/Comment |
| Cash on Hand | CS = Client statement | None usually required |
| Bank Accounts | HC = Documentary Verification
TC = Telephone Call CC = Collateral Contact Bank Statement or FA-302 (Financial Information Request) Note: Do not send FA-302 letter to banks that charge a fee to complete them. If it is necessary to obtain verification from any bank that charges a fee for completion of the FA-302, instruct your client to obtain the needed verification. |
Attach comment to the Liquid Resource (FMW0) screen describing the document or identifying the person contacted and a summary of the information received. |
| Stocks/Bonds | HC = Documentary Verification
TC = Telephone Call CC =Collateral Contact Review the documents, contact financial institution to verify the current value that must be counted. |
Attach comment to the Liquid Resource (FMW0) screen describing the document or identify the financial institution, the name of the person contacted and a summary of the information received. |
FAMIS AND RESOURCES:
FAMIS is an integrated system that supports multiple Income Maintenance programs. Enter all the resources that are declared by the Temporary Assistance applicant into FAMIS. FAMIS will distinguish between countable resources and resources excluded by Temporary Assistance policy in making the eligibility determination for this requirement.
Detail joint ownership of a resource on the Joint Owner screen when applicable.
The controlled flow of FAMIS separates resources into liquid (resources that are cash or easily converted into cash) and non-liquid (assets such as personal property, vehicles, etc.) Liquid resources are entered first and non-liquid resources are considered later in the controlled flow.