Section 112.150  Assets

a)         The value of nonexempt assets shall be considered in determining eligibility for an assistance payment.

b)         The entire equity value of a jointly-held liquid asset or the client's proportional share of a jointly-held non-liquid asset shall be considered in determining eligibility for an assistance payment, unless:

1)         the asset is a joint income tax refund;

2)         the client can document the amount of his or her legal interest in the asset, and that such amount is less than the entire value of the asset, the documented amount shall be considered.  Appropriate documentation, may include, but is not limited to, bank documents, trust documents, signature cards, divorce papers, or court orders;

3)         the asset is held jointly with a client or clients of any Department assistance program other than food stamps;

4)         the client documents that he or she does not have access to the asset.  Appropriate documentation may include but is not limited to, bank documents, trust documents, signature cards, divorce papers, or court orders;

5)         the client documents that the asset or a portion of the asset is not owned by the client and the client's accessibility to the asset is changed (see subsections (b)(2) and (4) of this Section for examples of documentation);

6)         the co-owner refuses to make the asset available; or

7)         the co-owner has engaged in violent activity against a family member in the past.

c)         Income tax refunds shall be considered available assets and are to be considered against the appropriate non-exempt asset limitation of the assistance unit.  One-half of joint tax refunds shall be considered available for each payee.  A client who declares that less than one-half of the joint income tax was received may claim an exception.  Only the amount claimed to be received shall be considered.

d)         An applicant or recipient can appeal the Department's decision relating to consideration of assets in accordance with 89 Ill. Adm. Code 14.

e)         Pension plans are exempt from consideration as an asset, including accounts owned solely by an individual, such as an Individual Retirement Account (IRA), 401 K or Keogh Plan.

(Source:  Amended at 29 Ill. Reg. 8161, effective May 18, 2005)