TN 34 (01-93)

SI 01110.115 Assets That Are Not Resources

A. Policy Principle — General Rule

Assets of any kind are not resources if the individual does not have:

  • any ownership interest; or

  • the legal right, authority, or power to liquidate them (provided they are not already in cash); or

  • the legal right to use the assets for his/her support and maintenance.

    EXAMPLE: An individual owns a block of stock jointly with his brother. Although the form of ownership is one which would permit either to sell the property without the other's consent, the brothers have a legally binding agreement that one will not sell without consent of the other. The individual's brother refuses his consent, thereby making the stock not a resource for the individual. However, if the brother should give his consent, the stock would be subject to evaluation under the resources-counting rules beginning with the month following the month of consent.

    The value of the stock would not be counted as income to the individual in the month consent is given.

B. Policy — Specific Assets That Are Not Resources

Though not an exhaustive listing, the term “resources” does not apply to the assets described below.

1. CASH TO PURCHASE MEDICAL OR SOCIAL SERVICES

For 1 calendar month following its receipt, cash paid by a recognized medical or social services program is not a resource provided the cash is:

  • not income under SI 00815.050; and

  • not repayment for a bill already paid.

See SI 01120.110.

2. HOME ENERGY ASSISTANCE/ SUPPORT AND MAINTENANCE ASSISTANCE (HEA/ SMA)

HEA/SMA which is excluded from income under SI 00830.400 is not a resource regardless of how long a person retains it (SI 01120.100).

3. Certain Stock in Alaska Regional or Village Corporations

Prior to January 1, 1992, stock held by Alaska natives in regional or village corporations was inalienable under sections 7(h) and 8(c) of the Alaska Native Claims Settlement Act. During that period, the stock was not a resource because its ownership was not transferable.

Beginning January 1, 1992, this stock is transferable and meets the definition of a resource for SSI purposes. However, since February 3, 1988, a statutory exclusion has applied.

See SI 01120.105 for procedures related to stock held by Alaska natives.

See SI 00830.830 for additional information on the Alaska Native Claims Settlement Act.


To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0501110115
SI 01110.115 - Assets That Are Not Resources - 04/18/2011
Batch run: 04/18/2011
Rev:04/18/2011