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The cash value of an asset is its market value minus reasonable expenses required to convert the <br />asset to cash (e.g. penalties or fees for converting financial holdings to cash, or the necessary and <br />reasonable costs incurred in selling real property). <br />Assets that should be included as income include: savings accounts and the average three-month <br />balance of checking accounts; stocks, bonds, savings certificates, money market funds, and other <br />investment accounts; equity in real property or other capital investments; IRA, Keogh and <br />similar retirement savings accounts, contributions to company retirement/pension funds that can <br />be withdrawn without retiring or terminating employment; lump -sum receipts, such as <br />inheritances, capital gains, lottery winnings, insurance settlements, and other claims; personal <br />property held as an investment; cash value of life insurance policies, assets disposed of for less <br />than fair market value during two years preceding application for the program. Necessary <br />personal property is excluded from assets. <br />As with other types of income, the income included in Gross Annual Income is the income that is <br />anticipated to be received from the asset during the coming 12 months. Several methods may be <br />used to approximate the income from assets. For example, to obtain the anticipated interest on a <br />savings account, the current account balance can be multiplied by the current interest rate <br />applicable to the account. Alternatively, if the value of the account is not anticipated to change <br />in the near future and interest rates have been stable, a copy of the IRS 1099 form showing past <br />interest can be used. <br />4 <br />1199\10\3609857.1 <br />REV: 10-18-23 SK <br />