23 Miss. Code. R. 103-1.12 - First of the Month Rule for Making Resource Determinations

A. In the programs using SSI policy, resource determinations are made as of the first moment of a calendar month.

B. Any increase or decrease in the value of resources during a month is considered as of the first moment of the month following the month the change occurred.

1. Example; Tom Lee applies for assistance on March 30^th. His only resource is 20 shares of XYZ stock that are worth $800.00 on the date he applied. On April 30^th, the value increased to $1,000.00. His countable resource amount for April is $800.00. The countable value for May is $1,000.00.

2. Example; Rhonda Mooney applies for assistance on April 5^th. On April 1^st, her resources were $500 in checking and $700 in savings. On April 5^th, her son gave her money and she purchases a CD worth $1,800. Her savings balance increased to $750 on April 30^th, but her checking balance dropped to $350. For April, countable resources are $1,200 ($500 + $700). For May, they are $2,900 ($1,800 + $750 + $350). The CD is not considered until May since it was acquired in the middle of the month.

C. Do not consider as a resource any advance dated checks or advance posted direct deposit checks received prior to the month of normal receipt. If retained, funds from such checks will be considered a resource as of the first moment of the first day of the month following the month in which the check is normally paid.

Notes

23 Miss. Code. R. 103-1.12

Social Security Act §1902 (r)(2); 42 CFR §435.601(b) (Rev 1994).