N.M. Admin. Code § 8.248.500.11 - RESOURCE STANDARDS
A "resource" is defined as cash and other assets that can be converted to cash within 20 days.
A.
Resource determination: The resource determination is made as of the first
moment of the first day of the month. An applicant/recipient is ineligible for
any month in which their countable resources exceed the allowable resource
standard as of the first moment of the first day of the month. Changes in the
amount of countable resources during a month do not affect eligibility or
ineligibility for that month.
B.
Distinguishing between resources and income: Resources must be distinguished
from income to avoid counting a single asset twice. As a general rule,
ownership of a resource precedes the current month while income is received in
the current month. Income held by an applicant/recipient until the following
month becomes a resource.
Notes
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