Some assets are counted toward the $1 million asset limit and some assets are not counted toward the $1 million asset limit. Count the value of the following assets toward countable assets.

Cash

The value of all cash held by all CCAP family members is counted toward the $1 million asset limit.

Bank accounts

The value of bank accounts held by all CCAP family members is counted toward the $1 million asset limit.

Bank accounts include:

*A debit card is a bank card issued by a financial institution that accepts direct deposits, has a dollar value and allows the card owner to make an electronic purchase or withdraw cash. This includes cards provided by a bank as a service for customers who cannot open checking or other types of deposit accounts.

**A matured certificate of deposit means a certificate of deposit (CD) due for payment to the CD owner. The maturity date determines when the owner is eligible to access the funds with no withdrawal penalty.

Stocks, bonds, pensions, and retirement accounts

The value of stocks, bonds, pensions, and retirement accounts and any business accountes used to pay expenses not related to the business held by all CCAP family members is counted toward the $1 million asset limit unless there is a penalty for early withdrawal.

Financial penalties include: any reduction in an investment’s value or benefit if accessed early, surrender charges, penalties for early withdrawal, revocation of bonuses or one-time payments, higher fees, or reduced interest guarantees.

Vehicles

One vehicle per family member who is age 16 or older is not counted toward countable assets. The value of all other vehicles owned by a member of the CCAP family is counted toward the $1 million asset limit.

Vehicles are defined as a car, truck, van, camper, motorcycle or trailer. A mobile home or manufactured home intended for permanent occupancy is NOT a vehicle.

Count the trade-in value of any vehicle counted toward the $1 million asset limit. The trade-in value is the Average Trade-In value listed in the current NADA online car values and car prices guide.

If the car is not listed in the current NADA online guide or the applicant or participant disputes the trade-in value listed in the current NADA online guide, a written statement of a vehicle's trade-in value from a vehicle dealer licensed in Minnesota must be accepted.

Real property

The following real property (real estate) is not counted:

CCAP counts the value of all other real property toward the $1 million asset limit. This may include houses, buildings or land.

Other information

CCAP policies for asset evaluation are aligned with asset evaluation policies for MFIP in Combined Manual (CM) §0015, except the following:

Legal authority

The Child Care Development Block Grant Act of 2014, Public Law Number 113-186
Federal Child Care and Development Fund, 45 C.F.R. § 98.20
Minnesota Statues 256P.02, subds. 1(a) and 2