The department excludes the first $1,000 of the cumulative balance of a dependent child's savings account, checking account, bonds, or certificates of deposits if all of the following conditions are met:

1. (1) The excluded funds are owned solely by the dependent child or jointly with the caretaker or another adult relative;
2. (2) The child is at least a half-time student;
3. (3) The child is employed at least part-time or has been employed at least part-time in the preceding 12 months; and
4. (4) A portion of the account was derived from the child's earnings.

Source: 24 SDR 24, effective August 31, 1997.

General Authority: SDCL 28-7A-3(1)(3).

Law Implemented: SDCL 28-7A-3(1)(3).