5 C.F.R. Subpart C—Contents of Reports
Title 5 - Administrative Personnel
Link to an amendment published at 71 FR 28233, May 16, 2006. Source: 57 FR 11808, Apr. 7, 1992, unless otherwise noted.
Link to an amendment published at 71 FR 28233, May 16, 2006. (a) In general. Each financial disclosure report filed pursuant to this part, whether public or confidential, shall include a brief description of any interest in property held by the filer at the end of the reporting period in a trade or business, or for investment or the production of income, having a fair market value in excess of $1,000. In the case of public financial disclosure reports, the report shall designate the category of value of the property in accordance with paragraph (d) of this section. Each item of real and personal property shall be disclosed separately. Note that for Individual Retirement Accounts (IRA's), brokerage accounts, trusts, mutual or pension funds and other entities with portfolio holdings, each underlying asset must be separately disclosed, unless the entity qualifies for special treatment under §2634.310 of this subpart. (b) Types of property reportable. Subject to the exceptions in paragraph (c) of this section, examples of the types of property required to be reported include, but are not limited to: (1) Real estate; (2) Stocks, bonds, securities, and futures contracts; (3) Livestock owned for commercial purposes; (4) Commercial crops, either standing or held in storage; (5) Antiques or art held for resale or investment; (6) Beneficial interests in trusts and estates; (7) Deposits in banks or other financial institutions; (8) Pensions and annuities; (9) Mutual funds; (10) Accounts or other funds receivable; and (11) Capital accounts or other asset ownership in a business. (c) Exceptions. The following property interests are exempt from the reporting requirements under paragraphs (a) and (b) of this section: (1) Any personal liability owed to the filer, spouse, or dependent child by a spouse, or by a parent, brother, sister, or child of the filer, spouse, or dependent child; (2) Personal savings accounts (defined as any form of deposit in a bank, savings and loan association, credit union, or similar financial institution) in a single financial institution or holdings in a single money market mutual fund, aggregating $5,000 or less in that institution or fund; (3) A personal residence of the filer or spouse, as defined in §2634.105(l); and (4) Financial interests in any retirement system of the United States (including the Thrift Savings Plan) or under the Social Security Act. (d) Valuation categories. The valuation categories specified for property items on public financial disclosure reports are as follows: (1) Not more than $15,000; (2) Greater than $15,000 but not more than $50,000; (3) Greater than $50,000 but not more than $100,000; (4) Greater than $100,000 but not more than $250,000; (5) Greater than $250,000 but not more than $500,000; (6) Greater than $500,000 but not more than $1,000,000; and (7) Greater than $1,000,000; (8) Provided that, with respect to items held by the filer alone or held jointly by the filer with the filer's spouse and/or dependent children, the following additional categories over $1,000,000 shall apply: (i) Greater than $1,000,000 but not more than $5,000,000; (ii) Greater than $5,000,000 but not more than $25,000,000; (iii) Greater than $25,000,000 but not more than $50,000,000; and (iv) Greater than $50,000,000. (e) Valuation of interests in property. A good faith estimate of the fair market value of interests in property may be made in any case in which the exact value cannot be obtained without undue hardship or expense to the filer. Fair market value may also be determined by: (1) The purchase price (in which case, the filer should indicate date of purchase); (2) Recent appraisal; (3) The assessed value for tax purposes (adjusted to reflect the market value of the property used for the assessment if the assessed value is computed at less than 100 percent of that market value); (4) The year-end book value of nonpublicly traded stock, the year-end exchange value of corporate stock, or the face value of corporate bonds or comparable securities; (5) The net worth of a business partnership; (6) The equity value of an individually owned business; or (7) Any other recognized indication of value (such as the last sale on a stock exchange). Example 1. An official has a $4,000 savings account in Bank A. His spouse has a $2,500 certificate of deposit issued by Bank B and his dependent daughter has a $200 savings account in Bank C. The official does not have to disclose the deposits, as the total value of the deposits in any one bank does not exceed $5,000. Note, however, that the source, and if he is a public filer the amount, of interest income from any bank is required to be reported under §2634.302(b) of this subpart if it exceeds the reporting threshold for income. See §2634.309 of this subpart for disclosure coverage of spouses and dependent children. Example 2. Public filer R has a collection of post-impressionist paintings which have been carefully selected over the years. From time to time, as new paintings have been acquired to add to the collection, R has made sales of both less desirable works from his collection and paintings of various schools which he acquired through inheritance. Under these circumstances, R must report the value of all the paintings he retains as interests in property pursuant to this section, as well as income from the sales of paintings pursuant to §2634.302(b) of this subpart. Recurrent sales from a collection indicate that the collection is being held for investment or the production of income. Example 3. A reporting individual has investments which her broker holds as an IRA and invests in stocks, bonds, and mutual funds. Each such asset having a fair market value in excess of $1,000 at the close of the reporting period must be separately listed, and also the value must be shown if she is a public filer. See §2634.311(c) of this subpart for attachment of brokerage statements in lieu of listing, in the event of extensive holdings. Note that for a mutual fund held in this IRA investment account, its underlying assets must also be separately detailed, unless it qualifies as an excepted investment fund, pursuant to §2634.310 of this subpart. [57 FR 11808, Apr. 7, 1992; 57 FR 21854, May 22, 1992, as amended at 65 FR 69656, Nov. 20, 2000]
Link to an amendment published at 71 FR 28233, May 16, 2006. (a) Noninvestment income. (1) Each financial disclosure report filed pursuant to this part, whether public or confidential, shall disclose the source, type, and in the case of public financial disclosure reports the actual amount or value, of earned or other noninvestment income in excess of $200 from any one source which is received by the filer or has accrued to his benefit during the reporting period, including: (i) Salaries, fees, commissions, wages and any other compensation for personal services (other than from United States Government employment); (ii) Retirement benefits (other than from United States Government employment, including the Thrift Savings Plan, or from Social Security); (iii) Any honoraria, and the date services were provided, including payments made or to be made to charitable organizations on behalf of the filer in lieu of honoraria; and (iv) Any other noninvestment income, such as prizes, awards, or discharge of indebtedness. Note: In calculating the amount of an honorarium, subtract any actual and necessary travel expenses incurred by the recipient and one relative. For example, if such expenses are paid or reimbursed by the honorarium source, they shall not be counted as part of the honorarium payment; if the expenses are paid or reimbursed by the individual receiving the honorarium, the amount of honorarium shall be reduced by the amount of such expenses. Example 1. An official is a participant in a retirement plan of Coastal Airlines. Pursuant to such plan, the official and his spouse receive passage on some Coastal flights without charge, and they receive passage on other flights at a discounted fare. The difference between what Coastal charges members of the public generally and what the official and his spouse are charged for a particular flight is deemed income in-kind and must be disclosed by this reporting individual if it exceeds the $200 threshold. Example 2. An official serves on the board of directors at a bank, for which he receives a $500 fee each calendar quarter. He also receives an annual fee of $1,500 for service as trustee of a private trust. In both instances, such fees received or earned during the reporting period must be disclosed, and if he is a public filer the actual amount must be shown. (2) In the case of payments to charitable organizations in lieu of honoraria, public filers shall also file a separate confidential listing of recipients, along with dates and amounts of payments, to the extent known. (See 5 U.S.C. app. 102(a)(1)(A) and app. 501(c).) (b) Investment income. Each financial disclosure report filed pursuant to this part, whether public or confidential, shall disclose: (1) The source and type of investment income, characterized as dividends, rents, interest, capital gains, or income from qualified or excepted trusts or excepted investment funds (see §2634.310 of this subpart), which is received by the filer or accrued to his benefit during the reporting period, and which exceeds $200 in amount or value from any one source. Examples include, but are not limited to, income derived from real estate, collectible items, stocks, bonds, notes, copyrights, pensions, mutual funds, the investment portion of life insurance contracts, loans, and personal savings accounts (as defined in §2634.301(c)(2) of this subpart). Note that for entities with portfolio holdings, such as Individual Retirement Accounts (IRA's), brokerage accounts, trusts, and mutual or pension funds, each underlying source of income must be separately disclosed, unless the entity qualifies for special treatment under §2634.310 of this subpart. For public financial disclosure reports, the amount or value of income from each reported source shall also be disclosed and categorized in accordance with the following table: (i) Not more than $1,000; (ii) Greater than $1,000 but not more than $2,500; (iii) Greater than $2,500 but not more than $5,000; (iv) Greater than $5,000 but not more than $15,000; (v) Greater than $15,000 but not more than $50,000; (vi) Greater than $50,000 but not more than $100,000; (vii) Greater than $100,000 but not more than $1,000,000; and (viii) Greater than $1,000,000; (ix) Provided that, with respect to investment income of the filer alone or joint investment income of the filer with the filer's spouse and/or dependent children, the following additional categories over $1,000,000 shall apply: (A) Greater than $1,000,000 but not more than $5,000,000; and (B) Greater than $5,000,000. (2) The source, type, and in the case of public financial disclosure reports the actual amount or value, of gross income from a business, distributive share of a partnership, joint business venture income, payments from an estate or an annuity or endowment contract, or any other items of income not otherwise covered by paragraphs (a) or (b)(1) of this section which are received by the filer or accrued to his benefit during the reporting period and which exceed $200 from any one source. Example 1. An official rents out a portion of his residence. He receives rental income of $600 from one individual for four months and $1,200 from another individual for the remaining eight months of the year covered by his incumbent financial disclosure report. He must identify the property, specify the type of income (rent), and if he is a public filer indicate the category of the total amount of rent received. (He must also disclose the asset information required by §2634.301 of this subpart.) Example 2. A reporting individual has three savings accounts with Bank A. One is in his name and earned $85 in interest during the reporting period. One is in a joint account with his spouse and earned $120 in interest. One is in his name and his dependent daughter's name and earned $35 in interest. Since the aggregate interest income from this source exceeds $200, the official must disclose the name of the bank, the type of income, and if he is a public filer, the category of the total amount of interest earned from all three accounts. (He must also disclose the accounts as assets under §2634.301 of this subpart if, in the aggregate, they total more than $5,000 in that bank.) Example 3. An official has an ownership interest in a fast-food restaurant, from which she receives $10,000 in annual income. She must specify on her financial disclosure report the type of income, such as partnership distributive share or gross business income, and if she is a public filer indicate the actual amount of such income. (Additionally, she must describe the business and categorize its asset value, pursuant to §2634.301 of this subpart). [57 FR 11808, Apr. 7, 1992; 57 FR 21854, May 22, 1992, as amended at 63 FR 43068, Aug. 12, 1998; 65 FR 69656, Nov. 20, 2000] Effective Date Note: At 63 FR 43068, Aug. 12, 1998, in §2634.302, paragraph (a)(2) was revised and immediately stayed indefinitely.
Link to an amendment published at 71 FR 28233, May 16, 2006. (a) In general. Except as indicated in §2634.308(b) of this subpart, each public financial disclosure report filed pursuant to subpart B of this part shall include a brief description, the date and value (using the categories of value in §2634.301(d) of this subpart) of any purchase, sale, or exchange by the filer during the reporting period, in which the amount involved in the transaction exceeds $1,000: (1) Of real property, other than a personal residence of the filer or spouse, as defined in §2634.105(l) of this part; and (2) Of stocks, bonds, commodity futures, mutual fund shares, and other forms of securities. (b) Exceptions. (1) Any transaction solely by and between the reporting individual, his spouse, and dependent children need not be reported under paragraph (a) of this section. (2) Transactions involving Treasury bills, notes, and bonds; money market mutual funds or accounts; and personal savings accounts (as defined in §2634.301(c)(2) of this subpart) need not be reported when occurring at rates, terms, and conditions available generally to members of the public. Likewise, transactions involving portfolio holdings of trusts and investment funds described in §2634.310 (b) and (c) of this subpart need not be reported. (3) Any transaction which occurred at a time when the reporting individual was not a Federal Government officer or employee need not be reported under paragraph (a) of this section. Example 1. An official sells her personal residence in Virginia for $100,000 and purchases a personal residence in the District of Columbia for $200,000. She need not report the sale of the Virginia residence or the purchase of the D.C. residence. Example 2. An official sells his beach home in Maryland for $50,000. Because he has rented it out for one month every summer, it does not qualify as a personal residence. He must disclose the sale under this section and any capital gain over $200 realized on the sale under §2634.302 of this subpart. Example 3. An official sells a ranch to his dependent daughter. The official need not report the sale because it is a transaction between the reporting individual and a dependent child; however, any capital gain, except for that portion attributable to a personal residence, is required to be reported under §2634.302 of this subpart. Example 4. An official sells an apartment building and realizes a loss of $100,000. He must report the sale of the building if the sale price of the property exceeds $1,000; however, he need not report anything under §2634.302 of this subpart, as the sale did not result in a capital gain. [57 FR 11808, Apr. 7, 1992; 57 FR 21854, May 22, 1992]
Link to an amendment published at 71 FR 28233, May 16, 2006. (a) Gifts. Except as indicated in §§2634.308(b) and 2634.907(a), each financial disclosure report filed pursuant to this part, whether public or confidential, shall contain the identity of the source, a brief description, and in the case of public financial disclosure reports the value, of all gifts aggregating more than $305 in value which are received by the filer during the reporting period from any one source. For in-kind travel-related gifts, include a travel itinerary, dates, and nature of expenses provided. (b) Reimbursements. Except as indicated in §§2634.308(b) and 2634.907(a), each financial disclosure report filed pursuant to this part, whether public or confidential, shall contain the identity of the source, a brief description (including a travel itinerary, dates, and the nature of expenses provided), and in the case of public financial disclosure reports the value, of any travel-related reimbursements aggregating more than $305 in value, which are received by the filer during the reporting period from any one source. (c) Exclusions. Reports need not contain any information about gifts and reimbursements to which the provisions of this section would otherwise apply which are received from relatives (see §2634.105(o)) or during a period in which the filer was not an officer or employee of the Federal Government. Additionally, any food, lodging, or entertainment received as “personal hospitality of any individual,” as defined in §2634.105(k), need not be reported. See also exclusions specified in the definitions of gift and reimbursement, at §2634.105(h) and (n). (d) Aggregation exception. Any gift or reimbursement with a fair market value of $122 or less need not be aggregated for purposes of the reporting rules of this section. However, the acceptance of gifts, whether or not reportable, is subject to the restrictions imposed by Executive Order 12674, as modified by Executive Order 12731, and the implementing regulations on standards of ethical conduct. Example 1. An official accepts a print, a pen and pencil set, and a letter opener from a community service organization he has worked with solely in his private capacity. He determines, in accordance with paragraph (e) of this section, that these gifts are valued as follows:
Gift 1—Print: $190 Gift 2—Pen and pencil set: $145 Gift 3—Letter opener: $20 Example 2. An official receives the following gifts from a single source:
1. Dinner for two at a local restaurant—$120. 2. Round-trip taxi fare to meet donor at the restaurant—$25. 3. Dinner at donor's city residence—(value uncertain). 4. Round-trip airline transportation and hotel accommodations to visit Epcot Center in Florida–$400. 5. Weekend at donor's country home, including duck hunting and tennis match—(value uncertain). Example 3. An official receives free tickets from an outside source for himself and his spouse to attend an awards banquet at a local club. The value of each ticket is $150. Even though this is a gift which exceeds the more than $305 threshold amount for disclosure, the official need not report it, because of the exclusion in §2634.105(h)(4) for food and beverages not consumed in connection with a gift of overnight lodging. Note: Prior to accepting this gift of tickets, the individual should consult ethics officials at his agency to determine whether standards of conduct rules will permit acceptance, depending on whether or not the donor is a prohibited source and the exact nature of the event. Example 4. An official is asked to speak at an out-of-town meeting on a matter which is unrelated to her official duties and her agency. The round-trip airfare exceeds $305. If the official pays for the ticket and is then reimbursed by the organization to which she spoke, she must disclose this reimbursement under paragraph (b) of this section. If the organization simply provided the ticket, that must be disclosed as a gift under paragraph (a) of this section. (e) Valuation of gifts and reimbursements. The value to be assigned to a gift or reimbursement is its fair market value. For most reimbursements, this will be the amount actually received. For gifts, the value should be determined in one of the following manners: (1) If the gift has been newly purchased or is readily available in the market, the value shall be its retail price. The filer need not contact the donor, but may contact a retail establishment selling similar items to determine the present cost in the market. (2) If the item is not readily available in the market, such as a piece of art, a handmade item, or an antique, the filer may make a good faith estimate of the value of the item. (3) The term readily available in the market means that an item generally is available for retail purchase in the metropolitan area nearest to the official's residence. Example. Items such as a pen and pencil set, letter opener, leather case or engraved pen are generally available in the market and can be determined by contacting stores which sell like items and ascertaining the retail price of each. Note: The market value of a ticket entitling the holder to attend an event which includes food, refreshments, entertainment or other benefits is the face value of the ticket, which may exceed the actual cost of the food and other benefits. The value of food and beverages may be excludable under §2634.105(h)(4), if applicable, by making a good faith estimate, or by determining their actual cost from the caterer, restaurant, or similar source. (f) Waiver rule in the case of certain gifts—(1) In general. In unusual cases, the value of a gift as defined in §2634.105(h) need not be aggregated for reporting threshold purposes under this section by public filers, and therefore the gift need not be reported on an SF 278, if the Director of OGE receives a written request for and issues a waiver, after determining that: (i) Both the basis of the relationship between the grantor and the grantee and the motivation behind the gift are personal; and (ii) No countervailing public purpose requires public disclosure of the nature, source, and value of the gift. Example to paragraph (f)(1). i. The Secretary of Education and her spouse receive the following two wedding gifts:
A. Gift 1—A crystal decanter valued at $285 from the Secretary's former college roommate and lifelong friend, who is a real estate broker in Wyoming. B. Gift 2—A gift of a print valued at $300 from a business partner of the spouse, who owns a catering company. ii. Under these circumstances, the Director of OGE may grant a request for a waiver of the requirement to aggregate and report on an SF 278 each of these gifts. (2) Public disclosure of waiver request. If approved in whole or in part, the cover letter requesting the waiver shall be subject to the public disclosure requirements in §2634.603 of this part. (3) Procedure. (i) A public filer seeking a waiver under this paragraph (f) shall submit a request to the Office of Government Ethics, through his agency. The request shall be made by a cover letter which identifies the filer and his position and which states that a waiver is requested under this section. (ii) On an enclosure to the cover letter, the filer shall set forth: (A) The identity and occupation of the donor; (B) A statement that the relationship between the donor and the filer is personal in nature; (C) A statement that neither the donor nor any person or organization who employs the donor or whom the donor represents, conducts or seeks business with, engages in activities regulated by, or is directly affected by action taken by, the agency employing the filer. If the preceding statement cannot be made without qualification, the filer shall indicate those qualifications, along with a statement demonstrating that he plays no role in any official action which might directly affect the donor or any organization for which the donor works or serves as a representative; and (D) A brief description of the gift and the value of the gift. (iii) With respect to the information required in paragraph (f)(3)(ii) of this section, if a gift has more than one donor, the filer shall provide the necessary information for each donor. [57 FR 11808, Apr. 7, 1992; 57 FR 62605, Dec. 31, 1992, as amended at 63 FR 69992, Dec. 18, 1998; 64 FR 49640, Sept. 14, 1999; 65 FR 69656, Nov. 20, 2000; 67 FR 61762, Oct. 2, 2002; 70 FR 12112, Mar. 11, 2005]
Link to an amendment published at 71 FR 28233, May 16, 2006. (a) In general. Each financial disclosure report filed pursuant to this part, whether public or confidential, shall identify and include a brief description of the filer's liabilities over $10,000 owed to any creditor at any time during the reporting period, and the name of the creditors to whom such liabilities are owed. For public financial disclosure reports, the report shall designate the category of value of the liabilities in accordance with §2634.301(d) of this subpart, using the greatest amount owed to the creditor during the period. (b) Exceptions. The following are not required to be reported under paragraph (a) of this section: (1) Personal liabilities owed to a spouse or to the parent, brother, sister, or child of the filer, spouse, or dependent child; (2) Any mortgage secured by a personal residence of the filer or his spouse; (3) Any loan secured by a personal motor vehicle, household furniture, or appliances, provided that the loan does not exceed the purchase price of the item which secures it; and (4) Any revolving charge account with an outstanding liability which does not exceed $10,000 at the close of the reporting period. Example: An incumbent official has the following debts outstanding at the end of the calendar year:
1. Mortgage on personal residence—$80,000. 2. Mortgage on rental property—$50,000. 3. VISA Card—$1,000. 4. Master Card—$11,000. 5. Loan balance of $15,000, secured by family automobile purchased for $16,200. 6. Loan balance of $10,500, secured by antique furniture purchased for $8,000. 7. Loan from parents—$20,000. The loans indicated in items 2, 4, and 6 must be disclosed. Loan 1 is exempt from disclosure under paragraph (b)(2) of this section because it is secured by the personal residence. Loan 3 need not be disclosed under paragraph (b)(4) of this section because it is considered to be a revolving charge account with an outstanding liability that does not exceed $10,000 at the end of the reporting period. Loan 5 need not be disclosed under paragraph (b)(3) of this section because it is secured by a personal motor vehicle which was purchased for more than the value of the loan. Loan 7 need not be disclosed because the creditors are persons specified in paragraph (b)(1) of this section.
Link to an amendment published at 71 FR 28234, May 16, 2006. Each financial disclosure report filed pursuant to this part, whether public or confidential, shall identify the parties to and the date of, and shall briefly describe the terms of, any agreement or arrangement of the filer in existence at any time during the reporting period with respect to: (a) Future employment; (b) A leave of absence from employment during the period of the reporting individual's Government service; (c) Continuation of payments by a former employer other than the United States Government; and (d) Continuing participation in an employee welfare or benefit plan maintained by a former employer.
Link to an amendment published at 71 FR 28234, May 16, 2006. (a) In general. Each financial disclosure report filed pursuant to this part, whether public or confidential, shall identify all positions held at any time by the filer during the reporting period, as an officer, director, trustee, general partner, proprietor, representative, executor, employee, or consultant of any corporation, company, firm, partnership, trust, or other business enterprise, any nonprofit organization, any labor organization, or any educational or other institution other than the United States. (b) Exceptions. The following need not be reported under paragraph (a) of this section: (1) Positions held in any religious, social, fraternal, or political entity; and (2) Positions solely of an honorary nature, such as those with an emeritus designation. [57 FR 11808, Apr. 7, 1992; 57 FR 21854, May 22, 1992]
Link to an amendment published at 71 FR 28234, May 16, 2006. (a) Incumbents. Each public financial disclosure report filed pursuant to §2634.201(a) shall include on the standard form prescribed by the Office of Government Ethics consistent with subpart F of this part and in accordance with instructions issued by that Office, a full and complete statement of the information required to be reported according to the provisions of subpart C of this part, for the preceding calendar year (except for §§2634.303 and 2634.304, relating to transactions and gifts/reimbursements, for which the reporting period does not include any portion of the previous calendar year during which the filer was not a Federal employee), and in the case of §§2634.306 and 2634.307, to include the additional period up to the date of filing. (b) New entrants, nominees, and candidates. Each public financial disclosure report filed pursuant to §2634.201(b), (c), or (d) shall include, on the standard form prescribed by the Office of Government Ethics consistent with subpart F of this part and in accordance with instructions issued by that Office, a full and complete statement of the information required to be reported according to the provisions of subpart C of this part, except for §2634.303 (relating to purchases, sales, and exchanges of certain property) and §2634.304 (relating to gifts and reimbursements). The following special rules apply: (1) Interests in property. For purposes of §2634.301 of this subpart, the report shall include all interests in property specified by that section which are held on or after a date which is fewer than thirty-one days before the date on which the report is filed. (2) Income. For puposes of §2634.302 of this subpart, the report shall include all income items specified by that section which are received or accrued during the period beginning on January 1 of the preceding calendar year and ending on the date on which the report is filed, except as otherwise provided by §2634.606 relating to updated disclosure for nominees. (3) Liabilities. For purposes of §2634.305 of this subpart, the report shall include all liabilities specified by that section which are owed during the period beginning on January 1 of the preceding calendar year and ending fewer than thirty-one days before the date on which the report is filed. (4) Agreements and arrangements. For purposes of §2634.306 of this subpart, the report shall include only those agreements and arrangements which still exist at the time of filing. (5) Outside positions. For purposes of §2634.307 of this subpart, the report shall include all such positions held during the preceding two calendar years and the current calendar year up to the date of filing. (6) Certain sources of compensation. Except in the case of the President, the Vice President, or a candidate referred to in §2634.201(d), the report shall also identify the filer's sources of compensation which exceed $5,000 during either of the preceding two calendar years or during the current calendar year up to the date of filing, and shall briefly describe the nature of the duties performed or services rendered by the reporting individual for each such source of compensation. Information need not be reported, however, which is considered confidential as a result of a privileged relationship, established by law, between the reporting individual and any person. The report also need not contain any information with respect to any person for whom services were provided by any firm or association of which the reporting individual was a member, partner, or employee, unless such individual was directly involved in the provision of such services. Example: A nominee who is a partner or employee of a law firm and who has worked on a matter involving a client from which the firm received over $5,000 in fees during a calendar year must report the name of the client only if the value of the services rendered by the nominee exceeded $5,000. The name of the client would not normally be considered confidential. (c) Termination reports. Each public financial disclosure report filed under §2634.201(e) shall include, on the standard form prescribed by the Office of Government Ethics consistent with subpart F of this part and in accordance with instructions issued by that Office, a full and complete statement of the information required to be reported according to the provisions of subpart C of this part, for the period beginning on the last date covered by the most recent public financial disclosure report filed by the reporting individual under this part, or on January 1 of the preceding calendar year, whichever is later, and ending on the date on which the filer's employment terminates. [57 FR 11808, Apr. 7, 1992, as amended at 67 FR 57938, Sept. 13, 2002]
Link to an amendment published at 71 FR 28234, May 16, 2006. (a) Special disclosure rules. Each report required by the provisions of either subpart B or subpart I of this part shall also include the following information with respect to the spouse or dependent children of the reporting individual: (1) Income. For purposes of §2634.302 of this subpart: (i) With respect to a spouse, the source but not the amount of items of earned income (other than honoraria) which exceed $1,000 from any one source; and if items of earned income are derived from a spouse's self-employment in a business or profession, the nature of the business or profession but not the amount of the earned income; (ii) With respect to a spouse, the source, and for a public financial disclosure report the actual amount or value, of any honoraria received by or accrued to the spouse (or payments made or to be made to charity on the spouse's behalf in lieu of honoraria) which exceed $200 from any one source, and the date on which the services were provided; and (iii) With respect to a spouse or dependent child, the type and source, and for a public financial disclosure report the amount or value (category or actual amount, in accordance with §2634.302 of this subpart), of all other income exceeding $200 from any one source, such as investment income from interests in property (if the property itself is reportable according to §2634.301 of this subpart). Example 1. The spouse of a filer is employed as a teller at Bank X and earns $23,000 per year. The report must disclose that the spouse is employed by Bank X. The amount of the spouse's earnings need not be disclosed, either on a public or confidential financial disclosure report. Example 2. The spouse of a reporting individual is self-employed as a pediatrician. The report must disclose that he is a physician, but need not disclose the amount of income, either on a public or confidential financial disclosure report. (2) Gifts and reimbursements. For purposes of §2634.304 of this subpart, gifts and reimbursements received by a spouse or dependent child which are not received totally independent of their relationship to the filer. (3) Interests in property, transactions, and liabilities. For purposes of §§2634.301, 2634.303 (applicable only to public filers), and 2634.305 of this subpart, all information concerning property interests, transactions, or liabilities referred to by those sections of a spouse or dependent child, unless the following three conditions are satisfied: (i) The filer certifies that the item represents the spouse's or dependent child's sole financial interest or responsibility, and that the filer has no specific knowledge regarding that item; (ii) The item is not in any way, past or present, derived from the income, assets or activities of the filer; and (iii) The filer neither derives, nor expects to derive, any financial or economic benefit from the item. Note: One who prepares a joint tax return with his spouse will normally derive a financial or economic benefit from assets held by the spouse, and will also be charged with knowledge of such items; therefore he could not avail himself of this exception. Likewise, a trust for the education of one's minor child normally will convey a financial benefit to the parent. If so, the assets of the trust would be reportable on a financial disclosure statement. (b) Exception. For reports filed as a new entrant, nominee, or candidate under §2634.201(b), (c), or (d), or as a new entrant under §2634.908(b), no information regarding gifts and reimbursements or transactions is required for a spouse or dependent child. (c) Divorce and separation. A reporting individual need not report any information about: (1) A spouse living separate and apart from the reporting individual with the intention of terminating the marriage or providing for permanent separation; (2) A former spouse or a spouse from whom the reporting individual is permanently separated; or (3) Any income or obligations of the reporting individual arising from dissolution of the reporting individual's marriage or permanent separation from a spouse.
Link to an amendment published at 71 FR 28234, May 16, 2006. (a) In general. (1) Except as otherwise provided in this section, each financial disclosure report shall include the information required by this subpart or subpart I of this part about the holdings of and income from the holdings of any trust, estate, investment fund or other financial arrangement from which income is received by, or with respect to which a beneficial interest in principal or income is held by, the filer, his spouse, or dependent child. (2) No information, however, is required about a nonvested beneficial interest in the principal or income of an estate or trust. A vested interest is a present right or title to property, which carries with it an existing right of alienation, even though the right to possession or enjoyment may be postponed to some uncertain time in the future. This includes a future interest when one has a right, defeasible or indefeasible, to the immediate possession or enjoyment of the property, upon the ceasing of another's interest. Accordingly, it is not the uncertainty of the time of enjoyment in the future, but the uncertainty of the right of enjoyment (title and alienation), which differentiates a “vested” and a “nonvested” interest. Note to paragraph (b) Qualified trusts and excepted trusts. (1) A filer should not report information about the holdings of or income from holdings of, any qualified blind trust (as defined in §2634.403) or any qualified diversified trust (as defined in §2634.404). For a qualified blind trust, a public financial disclosure report shall disclose the category of the aggregate amount of the trust's income attributable to the beneficial interest of the filer, his spouse, or dependent child in the trust. For a qualified diversified trust, a public financial disclosure report shall disclose the category of the aggregate amount of income with respect to such a trust which is actually received by the filer, his spouse, or dependent child, or applied for the benefit of any of them. (2) In the case of an excepted trust, a filer should indicate the general nature of its holdings, to the extent known, but will not otherwise need to report information about the trust's holdings or income from holdings. The category of the aggregate amount of income from an excepted trust which is received by or accrued to the benefit of the filer, his spouse, or dependent child shall be reported on public financial disclosure reports. For purposes of this part, the term “excepted trust” means a trust: (i) Which was not created directly by the filer, spouse, or dependent child; and (ii) The holdings or sources of income of which the filer, spouse, or dependent child have no specific knowledge through a report, disclosure, or constructive receipt, whether intended or inadvertent. (c) Excepted investment funds. (1) No information is required under paragraph (a) of this section about the underlying holdings of or income from underlying holdings of an excepted investment fund as defined in paragraph (c)(2) of this section, except that the fund itself shall be identified as an interest in property and/or a source of income. Public financial disclosure reports must also disclose the category of value of the fund interest held; aggregate amount of income from the fund which is received by or accrued to the benefit of the filer, his spouse, or dependent child; and value of any transactions involving shares or units of the fund. (2) For purposes of financial disclosure reports filed under the provisions of this part, an “excepted investment fund” means a widely held investment fund (whether a mutual fund, regulated investment company, common trust fund maintained by a bank or similar financial institution, pension or deferred compensation plan, or any other investment fund), if: (i)(A) The fund is publicly traded or available; or (B) The assets of the fund are widely diversified; and (ii) The filer neither exercises control over nor has the ability to exercise control over the financial interests held by the fund. (3) A fund is widely diversified if it holds no more than 5% of the value of its portfolio in the securities of any one issuer (other than the United States Government) and no more than 20% in any particular economic or geographic sector. [57 FR 11808, Apr. 7, 1992; 57 FR 21854, May 22, 1992, as amended at 67 FR 37967, May 31, 2002]
Link to an amendment published at 71 FR 28234, May 16, 2006. (a) Political campaign funds. Political campaign funds, including campaign receipts and expenditures, need not be included in any report filed under this part. However, if the individual has authority to exercise control over the fund's assets for personal use rather than campaign or political purposes, that portion of the fund over which such authority exists must be reported. (b) Certificates of Divestiture. Each public financial disclosure report required by the provisions of this part shall identify those sales which have occurred pursuant to a Certificate of Divestiture during the period covered by such report. See subpart J of this part for the rules relating to the issuance of such Certificates. (c) Reporting standards. (1) In lieu of entering data on a schedule of the report form designated by the Office of Government Ethics, a filer may attach to the reporting form a copy of a brokerage report, bank statement, or other material, which, in a clear and concise fashion, readily discloses all information which the filer would otherwise have been required to enter on the schedule. (2) In lieu of reporting the category of amount or value of any item listed in any public financial disclosure report filed pursuant to this part, a filer may report the actual dollar amount of such item.
Title 5: Administrative Personnel
PART 2634—EXECUTIVE BRANCH FINANCIAL DISCLOSURE, QUALIFIED TRUSTS, AND CERTIFICATES OF DIVESTITURE
Subpart C—Contents of Reports
§ 2634.301 Interests in property.
§ 2634.302 Income.
§ 2634.303 Purchases, sales, and exchanges.
§ 2634.304 Gifts and reimbursements.
§ 2634.305 Liabilities.
§ 2634.306 Agreements and arrangements.
§ 2634.307 Outside positions.
§ 2634.308 Reporting periods and contents of public financial disclosure reports.
§ 2634.309 Spouses and dependent children.
§ 2634.310 Trusts, estates, and investment funds.
§ 2634.311 Special rules.
