Frequently Asked Quesions

Financial Disclosure - FAQs

Q:  Will the Committee review my Financial Disclosure Report before I file it to make sure that it has been filled out correctly?

A:  Yes.  If you wish to have your form reviewed please understand that such requests will become more difficult to accommodate as the due date approaches.

Q:  How is the information in my report used?

A:  The Public Financial Disclosure Report is used as a tool for the public to monitor possible conflicts of interest.  This report also provides information that allows constituents to judge official conduct in light of possible financial conflicts with private holdings.

Q:  Do I need to report my spouse’s retirement (e.g., 401(k), 403(b), SEP, etc.) account?

A:  Yes.  You are required to report any retirement plan of your spouse.  You should report the underlying assets in the account as separate line items in Part 3.  For funds held in the account, you should determine whether they meet the definition of the “Excepted Investment Fund” (EIF), so you can report them correctly.

Q:  I am separated from my spouse.  Do I need to report his/her assets?

A:   You do not have to report your spouse’s assets if you are living apart with the intention of terminating the marriage or permanently separating.

Q:  I have a § 529 (prepaid tuition) account for my child.  How do I report it?

A:   The type of plan that you have will determine what needs to be reported in Part 3 of the Senate Financial Disclosure Report.  For a prepaid college tuition plan, you should report the sponsoring state and name of the plan; the current value of the plan; and income type and amount.  For a prepaid savings plan, you should list the sponsoring state and each of the portfolios in which the plan is currently invested; the current value; and income type and amount.  For prepaid savings plans, each of the underlying investment choices should be broken out as a separate item, with value and income category checked. Most of the investment choices offered by these plans will be Excepted Investment Funds (EIFs).