GENERAL QUESTIONS ABOUT FILING

Why must I file this report?

The Ethics in Government Act requires employees in certain positions to file a public financial disclosure statement.  If you have been given an SF-278 to complete, your position is one for which a report is required.

How is the information that I report used?

The purpose of this report is to assist employees and their agencies in avoiding conflicts between duties and private financial interests or affiliations.  Your agency ethics official will use the information you provide to determine whether any potential conflicts exist.  The form also will be made available if it is requested by a member of the public.  Public requesters are prohibited, however, from using the information on your form for any unlawful or commercial purpose, or from using it as a basis to establish your credit rating or to solicit any money from you.

Can information about my spouse and dependent children be redacted from my SF-278 Form if it’s released to the public?

No.  Information about your spouse and dependent children may not be redacted from a SF-278 form before release to the public.

What periods of time have to be covered on the report?  For example, do I have to list a stock I bought 10 years ago and list all my former employers?

The periods of time covered by the form will vary depending on whether you are filling out the form for the first time, and what Schedule you are completing.  Click on the following link to get a description of the reporting periods that apply in your situation.  (SF 278 reporting periods)

Where do I send my form after I fill it out?

Contact your agency ethics official to find out where to send your form.  Do not send your form to OGE.  Each agency has established procedures for the submission of the form.  Normally it will go directly to your agency ethics official, or if your agency requires that your supervisor review the report, to your supervisor.

Even after reading the FAQ page, I still have some questions.  Whom do I contact for assistance?

The best person to contact is your agency ethics official.  Consult your agency directory or web page to locate that individual.

MUTUAL FUNDS, STOCKS & PARTNERSHIPS

Do I need to report mutual funds?

Yes.  You are required to report mutual funds on Schedule A that meet the reporting threshold.  You should report the exact name of the fund in Block A.  In Block B, check the appropriate category of value.  In Block C, check the “Excepted Investment Fund” column and the appropriate category of amount of income. For information regarding the criteria for meeting the EIF standard, please click on the following link. (EIF standard)

Do I need to provide the name of the exact mutual fund I hold, or can I simply identify it by a family of funds?

You should report the full name of the fund.  Listing only the fund family name is insufficient.  For example, “Fidelity Funds” is not sufficient, but “Fidelity Magellan Fund” is a proper entry.

Am I required to report IRA accounts?

On Schedule A you are required to report each underlying asset in an IRA account if the asset meets the reporting threshold.  Each asset should be reported as a separate line item on Schedule A.  For example, if your IRA account holds $1,500 in GE, $2,000 in Vanguard 500 Index, and $10,000 in a SunTrust savings account, you should report each of those items on separate lines.

How should I describe stocks, bonds, and other securities?

Give the full name of the security (e.g., DEF Corporation, Class B). Including other identifying information such as the stock ticker symbol may be helpful, but a complete description is all that is required.

How do I report stock options purchased through a brokerage account?

You should report the options on Schedule A even if they are underwater.  The name of the company and the categories of value and income should be reported.  For underwater options, report the following information instead of a category of value: number of shares; strike price; and date on which the options will expire.  Unlike stock options acquired through employment, these stock options are not required to be reported on Schedule C, Part II (Agreements and Arrangements). 

I hold an interest in a limited partnership - how do I report this? How do I report a distribution I have received?

If your interest in the partnership is greater than $1,000 or has generated income over $200 during the reporting period, report the partnership on Schedule A.  In Block A, you should enter the name of the limited partnership and a brief description of its purpose or operations (i.e. “Office building rental in Portland, Oregon” or “Investment partnership”).  If it is not publicly traded, also include its location (city, state).  In Block B, select the category of asset value that reflects your interest in the partnership.  Report the actual amount of partnership income you have received in the “Other Income” column of Block C.  For investment partnerships that do not meet the Excepted Investment Fund (EIF) standard, each underlying asset that meets the reporting threshold must be reported on Schedule A as a separate line item. For information regarding the criteria for meeting the EIF standard, please click on the following link. (EIF standard)

Additionally, any purchases, sales or exchanges over $1,000 that you have made of your partnership interest or of its underlying assets should be reported on Schedule B, Part I.  As a reminder, the $1,000 threshold refers to the value of the transaction, not the amount of gain or loss. 

Finally, if you are a general partner of the limited partnership, the position should be reported on Schedule D, Part I; if you received compensation over $5,000 for this position, it should be reported on Schedule D, Part II.

I have an interest in an investment partnership.  What do I do if I don’t know the partnership's underlying assets?

If your interest in the partnership is greater than $1,000 or has generated income over $200 during the reporting period, you are required to report any underlying assets that meet the reporting thresholds, unless it is an Excepted Investment Fund (EIF).  For information regarding the criteria for meeting the EIF standard, please click on the following link.(EIF standard) In some cases involving hedge funds, you may be unable to obtain the names, values and income amounts of the underlying assets.  If this is the case, report just the name of the hedge fund in Block A of Schedule A and its overall value and income in Blocks B and C.  You will have to obtain a letter from the fund manager stating that the fund does not disclose asset and income information to its investors, and that no exception will be made for you.  In such a case, non-disclosure of underlying assets will be permitted when you file your first SF-278, but you will have to divest the partnership because you will be unable to meet the Ethics in Government Act's continuing requirement to fully disclose your assets.

REAL ESTATE INVESTMENTS

My wife and I have a vacation home.  Do I have to include it on the form?

If the home has been rented out at any point during the preceding calendar year or the current calendar year, and generated income over $200, then it needs to be included on Schedule A.  Additionally, any mortgages over $10,000 related to the property should be included on Schedule C, Part I.  If, however, the vacation home is used purely as a second residence, then it does not have to be reported on Schedule A or Schedule C.

I own farmland in Montana that currently is not producing any income.  Do I have to report it?

Real estate valued at over $1,000 that is being held purely as an investment needs to be included on Schedule A.  The nature and location of the real estate (e.g. “Farmland in Billings, Montana”) should be reported in Block A, and if there is currently no income to report, the “none” box should be checked in Block C.  Additionally, any mortgage over $10,000 related to the property should be included on Schedule C, Part I.

MISCELLANEOUS ASSETS

I have several accounts (i.e. savings, checking, money market) in a local bank.  I also have Certificates of Deposit from the same bank.  How should they be listed on my report? 

You must aggregate any deposit accounts you have in a single financial institution and report them on Schedule A if they exceed $5000.  For example, if you have $1000 in a checking account, $1000 in a money market account, $3500 in a savings account, and a $5000 certificate of deposit in Commerce Bank, you should list the name of the bank and identify the assets as “deposit accounts” on Schedule A.  You also need to check a category of value for the aggregate value of the accounts.  In the example above, the aggregate value is $10,500, so you would check the box in the $1,000-$15,000 column.  You would also check a category of value for the amount of income earned as interest by the accounts during the reporting period.

I owned several Treasury securities that matured this past year.  How do I report them?

On Schedule A, list “U.S. Treasury securities” in Block A.   In Block B, check the “None” column, and in Block C check the “Interest” column and the column for the appropriate amount of interest earned during the reporting period.  You do not need to list each security separately, and you do not need to make any entry in the Transactions section of Schedule B.

Should I report a variable life insurance policy?

Yes, you must report a variable life insurance policy on Schedule A (including for yourself, your spouse and dependent children), including all underlying assets that meet the reporting threshold.

INTERESTS FROM FORMER EMPLOYMENT

How do I report a 401(k) plan and defined benefit plan with my former employer?

You should report the underlying assets in the 401(k) as separate line items on Schedule A.  For funds held in the 401(k), you should determine whether they meet the definition of “excepted investment fund” so you can report them correctly.  For information regarding the criteria for meeting the EIF standard, please click on the following link. (EIF standard)

You should also report your defined benefit plan on Schedule A.  You should list the name of the employer providing the plan and identify the asset as a “defined benefit plan” in Block A.  In Block B, check the appropriate category of value.  In Block C, check the appropriate type and category of amount of income.  If you cannot ascertain the value of the plan, you may state the “value is not readily ascertainable” and provide the amount of benefit you will receive and the age you will begin receiving it.  

In addition, you should report the 401(k) and defined benefit plan on Schedule C, Part II (Agreements and Arrangements).  You should include the following information for the 401(k) plan and defined benefit plan on Schedule C, Part II: name of the employer; a statement that the plan is a 401(k) plan or defined benefit plan; and the date you entered the plan. 

Last year I was awarded a $20,000 bonus from the company for which I worked.  How do I report this?

The bonus should be reported on Schedule A, listing your employer in Block A and the exact amount received (e.g. $20,000) in the ‘Other Income’ column with a notation that it represents a bonus.  Alternatively, you may aggregate this figure with your salary and enter the total in the ‘Other Income’ column with a notation that it represents both your salary and a bonus.  No boxes in Blocks B or C should be checked.  The name of your employer also needs to be reported on Schedule D, Part II if you are a first-time filer and if the amount of the bonus and other compensation exceeds $5,000.  Bonuses received from the Government do not have to be reported.

I am on a leave of absence from a university.  Do I have to report TIAA-CREF holdings in a retirement plan with the university?

Yes.  TIAA-CREF offers annuity accounts and mutual funds for retirement plans.  All TIAA-CREF annuity accounts and mutual funds must be reported on Schedule A if they meet the reporting threshold. 

For variable annuities, each account must be reported as a separate item.  For example, if your TIAA-CREF plan holds the CREF Stock Account, the CREF Social Choice Account, and the TIAA Real Estate Account, you should report each account on a separate line. You should report the full name of the account in Block A, such as “TIAA Real Estate Account.”   In Block B, check the appropriate category of value.  In Block C, check the “Excepted Investment Fund” column and the appropriate category of amount of income. For information regarding the criteria for meeting the EIF standard, please click on the following link. (EIF standard)

The TIAA Traditional Annuity is a fixed annuity.  You should report “TIAA Traditional Annuity” in Block A.  In Block B, check the appropriate category of value.  In Block C check the type of income and the appropriate category of amount of income.  Do not check the “Excepted Investment Fund” box for fixed annuities.  Fixed annuities do not qualify as “Excepted Investment Funds” because they are an obligation of the company, not an interest in a fund.

For other TIAA-CREF mutual funds that are not part of an annuity plan, report the exact name of the fund in Block A.  In Block B, check the appropriate category of value.  In Block C, check the “Excepted Investment Fund” column and the appropriate category of amount of income.

In addition, you should report the TIAA-CREF retirement plan on Schedule C, Part II (Agreements and Arrangements).  You should report the name of the university, a statement that the plan is a TIAA-CREF plan, the parties to the agreement, and the date you entered the plan.

I am leaving my private sector employer with vested and unvested stock options.  Do I have to report these options?

Yes, stock options acquired through employment are required to be reported on Schedule A if they meet the threshold for asset value ($1,000 at the close of the reporting period).  You must report both vested and unvested stock options even if they are underwater.  For underwater options, report the following information instead of a category of value: number of shares; strike price; date on which the options will expire; and the vesting date if the options are unvested.  In addition, you should report the options on Schedule C, Part II (Agreements and Arrangements) because the options are an agreement or arrangement with a former employer.  On Schedule C, you should identify the name of the employer, whether the options are vested or unvested, the parties to the agreement, and the date you entered the plan.  You should also describe what you will do with the options (e.g., whether they will be retained, exercised, or forfeited). 

INCOME FROM BOOKS & SPEECHES

Do I have to report income I have received from articles and books that I have written?

Yes, you must report, on Schedule A, income that you have received during the reporting period for any articles or books you have written.  If the income is an advance that you have received or will receive in the future, Block A should include the title of the book or article as well as the name of the publisher, (e.g. Book Advance – Elements of Accounting, HarperCollins).  In Block B, you should check the category of value associated with the advance.  No box should be checked in Block C.  If the income is a fee for an article, report the name of the payor in Block A.  No boxes should be checked in Blocks B and C, but the actual amount of the fee should be entered into the ‘Other Income’ column.  Royalties should also be included on Schedule A.  In Block A, list the title of the book as well as the name of the publisher.  In Block B, you should check the category of value associated with the book.  If this value is unknown, you may state the “value is not readily ascertainable.”  In Block C, you should check the ‘Rent and Royalties’ box along with the appropriate category of amount of income.

Over the past year, I have given various speeches through the Washington DC Speakers Bureau.  How do I report the income?

Report any fees or honoraria over $200 that you have received for speaking as individual entries on Schedule A.  The payor should be listed in Block A and the actual amount received and date of the speaking engagement should be entered into the ‘Other Income’ column in Block C (The payor is the person or organization that paid your fees, not the Washington DC Speakers Bureau).  No box will be checked in Block B.

Additionally, if you received any reimbursements or travel benefits over $305, they need to be reported on Schedule B, Part II.

FILING REQUIREMENTS RELATED TO SPOUSES AND CHILDREN

My spouse works in a doctor's office.  Do I report her salary the same way I report my own salary?

No.  For a spouse, only earned income over $1,000 needs to be reported on Schedule A.  Additionally, only the source of earned income must be included, not the specific amount received.  Therefore, Block A will reflect the name of your spouse’s employer and in the ‘Other Income’ column, you may simply note ‘Spouse’s Salary.’  There will be no boxes checked in Blocks B and C.

It is worth noting that any employee benefit plan in which your spouse participates must be included on Schedule A if it meets the normal reporting thresholds (i.e. fair market value over $1,000 or income over $200 during the reporting period).

In addition to my spouse’s primary job, she also has a small catering business that she runs from our home.  Do I have to include this on the form?

If the value of your spouse’s business exceeds $1,000 or earned more than $1,000 during the reporting period, it needs to be included on Schedule A.  The name and the nature and location (city, state) of the business should be reported in Block A.  In Block C, simply enter ‘Business Income’ in the ‘Other Income.’  No box will be checked in Block B.

I am separated from my spouse.  Do I need to report his assets?

You do not have to report your spouse’s assets if you are living apart with an intention of terminating your marriage or having a permanent separation.

My spouse and I live together, but we manage our finances separately.  Do I need to report my spouse’s assets?

Yes.  You are permitted to exclude your spouse’s assets from your report only in an extremely rare situation.  The law requires you to disclose your spouse’s assets unless you can certify that (1) the assets are solely your spouse’s, (2) you have no knowledge of the assets, (3) the assets have not been derived in any way from your income, assets, or activities, and (4) you neither derive, nor expect to derive, any financial or economic benefit from the assets.  If you and your spouse live in the same household, or if you have children that you support, you would not be able to meet the last prong of this test.  If you think you have a basis for excluding your spouse’s assets, contact your ethics official for further advice.

Do I need to report assets and income for a child who is a college student?

You need to report assets and income for any child who is (a) unmarried, under age 21 and living in your home, or (b) considered dependent by tax code standards.  If your child was dependent at some time during the reporting period, but is no longer dependent as of the date of filing, you do not need to report his assets.  However, any reportable income produced by the child’s assets while still a dependent  during the reporting period must be reported on Schedule A; any transactions of your child's assets that occurred while he was a dependent must be reported on Schedule B.

I have a 529 account for my son.  How do I report it?

The type of plan that you have will determine what needs to be reported on Schedule A of the SF-278.  For a prepaid college tuition plan, you should report the sponsoring state and name of the plan in Block A; the current value of the plan in Block B; and income type and amount in Block C.  For a prepaid savings plans, in Block A you should list the sponsoring state and each of the portfolios in which the plan is currently invested; the current value in Block B; and income type and amount in Block C.

TRANSACTIONS OF ASSETS

How do I report transactions related to stock options?

The reporting requirements depend on whether the purchase or sale relates to the option itself or the underlying stock.  If you purchase or sell a stock option, report the transaction on Schedule B, Part I if the amount of the transaction is over $1,000. 

However, the exercise of a stock option is not considered a sale or purchase of the option.  For an option that gives you a right to buy a security, you will have a reportable purchase of the underlying security if you exercise the option.  For an option that gives you the right to sell a security, you will have a reportable sale of the underlying security if you exercise the option. 

For transactions related to options or the underlying security, you should identify the following information on Schedule B, part I: name of the option or underlying security; type of transaction; date of transaction; and category of amount of the transaction.

I buy shares of a mutual fund every month.  Do I have to list each one of these purchases as a separate line item on Schedule B, Part I?

When you buy shares of a stock or a mutual fund on an established schedule throughout the year (e.g. the first of every month), you still have to list the stock or mutual fund as a purchase on Schedule B, Part I.  But in this situation, you do not have to list each date of purchase.  Instead, you may aggregate the total amount of your purchases and make a notation that the shares were purchased throughout the year on the first of the month. Of course, if any of these periodic purchases is less than $1,000, even though the aggregate for the year may be greater than $1,000, that particular purchase does not need to be included in the amount aggregated.

GIFTS

I received some free tickets from my neighbor to a Dallas Cowboys game.  Do the tickets have to be listed?

You have to report all gifts, including tickets to sporting events, that you receive from a single source during the reporting period if the aggregate value of the gifts is more than $305.  When you calculate the value of the gifts to see if they meet the $305 threshold, you can exclude any gifts from that source that are worth $122 or less.  For tickets to an event, the aggregate value of all the tickets you receive must be counted as a single gift.  For example, if your neighbor gave you four $100 tickets to the game, you must report a $400 gift of tickets on Schedule B, Part II.

By the way, if you’re wondering why the monetary thresholds are so odd, the amounts have been adjusted every three years to keep pace with inflation.

During the year, I attended two receptions sponsored by a trade association.  The association did not charge anyone to attend one of the events.  The second event was $500 per ticket, but the association didn’t charge me anything.  My agency gave me permission to go.  Do I have to report my attendance as a gift?  If so, how should I determine the value of my attendance?

If your agency told you that you could attend these receptions under an exception to the Standards of Ethical Conduct, you may still need to report the fair market value of the receptions as gifts on your financial disclosure report. The value of each reception will have to be reported, if the fair market value of your attendance at each one is more than $122 and you received gifts aggregating more than $305 from the trade association during the calendar year.

Because no one was charged a fee for attending the first reception, you probably won’t have any idea of the exact value to list. However, you can make a good faith estimate of the retail cost per person of attendance at events such as this, and use that amount as the value on your form. Also, in calculating the value, you may exclude the fair market value of the food and refreshments served at the reception.

For example, let's say that you estimate that the retail value for attendance at the first reception is $125. You also estimate that the actual fair market value of food and refreshments served at the event is $25. The value of the gift that you have to report is $100. Because that amount does not exceed the $122 aggregation threshold, you do not need to include the value of this reception in your calculation of whether gifts from the trade association need to be reported, nor does the reception itself need to be reported on your SF-278.

For the second reception, you know the fair market value of your attendance is $500.  In this case, you estimate that the food and refreshments served were worth $50.  Therefore, the value you must report is $450, which is over the $305 threshold.  You must report this gift on Schedule B, Part II of your SF-278.  Also, because you have met the $305 reporting threshold for gifts from this trade association, you must report any other gift you received during the reporting period from the association if the gift's value exceeded $122.

Schedule B, Part II instructs me to report travel-related reimbursements and gifts totaling more than $305 (the “aggregation threshold”) from any one source during the reporting period.  It also instructs me that I do not have to report any item valued at $122 or less, nor do I even include such an item in calculating the aggregation threshold.  Where do these numbers come from?

These amounts are tied under the Ethics in Government Act and OGE regulations to the “minimal value” for reporting foreign gifts under the Foreign Gifts and Decorations Act.  The General Services Administration redefines this value every three years.  The last revision occurred in 2005.  The next adjustment is due to occur in 2008.

LIABILITIES

Do loans from banks, mortgage companies, and credit card companies have to be listed on the report?

You don’t have to list the mortgage or home equity loan you have on your personal residence, or on a vacation home if it is not rented out.  You also don’t have to list the balance on a credit card or revolving charge card as long as the balance is no more than $10,000.  Otherwise, you have to list on Schedule C, Part I, any liability owed to a creditor by you, your spouse or dependent child if it exceeded $10,000 at the end of the reporting period.  There are some exceptions for loans owed to certain relatives.  If this is your situation, talk to you ethics official for additional guidance.

POSITIONS

I am on the Board of Directors of my condo association.  Do I have to report that position even though it couldn’t be a conflict with my job?

Yes.  You must report any position you hold as a Director of an entity.

My husband is the President of our son’s PTA.  Does this position have to be reported?

You don’t have to report a spouse’s position on Schedule D of the SF-278.

CLIENTS & SOURCES OF COMPENSATION

My spouse and I work for the same law firm.  I am leaving the firm for a government position.  Do I have to report my clients?  How about my spouse’s clients? 

You should report on Schedule D, Part II, clients for whom you provided more than $5,000 in services during the reporting period.  The clients should be reported even if they paid the law firm for your services instead of you.  Because Schedule D, part II applies only to the filer, you should not report your spouse’s clients.

I am employed part-time as a professor at a local college.  I’m paid only $500 for teaching one class.  Do I have to list the college on my report?

Yes, if you earn more than $200 from this part-time employment, you have to list it on Schedule A of your report.  In addition, you have to list it on Schedule D, part I because your part-time employment as a professor is considered an outside position.  If you are filling out the SF-278 for the first time, and made more than $5,000 from the college during the reporting period, you also have to list it on Schedule D, Part II.