Help with Filling Out the Statement of Economic Interest (“Form 700”) is Here!
Senate Bill 126 created Education Code Section 47604.1 that expressly requires charter schools to comply with the Political Reform Act (“Act”). Part of that Act includes the duty of public officials such as charter school board members and most of the administrative team to file an annual Statement of Economic Interest (or “Form 700”). The Fair Political Practices Commission (“FPPC”) exercises jurisdiction and enforcement of the Act and has recently stepped up prosecution of public officials for failing to file or failing to accurately disclose financial interests in the Form 700. The deadline for public officials to file the annual Form 700 has been moved to June 1, 2020, due to the COVID-19 pandemic.
Former FPPC Executive Director Wayne Strumpfer walked through the Form 700 and explained what financial interests must be disclosed and which ones are exempt from disclosure. During this 45-minute webinar, Wayne discussed:
- What investments must be disclosed;
- Whether you are required to disclose a 401k account;
- How to disclose an ownership in a business;
- Why you must disclose certain gifts, but not others;
- Whether you are required to report a rental property depends on were it is located; and
- In what circumstances are you required to disclose your spouse/partner’s income.
DATE AND TIME:
April 17, 2020
10:30 a.m. – 12:00 p.m.
Wayne Strumpfer, ESQ.
I hold positions at more than one public agency in which the Form 700 is required, can I just fill out one form?
Yes, you can fill out one form covering the disclosure requirements for the positions and then make copies, signing each form with an original signature and filing with each agency.
Do I have to disclose the funds in my STRS retirement account?
Investments held in government defined-benefit pension programs like CalPERS and CALSTRS are not reportable. The same goes for 401k plans that are undirected.
If I do rent out part of my residence and I have to report it, do I have to put down the address to my home?
No – you have a choice of listing the address or the parcel number.
If I have a rental property in the county where the charter school is located and I use a property management company; the renters pay the management company and then they pay me the rent minus fees. Who do I list as the source of income?
The source of the income is the renter – the property management company does not need to be disclosed.
Do I have to disclose wedding gifts my spouse and I receive?
Yes, but only 50% of value since you share them with your spouse. Also, remember many gifts will be from family or friends and therefore exempt from disclosure.