Q. Who is required to file with the Ethics Commission?
A. State or municipal appointed or elected officials are required by law to file a Financial Disclosure Statement every year. All officials must continue to file Financial Disclosure Statements until they have been out of office for one full calendar year. Candidates for elected office are required to file a Financial Disclosure Statement within 30 days of the deadline for declaring candidacy.
Q. When must the statements be filed?
A. The Code of Ethics requires that a Financial Disclosure Statement be filed with the Ethics Commission by the last Friday in April, or within thirty (30) days of appointment to a public position or declaration as a candidate in an election.
Q. What is the purpose of financial disclosure?
A. The purpose of requiring financial disclosure is to help insure that those people who are acting in the public interest do not use their public positions to further their private financial interests. The financial Disclosure Statement also provides evidence that there are no conflicts between an official's financial interests and his or her public office.
Q. What information is required?
A. The Financial Disclosure Statement requires the listing of certain assets and sources of income, but does not required divulging net worth. Some information that is required is: the names of employers of the public official, spouse, and dependent childrenn; names of businesses in which the public official, spouse or dependent children have at least a 10% of $5,000 ownership or investment interest; description of Rhode Island real estate, other than principal residentce; debts or more than $1,000 to anyone other than regulated financial institutions or credit cards.
Q. I am not paid anything for my position. Why do I have to file?
A. The financial disclosure law passed by the General Assembly requires that the Financial Disclosure Statement be field whether or not an individual is paid for his or her services. The focus of the statement is an official's private financial interests. Since the Code of Ethics prohibits use of public office for private financial gain, disclosure of what those private interests are is required.
Q.What if I cannot meet the deadline to submit the Financial Disclosure Statement?
A. For anyone who is already in office, the Ethics Commission will allow an extension of up to sixty (60) days if the request is received before the filing deadline, or if the deadline is not met due to physical or mental incapacity. A candidate for public elective office may obtain an extension of fifteen (15) days if a written request is received by the Commission by the date on which the statement is due.
Q. What are the penalties if a violation occurs?
A. If a knowing and willful violation of the provisions of the Code of Ethics is found, the Ethics Commission may impose a civil penalty of up to $25,000. In cases of non-filing of the financial statement, most penalties are $1000 or less, but higher penalties have been assessed.
Q. Where do I get a Financial Disclosure Statement?
A. Forms are available at no charge at the Commission offices and on the Commission's Web Site.
Q. Do I have to answer every questions if they do not apply to me?
A. Yes. Each question must be answered. If it does not apply to you, please write "not applicable." If a form is not complete, it may be mailed back to you.
Q. What do I need to list under "public offices"?
A. Every public office you hold must be disclosed on the Financial Disclosure Form. For instance, if you are a member of a municipal board, but also serve on other committees, municipal or state, whether as a regular member, or ex-officio, those offices must also be listed on the Financial Disclosure form under question #3.
Q. If I receive a salary or stipend from my public office, do I need to list it as a source of income?
A. Yes, a person filing a Financial Disclosure Statement must list the names of any employer for the public official, his or her spouse and dependent child if is more than $1,000 gross. If you are self-employed, you must list the occupation from which $1,000 gross income was received. If you are self-employed and rendered services to a state or municipal agency for an amount in excess of $250, the date and nature of those services must be provided.
Q. Do I need to list my non-profit affiliations?
A. If you, your spouse or dependent child held a position as a director, officer, partner, trustee or a management position in a business or non-profit organization, the name and position must be listed under question 9.