Q11-13 Previous Year Business Interest

Business Ownership Interest (Previous Year)

This question seeks disclosure of ownership and investment interests in businesses, and asks whether such business was regulated by or did business with any public entities.

If you, your spouse or dependent child held either a 10% or greater ownership interest (individually or collectively), OR held a $5,000 or greater ownership or investment interest in any business, you must disclose the name and address of the business along with the nature of the ownership or investment interest.  An ownership interest includes stock (including stock in a publicly traded company), interest in net profits or losses, assets, creditor’s interest in an insolvent business and others.  An investment interest includes bonds, notes, debentures, mortgages, and non-ownership financial interests.  Ownership and investment interests DO NOT INCLUDE savings and checking accounts, deposits in financial institutions, shares of a credit union or cooperative bank, mutual funds, life insurance policies and annuities, or bonds of any government or governmental subdivision or money market funds. Do not disclose the value of your ownership or investment interest, or the number of shares you own in a business. For publicly traded stocks, you need not list a business address.

Next, you must answer whether the business you have an interest in transacted business in an amount exceeding $250 with a state or municipal agency.  If so, you must identify the name of the state or municipal agency involved and give the date and nature of the transaction(s).  A state or municipal agency includes any branch, division or entity of state or local government, and includes quasi-public agencies and regional authorities.  The $250 threshold may be reached through several smaller transactions with the same agency during the relevant year that, collectively, exceed $250.  Do not list the dollar amount or value of the transaction.  In the case of a small or non-controlling investment interest in a large corporation, it may not be possible to know whether the corporation has done business with a public agency.  In such case, unless you have knowledge concerning a transaction you may answer “unknown.”  For example, although you may have included “IBM” in your answer to the first part of this question because you own over $5,000 in IBM common stock, if you do not know whether IBM has any contracts with any public agencies in Rhode Island you should answer “unknown.” To answer "unknown," select "No" and type "unknown" in the box below in lieu of an agency name.

Finally, you must answer whether the business you have an interest was subject to direct regulation by a state or municipal agency during the relevant year.  If so, you must identify the name of the regulating state or municipal agency. A state or municipal agency includes any branch, division or entity of state or local government, and includes quasi-public agencies and regional authorities.  Businesses that are subject to “direct regulation” include businesses funded with state or municipal funds or federal funds disbursed by a state or municipal agency, as well as businesses that are controlled, supervised or monitored on a continuing basis.  Utilities, insurance companies, financial institutions and gambling facilities are some examples.  A business is not directly regulated solely by reason of being subject to general laws (tax or health laws, for example) that are applicable to all businesses.  Further, a business is not directly regulated solely by reason of being required to have a license to operate.  Businesses that are only regulated by professional boards and occupational boards are excluded.

In the case of a small or non-controlling investment interest in a large corporation, it may not be possible to know whether the corporation was subject to direct regulation by a state or municipal agency during the relevant year.  In such case, unless you have knowledge concerning such regulation, you may answer, “unknown.”  For example, although you may have included “Verizon” in your answer to the first part of this question because you own over $5,000 in Verizon common stock, if you do not know whether Verizon is subject to direct regulation by any state or municipal agency you should answer “unknown.”  To answer “unknown,” select “No” and type “unknown” in the box below in lieu of the name of a regulating agency.