Top 10 Financial Disclosure Mistakes

 

The following is a list of the most common mistakes made by filers on their Financial Disclosure Statements (Statement). This list is provided as a guide to help filers, but all filers should still read the instruction booklet carefully before completing their Statement. Members and staff who have any questions concerning these or any other reporting requirements should contact the Committee’s nonpartisan staff at (202) 225-7103.

1. Failing to list the assets (stocks, bonds, mutual funds) held in a brokerage account, IRA, 401(k), or 529 account. (See pages 13-14 of the instruction book)

2. Failing to track assets from year to year, including information in amendments and ensuring the name of the asset and who the asset belongs to are consistent from year to year. If you owned XYZ stock in 2010, we will look for it on your 2011 FD on either Schedule III or IV or both. If an asset disclosed on a previous FD is omitted or a new asset is disclosed for the first time, without a corresponding Schedule IV transaction, please provide an explanation. (See page 20)

3. Failing to disclose the type of life insurance you own (whole life, universal life, or an annuity). Some insurance policies hold assets. If that is the case, those assets must be disclosed. (See page 16)

4. Failing to include a mortgaged piece of property on Schedule III when it was listed on Schedule V, or the reverse. (See pages 12, 25)

5. Failing to provide the type and location of a private business. (See pages 14-15)

6. Failing to ensure that all of the appropriate boxes are checked in Schedule III. We look for an "X" in blocks B, C, and D. (See pages 20-21)

7. Failing to report capital gains on Schedule III. (See pages 12, 21)

8. Failing to include a date for a liability on Schedule V. (See page 26)

9. Failing to ensure that all preliminary information boxes are checked or failing to ensure the preliminary boxes you check agree with the information you file. (See pages 6-8)

10. Failing to include agreements with past or future employers on Schedule IX, including an employer with whom you have a pension or 401(k) plan or an employer from whom you have a job offer. (See page 31)