Terms & Definitions - (continued) or Federal law. However, you must provide an explanation for nondisclosure, separately stating for each undisclosed person: the legal basis for the assertion of the privilege, facts demonstrating why the privilege is applicable, and that to the best of your knowledge you have not and will not make, participate in making, or use your official position to influence a governmental decision affecting the undisclosed person in violation of Government Code Section 87100. This explanation may be included with, or attached to, the public official’s Form 700. We note that the name of a source of income is privileged only to a limited extent under California law. For example, a name is protected by attorney-client privilege only when facts concerning an attorney’s representation of an anonymous client are not publicly known and those facts, when coupled with disclosure of the client’s identity, might expose the client to an official investigation or to civil or criminal liability. A patient’s name is protected by physician-patient privilege only when disclosure of the patient’s name would also reveal the nature of the treatment received by the patient. A patient’s name is also protected if the disclosure of the patient’s name would constitute a violation by an entity covered under the Federal Health Insurance Portability and Accountability Act (also known as HIPAA). Public Officials Who Manage Public Investments: Individuals who invest public funds in revenue-producing programs must file Form 700. This includes individuals who direct or approve investment transactions, formulate or approve investment policies, and establish guidelines for asset allocations. FPPC Regulation 18700.3 defines “public officials who manage public investments” to include the following: • Members of boards and commissions, including pension and retirement boards or commissions, and committees thereof, who exercise responsibility for the management of public investments; • High-level officers and employees of public agencies who exercise primary responsibility for the management of public investments (for example, chief or principal investment officers or chief financial managers); and • Individuals who, pursuant to a contract with a state or local government agency, perform the same or substantially all the same functions described above. Registered Domestic Partners: Filers must report investments and interests in real property held by, and sources of income to, registered domestic partners. (See Regulation 18229.) Retirement Accounts (for example, deferred compensation and individual retirement accounts (IRAs)): Assets held in retirement accounts must be disclosed if the assets are reportable items, such as
common stock (investments) or real estate (interests in real property). For help in determining whether your investments and real property are reportable, see the instructions to Schedules A-1, A-2, and B. If your retirement account holds reportable assets, disclose only the assets held in the account, not the account itself. You may have to contact your account manager to determine the assets contained in your account. Schedule A-1: Report any business entity in which the value of your investment interest was $2,000 or more during the reporting period. (Use Schedule A-2 if you have a 10% or greater ownership interest in the business entity.) Schedule B: Report any piece of real property in which the value of your interest was $2,000 or more during the reporting period. Examples: • Anaya Tiwari deposits $500 per month into the employer’s deferred compensation program. Anaya has chosen to purchase shares in two diversified mutual funds registered with the Securities and Exchange Commission. Because Anaya’s funds are invested solely in non-reportable mutual funds (see Schedule A-1 instructions), Anaya has no disclosure requirements with regard to the deferred compensation program. • Earl James Jones has $6,000 in an individual retirement account with an investment firm. The account contains stock in several companies doing business in his jurisdiction. One of the stock holdings, Misac Computers, reached a value of $2,500 during the reporting period. The value of the investment in each of the other companies was less than $2,000. Earl must report Misac Computers as an investment on Schedule A-1 because the value of the stock in that company was $2,000 or more. • Adriane Fisher has $5,000 in a retirement fund that invests in real property located in Adriane’s jurisdiction. The value of Adriane’s interest in each piece of real property held in the fund was less than $2,000 during the reporting period. Although this retirement fund holds reportable assets, there is no disclosure requirement because it did not have a $2,000 or greater interest in any single piece of real property. If, in the future, the value of Adriane’s interest in a single piece of real property reaches or exceeds $2,000, it will be required to be disclosed on Schedule B for that reporting period.
FPPC Form 700 Reference Pamphlet (202 3 /202 4 ) advice@fppc.ca.gov • 866-275-3772 • www.fppc.ca.gov Ref. Pamphlet - 15
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