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Electronic Questionnaires for Investigations Processing (e-QIP)

Frequently Asked Questions... about Financial Disclosure Form (SF-714)

Sections include:

Overview;  |  Employee Identification;  |  Annual Income;  |  Bank Accounts;  |  Investment Accounts;  |  Owned Real Estate;  |  Owned Vehicles, Boat, Airplanes, Other;  |  Real Estate You Lease or Rent From Another;  |  Leased Vehicles, Boats, Airplanes, Other;  |  Other Assets;  |  Mortgages, Loans;  |  Other Liabilities;  |  Additional Income/Bankruptcy;  |  Safe Deposit Box;  |  Additional Comments;  |  Certification;

Other Assets

1. What kinds of things do I include under "Other Assets"?
2. Under the Other Assets section, does the $5,000 refer to the purchase price or the year-end balance?
3. How do I determine the "Year-End Fair Market Value" for my assets?
4. I do not know the actual value of my savings bonds and it is impossible to calculate since they go back over 20 years. What should I do?
5. I own a term life insurance policy with a death benefit amount of $100,000. Do I report this amount on my Financial Disclosure Form?
6. Should life insurance death benefit amount be listed?
7. I am listed as a trustee on another individual's account. Do I report that on the FDF?
8. All of my assets have been placed within a trust; do I still list these assets?

1. What kinds of things do I include under the "Other Assets"?

   There are 13 categories or types of assets including: Antiques, Artwork, Cash, Collectibles, Jewelry, Life Insurance Cash Value, Livestock, Money Orders, Savings Bonds, Self Held Securities, Travelers Checks, Trusts, and Other. Assets are items you own that have a cash value, if sold. For each of these categories, select the category that best describes your asset group of like-kind (or "similar") assets. If your asset does not fit in one of the first 12 categories, use the "Other" category.

   Many of us own items like jewelry, art, coins, stamps, swords, books, autographs, baseball cards, antiques, old phonograph records, etc. The kinds of things we accumulate will differ from person to person. If you have a single asset like a racehorse (category: Livestock), or a collective asset like a baseball card collection (category: Collectibles), or tools (category: Other), etc., ask yourself how much money could you get for that asset or grouping of assets if you sold them. If the answer to that question is $5,000 or more, then you would list the asset here, generally within one of the categories provided. You do NOT have to list each individual item, like each piece of jewelry or each card in the baseball card collection. If the total value of all the similar items (jewelry as an example) is $5,000 or more, you would select the appropriate category and list the current value or the $ amount you could get for that asset category if you sold it.

2. Under the Other Assets section, does the $5,000 refer to the purchase price or the year-end balance?

   The $5,000 refers to the year-end balance or fair market value as of December 31.

3. How do I determine the "Year-End Fair Market Value" for my assets?

   The "Year-End Fair Market Value" is the current market or cash value of the category of asset. If you already have an insurance appraisal, you can use that figure; however you should not have your assets appraised just to complete this form. There are various research methods you can use; you can read the classified ads to see if similar items are listed and see what the asking price is; you can look at web sites, including some of the common auction sites to see what people are willing to pay for such items; you can look at publications from the various "professional collectors" groups; you can compare local retail prices for similar items, and then allow for appropriate wear and tear on your items to determine what price you would ask if you were to sell the asset. If you ware unable to determine a market value, then make your own best estimate of what you would be willing to accept in cash for each category of assets you own and enter that figure. Explain in the Additional Comments field that this is your estimate.

4. I do not know the actual value of my savings bonds and it is impossible to calculate since they go back over 20 years. What should I do?

   Go to the external Internet site: http://www.treasurydirect.gov/indiv/tools/toolssavingsbondcalc.htm This site will ask for the following information: value as of (month/year); series; denomination and issue date. After entering the foregoing, the site will then calculate the actual values for you.

5. I own a term life insurance policy with a death benefit amount of $100,000. Do I report this amount on my Financial Disclosure Form?

   No. Term life insurance policies should not be reported. However, if you own a whole life or universal life insurance policy, you should report the cash value. Your insurance company should provide you with a statement regarding this amount.

6. Should life insurance death benefit amount be listed?

   No. Life insurance death benefit amount should not be listed. However, you should list the cash value of a whole life insurance policy within the Other Assets section, category Life Insurance Cash Value.

7. I am listed as a trustee on another individual's account. Do I report that on the FDF?

   Yes. Please list all accounts that you are a trustee for in the Other Assets section if the year-end balance is $5,000 or greater. You should also provide details within the Additional Comments field that you are a trustee on another individual's account.

8. All of my assets have been placed within a trust; do I still list these assets?

   Yes. If the value of the trust is $5,000 or more, the assets held in the trust should be included in the Other Assets section. The name of the trust, trustee and type of assets should be listed in the Description field.

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