Examples:
— You are the sole proprietor of a dry cleaning business, from
which you received more than 10% of your gross income—an
amount that was more than $1,500. If only one customer, a
uniform rental company, provided more than 10% of your dry
cleaning business, you must list the name of the uniform rental
company, its address, and its principal business activity (uniform
rentals).
— You are a 20% partner in a partnership that owns a shopping
mall and your partnership income exceeded the thresholds listed
above. You should list each tenant of the mall that provided more
than 10% of the partnership’s gross income, and the tenant’s
address and principal business activity.
PART C — REAL PROPERTY
[Required by s. 112.3145(3)(a)3, F.S.]
In this part, list the location or description of all real property in
Florida in which you owned directly or indirectly at any time during
the disclosure period in excess of 5% of the property’s value. You
are not required to list your residences. You should list any vacation
homes, if you derive income from them.
Indirect ownership includes situations where you are a
beneficiary of a trust that owns the property, as well as situations
where you own more than 5% of a partnership or corporation that
owns the property. The value of the property may be determined by
the most recently assessed value for tax purposes, in the absence
of a more current appraisal.
The location or description of the property should be sufficient
to enable anyone who looks at the form to identify the property. A
street address should be used, if one exists.
PART D — INTANGIBLE PERSONAL PROPERTY
[Required by s. 112.3145(3)(a)3, F.S.]
Describe any intangible personal property that, at any time
during the disclosure period, was worth more than 10% of your total
assets, and state the business entity to which the property related.
Intangible personal property includes things such as cash on hand,
stocks, bonds, certificates of deposit, vehicle leases, interests in
businesses, beneficial interests in trusts, money owed you, Deferred
Retirement Option Program (DROP) accounts, the Florida Prepaid
College Plan, and bank accounts. Intangible personal property also
includes investment products held in IRAs, brokerage accounts, and
the Florida College Investment Plan. Note that the product contained
in a brokerage account, IRA, or the Florida College Investment Plan
is your asset—not the account or plan itself. Things like automobiles
and houses you own, jewelry, and paintings are not intangible
property. Intangibles relating to the same business entity may be
aggregated; for example, CD’s and savings accounts with the same
bank.
Calculations: To determine whether the intangible property
exceeds 10% of your total assets, total the fair market value of all of
your assets (including real property, intangible property, and tangible
personal property such as jewelry, furniture, etc.). When making this
calculation, do not subtract any liabilities (debts) that may relate to the
property. Multiply the total figure by 10% to arrive at the disclosure
threshold. List only the intangibles that exceed this threshold amount.
The value of a leased vehicle is the vehicle’s present value minus the
lease residual (a number which can be found on the lease document).
Property that is only jointly owned property should be valued
according to the percentage of your joint ownership. Property owned
as tenants by the entirety or as joint tenants with right of survivorship
should be valued at 100%. None of your calculations or the value of
the property have to be disclosed on the form.
Example: You own 50% of the stock of a small corporation that
is worth $100,000, the estimated fair market value of your home
and other property (bank accounts, automobile, furniture, etc.)
is $200,000. As your total assets are worth $250,000, you must
disclose intangibles worth over $25,000. Since the value of the
stock exceeds this threshold, you should list “stock” and the
name of the corporation. If your accounts with a particular bank
exceed $25,000, you should list “bank accounts” and bank’s
name.
PART E — LIABILITIES
[Required by s. 112.3145(3)(b)4, F.S.]
List the name and address of each creditor to whom you owed
any amount that, at any time during the disclosure period, exceeded
your net worth. You are not required to list the amount of any debt
or your net worth. You do not have to disclose: credit card and retail
installment accounts, taxes owed (unless reduced to a judgment),
indebtedness on a life insurance policy owed to the company of
issuance, or contingent liabilities. A “contingent liability” is one
that will become an actual liability only when one or more future
events occur or fail to occur, such as where you are liable only as
a guarantor, surety, or endorser on a promissory note. If you are a
“co-maker” and are jointly liable or jointly and severally liable, it is not
a contingent liability.
Calculations: To determine whether the debt exceeds your
net worth, total all of your liabilities (including promissory notes,
mortgages, credit card debts, judgments against you, etc.). The
amount of the liability of a vehicle lease is the sum of any past-due
payments and all unpaid prospective lease payments. Subtract
the sum total of your liabilities from the value of all your assets
as calculated above for Part D. This is your “net worth.” List each
creditor to whom your debt exceeded this amount unless it is one of
the types of indebtedness listed in the paragraph above (credit card
and retail installment accounts, etc.). Joint liabilities with others for
which you are “jointly and severally liable,” meaning that you may
be liable for either your part or the whole of the obligation, should be
included in your calculations at 100% of the amount owed.
Example: You owe $15,000 to a bank for student loans, $5,000
for credit card debts, and $60,000 (with spouse) to a savings
and loan for a home mortgage. Your home (owned by you and
your spouse) is worth $80,000 and your other property is worth
$20,000. Since your net worth is $20,000 ($100,000 minus
$80,000), you must report only the name and address of the
savings and loan.
PART F — INTERESTS IN SPECIFIED BUSINESSES
[Required by s. 112.3145, F.S.]
The types of businesses covered in this disclosure include: state
and federally chartered banks; state and federal savings and loan
associations; cemetery companies; insurance companies; mortgage
companies; credit unions; small loan companies; alcoholic beverage
licensees; pari-mutuel wagering companies, utility companies, entities
controlled by the Public Service Commission; and entities granted a
franchise to operate by either a city or a county government.
Disclose in this part the fact that you owned during the
disclosure period an interest in, or held any of certain positions with,
the types of businesses listed above. You must make this disclosure
if you own or owned (either directly or indirectly in the form of an
equitable or beneficial interest) at any time during the disclosure
period more than 5% of the total assets or capital stock of one of
the types of business entities listed above. You also must complete
this part of the form for each of these types of businesses for which
you are, or were at any time during the disclosure period, an officer,
director, partner, proprietor, or agent (other than a resident agent
solely for service of process).
If you have or held such a position or ownership interest in
one of these types of businesses, list the name of the business, its
address and principal business activity, and the position held with
the business (if any). If you own(ed) more than a 5% interest in the
business, indicate that fact and describe the nature of your interest.
(End of Percentage Thresholds Instructions.)
CE Form 1F Effective: January 1, 2020 PAGE 6
Incorporated by reference in Rule 34-8.208(2), F.A.C.
