CE FORM 1X - Effective: January 1, 2019 PAGE 6
Incorporated by reference in Rule 34-8.209, F.A.C.
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 are required to 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.
PART G — TRAINING CERTIFICATION
[Required by s. 112.3142, F.S.]
If you are a Constitutional or elected municipal officer whose
service began before March 31 of the year for which you are filing, you
are required to complete four hours of ethics training which addresses
Article II, Section 8 of the Florida Constitution, the Code of Ethics for
Public Officers and Employees, and the public records and open
meetings laws of the state. You are required to certify on this form that
you have taken such training.
(End of Percentage Thresholds Instructions.)
