Do I need to report mutual funds?
Yes. You are required to report mutual funds on Schedule A that meet the reporting threshold. You should report the exact name of the fund in Block A. In Block B, check the appropriate category of value. In Block C, check the “Excepted Investment Fund” (EIF) column and the appropriate category of amount of income. For information regarding the criteria for meeting the EIF standard, please click on the following link. (EIF standard)
Do I need to provide the name of the exact mutual fund I hold, or can I simply identify it by a family of funds?
You should report the full name of the fund. Listing only the fund family name is insufficient. For example, “Fidelity Funds” is not sufficient, but “Fidelity Magellan Fund” is a proper entry.
Am I required to report IRA accounts?
On Schedule A you are required to report each underlying asset in an IRA account if the asset meets the reporting threshold. Each asset should be reported as a separate line item on Schedule A. For example, if your IRA account holds $1,500 in GE, $2,000 in Vanguard 500 Index, and $10,000 in a SunTrust savings account, you should report each of those items on separate lines.
How should I describe stocks, bonds, and other securities?
Give the full name of the security (e.g., DEF Corporation, Class B). Including other identifying information such as the stock ticker symbol may be helpful, but a complete description is all that is required.
How do I report stock options purchased through a brokerage account?
You should report the options on Schedule A even if they are underwater. The name of the company and the categories of value and income should be reported. For underwater options, report the following information instead of a category of value: number of shares; strike price; and date on which the options will expire. Unlike stock options acquired through employment, these stock options are not required to be reported on Schedule C, Part II (Agreements and Arrangements).
I hold an interest in a limited partnership - how do I report this? How do I report a distribution I have received?
If your interest in the partnership is greater than $1,000 or has generated income over $200 during the reporting period, report the partnership on Schedule A. In Block A, you should enter the name of the limited partnership and a brief description of its purpose or operations (i.e. “Office building rental in Portland, Oregon” or “Investment partnership”). If it is not publicly traded, also include its location (city, state). In Block B, select the category of asset value that reflects your interest in the partnership. Report the actual amount of partnership income you have received in the “Other Income” column of Block C. For investment partnerships that do not meet the Excepted Investment Fund (EIF) standard, each underlying asset that meets the reporting threshold must be reported on Schedule A as a separate line item. For information regarding the criteria for meeting the EIF standard, please click on the following link. (EIF standard)
Additionally, any purchases, sales or exchanges over $1,000 that you have made of your partnership interest or of its underlying assets should be reported on Schedule B, Part I. As a reminder, the $1,000 threshold refers to the value of the transaction, not the amount of gain or loss.
Finally, if you are a general partner of the limited partnership, the position should be reported on Schedule D, Part I; if you received compensation over $5,000 for this position, it should be reported on Schedule D, Part II.
I have an interest in an investment partnership. What do I do if I don’t know the partnership's underlying assets?
If your interest in the partnership is greater than $1,000 or has generated income over $200 during the reporting period, you are required to report any underlying assets that meet the reporting thresholds, unless it is an Excepted Investment Fund (EIF). For information regarding the criteria for meeting the EIF standard, please click on the following link. (EIF standard) In some cases involving hedge funds, you may be unable to obtain the names, values and income amounts of the underlying assets. If this is the case, report just the name of the hedge fund in Block A of Schedule A and its overall value and income in Blocks B and C. You will have to obtain a letter from the fund manager stating that the fund does not disclose asset and income information to its investors, and that no exception will be made for you. In such a case, non-disclosure of underlying assets will be permitted when you file your first OGE Form 278, but you will have to divest the partnership because you will be unable to meet the Ethics in Government Act's continuing requirement to fully disclose your assets.