Quorum Forum Podcast Ep. 110: Statement of Economic Interests
Ancel Glink released Quorum Forum Podcast Episode 110: Statement of Economic Interests.
Back by listener request, the podcast is taking a brief recess to revisit one of its classic episodes on Statements of Economic Interests (SOEI) for local government officials and candidates. Ancel Glink’s Daniel J. Bolin and Keri-Lyn J. Krafthefer break down the Illinois Governmental Ethics Act reporting questions, clear up common misconceptions about disclosable assets and debts, and offer practical guidance for local officials and employees.
Candidates running in the 2027 consolidated elections must file an SOEI and submit their receipt alongside nomination papers during the candidate petition filing period. While incumbent officials may have filed an annual statement earlier this year in relation to their current office, many choose or are advised to file an additional statement explicitly in relation to their candidacy.
Inflation-Adjusted Thresholds: On this year’s form, disclosable dollar thresholds have been updated for Question 1 (Single Assets: $11,600), Question 2 (Outside Income/Capital Gains; $8,700), Question 3 (Single Non-Public Debts: $11,600), and Question 6 (Gifts/Honoraria : $600).
Episode Breakdown:
Who Must File: Understanding
filing obligations for elected/appointed local officials versus designated
public employees and candidates.
Question 1 (Assets):
Distinguishing disclosable single assets (stocks, bonds, investment real
estate) from explicitly excluded personal items like primary residences,
personal vehicles, savings/checking accounts, retirement funds, and pensions.
Question 2 (Income; Capital
Gains): How to simplify your disclosure by relying directly on your federal
income tax return (W-2s, 1099s, capital gains) while excluding compensation
from your filing position.
Question 3 (Debts): How
standard consumer debts (mortgages, credit cards, auto loans from financial
institutions) are excluded from reporting.
Question 4 (Government
Employment; Contracts): Disclosing other units of government where you or
your spouse serve as an employee, officeholder, or contractor.
Question 5 (Lobbyist
Relationships): Identifying disclosable business relationships or family
members known to be registered lobbyists.
Question 6 (Gifts; Honoraria):
Reporting disclosable sources of gifts or honoraria.
Question 7 (Public Utilities):
Disclosing family members employed by non-governmental public utilities.
Practical Tips: Safe harbor
protections for good-faith filings, relying on Illinois Secretary of State
guidance, and handling county clerk online portals
Resources: Secretary of State Guidance
