The task of completing a South Carolina Statement of Economic Interests can be daunting. Many officials are concerned about making errors in the process and incurring fines as a result.
SEI forms are due each year by electronic filing on March 30 by noon. Find the form and other guidance information online. Once the forms become overdue, fines for not filing them can increase daily until they hit maximum amounts.
The list of those who must complete an SEI form include all municipal elected officials, candidates for municipal office, chief administrative officers regardless of the name of the position, including city administrators or city managers, and including those who serve water and sewer districts. It also includes chief financial and procurement officers, or similarly titled positions. In addition to reporting their income, they must report income of members of their immediate family, such as spouses, children who reside in the household or anyone claimed as a dependent.
Failing to file or intentionally misrepresenting information is a misdemeanor and could result in a fine, jail time or both. Officials who discover errors or omissions after filing should amend filing as soon as possible. Officials can amend their SEI forms online at any time.
Income and benefits that SEI filers receive are among the economic interests they must report, alongside other types of interest, such as real estate or business relationships.
Private income
SEI filers must report the source, such as salary or wages, and type of any private income they received in the previous year, or received by a member of their immediate family. They must also report any transaction — including a sale, lease or contract — where they gain an economic benefit of $50 or more.
Income and benefits through public service
The income amount to give will generally be the same as the income stated on the W-2 issued by the municipality.
Officials who receive additional benefits, such as personal use of a publicly owned vehicle, a car allowance or an expense allowance of any kind, such as a cell phone allowance, they must add the value of this benefit to the total income and benefits reported. The municipality should issue a Form 1099 showing the value of the benefits for tax purposes.
The value of fringe benefits offered uniformly to all employees and officials of the municipality, such as contributions to health insurance, retirement and supplemental insurance, does not have to be reported. Filers who receive a higher benefit level or additional benefits, must report the difference between the benefit given to all employees and the value of their benefit.
Reimbursement for actual incurred expenses while performing as a public official or employee is not considered income and does not have to be reported. Officials who receive a per diem must provide the municipality with supporting documentation for expenses and return unspent money.
Statement of Economic Interests forms are due by electronic filing March 30 at noon.