Instructions For Fppc Form 700 Reference Pamphlet - Statement Of Economic Interests - 2016/2017 Page 16
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16Terms & Definitions -
(continued)
Wedding Gifts: Wedding gifts must be disclosed if they
Examples:
were received from a reportable source during the period
•
Sarah Murphy has set up a living trust that holds her
covered by the statement. Gifts valued at $50 or more are
principal residence, stock in several companies that do
reportable; however, a wedding gift is considered a gift to
business in her jurisdiction, and a rental home in her
both spouses equally. Therefore, you would count one-half
agency’s jurisdiction. Since Sarah is the trustor and
of the value of a wedding gift to determine if it is reportable
can revoke or terminate the trust, she must disclose
and need only report individual gifts with a total value of
any stock worth $2,000 or more and the rental home
$100 or more.
on Schedule A-2. Sarah’s residence is not reportable
because it is used exclusively as her personal
For example, you receive a place setting of china valued at
residence.
$150 from a reportable source as a wedding gift. Because
the value to you is $50 or more, you must report the gift on
•
Ben Yee is listed as a beneficiary in his grandparents’
Schedule D, but may state its value as $75.
trust. However, Ben does not presently receive income
from the trust, nor does he have an irrevocable future
Wedding gifts are not subject to the $460 gift limit ($470
right to receive income or principal. Therefore, Ben
during 2017 - 2018), but they are subject to the $10
is not required to disclose any assets contained in his
lobbyist/lobbying firm gift limit for state officials.
grandparents’ trust.
Privacy Information Notice
Blind Trusts:
Information requested on all FPPC forms is used by the
A blind trust is a trust managed by a disinterested trustee
FPPC to administer and enforce the Political Reform Act
who has complete discretion to purchase and sell assets
(Gov. Code Sections 81000-91014 and California Code
held by the trust. If you have a direct, indirect, or beneficial
of Regulations Sections 18110-18997). All information
interest in a blind trust, you may not be required to disclose
required by these forms is mandated by the Political
your pro rata share of the trust’s assets or income.
Reform Act. Failure to provide all of the information
However, the trust must meet the standards set out in
required by the Act is a violation subject to administrative,
FPPC Regulation 18235, and you must disclose reportable
criminal, or civil prosecution. All reports and statements
assets originally transferred into the blind trust and income
provided are public records open for public inspection and
from those original assets on Schedule A-2 until they have
reproduction.
been disposed of by the trustee.
If you have any questions regarding this Privacy Notice or
Trustees:
how to access your personal information, please contact
the FPPC at:
If you are only a trustee, you do not have a reportable
interest in the trust. However, you may be required
General Counsel
to report the income you received from the trust for
Fair Political Practices Commission
performing trustee services.
428 J Street, Suite 620
Sacramento, CA 95814
(916) 322-5660
(866) 275-3772
FPPC Form 700 Reference Pamphlet (2016/2017)
FPPC Advice Email: advice@fppc.ca.gov
FPPC Toll-Free Helpline: 866/275-3772
Ref. Pamphlet - 16
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