The State Ethics Commission's mandatory Statement of Economic Interests forms aim for transparency on any potential personal benefit that a public position could create. Officials must use the forms to report income as well as any economic interest in real, personal or business property.
For the purposes of the SEI, the Ethics Reform Act (SC Code Section 8-13-100(11)(a)) defines an economic interest as "an interest distinct from that of the general public in a purchase, sale, lease, contract, option, or other transaction or arrangement involving property or services in which a public official, public member, or public employee may gain an economic benefit of fifty dollars or more."
Officials must disclose any real estate interest they or their immediate family have if it can be reasonably expected to create a conflict of interest. They must also disclose the interest if there has been $200 or more of public improvements, such as streets, lighting or water systems, made on the property or adjoining properties.
Public officials must report any real or personal property sold, leased or rented by a public official or immediate family member to the state or any other public agency.
Finally, the public official must report the name and relationship of every business or other entity in which the public official or immediate family member has a 5% or greater interest in the entity's value, so long as the value of the interest exceeds $100,000. If the municipality contracts with a business where the public official works, has an ownership interest or investment in, or has any other association, the official must disclose the relationship and compensation received from the business.
A 2017 change in the law requires that all those completing a SEI form to include income, both source and type, of members of the official's immediate family. This includes spouses, children residing in the household, and anyone else claimed as a dependent. Reportable income for these people includes anything of value reported on an IRS form.
SEI forms are due by electronic filing by noon on March 30. File the form online.