CEO 74-1 -- September 6, 1974

ASSETS

CLARIFICATION OF DEFINITION OF ASSETS

To: Charles L. Nergard, Representative, 76th District, Ft. Pierce

Prepared by: Hal Johnson

SUMMARY:

The term "asset" as used in s. 112.3145(1)(e), F. S., as amended by Ch. 74-177, Laws of Florida, and CE Form 1, question 6, includes real and personal property, whether tangible or intangible, with emphasis on property "of value" or convertible thereto so as to provide a means of paying one's debts. Further, assets exempt from disclosure under provisions of s. 112.3145(1)(e), supra, should be included when calculating the value of the officer's gross assets for purposes of ascertaining minimum percentage requirements for disclosure.

QUESTION:

What is the meaning of the term "asset" as used in s. 112.3145(1)(e), F. S., as amended by Ch. 74-177, Laws of Florida, and CE Form 1, question 6?

The term "assets" includes real and personal property, whether tangible or intangible. The emphasis in this definition is that property be "of value" or convertible thereto so as to provide a means of paying one's debts. Any property of this nature must be included within the definition of an asset.

It should be noted that s. 112.3145(1)(e), F. S., Ch. 74-177, Laws of Florida, excludes from the list of assets which must be disclosed:

. . . any asset which is equal to or less than fifteen percent of the total; any property not situate in Florida and the personal and recreational or vacation homes of each public officer or candidate . . . .

While these items need not be disclosed, they nevertheless constitute assets when calculating the value of the officer's gross assets.