1.9 Personal Financial Disclosure Statements

(Adopted 11-12-2007; Reaffirmed 8-28-17, 8-26-2019, 8-30-2021)

The Board of Trustees hereby adopts a policy establishing and making public its own method of disclosing financial interests of Board members, candidates and specified administrators, in accordance with law. Personal financial disclosure statements as described below shall be filed with the Missouri Ethics Commission and the East Central College Board of Trustees, on or before May 1 for the preceding calendar year, unless the person filing is a Board candidate. Candidates who are required to file reports (i.e., those who have engaged in reportable transactions in the previous calendar year) must file their reports within 14 days after the last day to file for office. The reports will be made available for public inspection and copying during normal business hours.

This portion of the policy dealing with the financial interest statement will be adopted in an open meeting every other year by September 15. A certified copy of this policy/resolution shall be sent to the Missouri Ethics Commission within ten (10) days of adoption.

Procedures

1.9.1 Board Member Disclosure

All trustees and candidates for trustee shall disclose the following transactions in writing if they occurred during the calendar year:

  1. Each transaction in excess of $500 per year between the College and the individual, or any person related within the first degree by consanguinity or affinity to the individual. The statement does not need to include compensation received as an employee or payment of any tax, fee, or penalty due the College. The statement shall include the dates and identities of the parties in the transaction. “First degree of consanguinity or affinity” includes parents, spouse, or children by virtue of a blood relationship or marriage.
  2. Each transaction in excess of $500 between the College and any business entity in which the individual has a substantial interest. The statement does not need to include any payment of tax, fee, or penalty due the College District or payment for providing utility service to the College District. The statement shall include the dates and identities of the parties in the transactions. “Substantial interest” is ownership by the individual, their spouse, or dependent children, either singularly or collectively, directly or indirectly, of ten (10) percent or more of any business entity, or of an interest having a value of $10,000 or more, or the receipt of a salary, gratuity, or other compensation of $5,000 or more from any individual, partnership, organization, or association within any calendar year.

1.9.2 College President and Chief Financial Officer Disclosure (Revised 11-6-2023)

The College President and the Chief Financial Officer (i.e., the Vice President of Finance and Administration) will disclose the information required in 1) and 2) above in writing. In addition, these employees will disclose the following information for themselves, their spouses, and dependent children:

  1. The name and address of each employer from whom income of $1,000 or more was received during the year covered by the statement.
  2. The name and address of each sole proprietorship the individual owned.
  3. The name, address, and general nature of business conducted by each general partnership or joint venture in which they are a partner or participant.
  4. The name and address of each partner or co-participant in the partnership or joint venture unless the information is already filed with the Secretary of State.
  5. The name, address, and general nature of business of any closely held corporation or limited partnership in which the individual owned ten (10) percent or more of any class of the outstanding stock or limited partners’ units.
  6. The name of any publicly traded corporation or limited partnership that is listed on a regulated stock exchange or automated quotation system in which the individual owned two (2) percent or more of any class of outstanding stock, limited partnership units or other equity interests.
  7. The names and addresses of each corporation for which the individual served in the capacity of director, officer, or receiver.