General Information

Under the Ethics Law, many public officials and employees file annual reports, called Financial Disclosure Statements (FDS), that disclose certain required financial information. The purposes of the financial disclosure requirement are to remind public officials of financial interests that may conflict with their duties and to assist citizens and the three ethics agencies in monitoring the areas of potential conflict of interest of public officials. Public disclosure serves as a deterrent to public officials considering activity that may result in a conflict.  

Like a tax return, the FDS reflects personal financial information for the entire preceding calendar year. Therefore, a statement to be filed in 1997 will reflect the financial interests of the filer during the entire year of 1996, and will be described as a 1996 FDS.

Individuals Required to File FDS 

Officials and employees who are required to file FDS are:  

Village and township elected officers, board of education members in districts with fewer than 12,000 students, and most state and local public employees are not required to file FDS.

Information the Filer Must Disclose 

Along with general personal information, most FDS filers identify the following items: 

City, county, and school board elected officials who make less than $16,000 for their public service, and public university trustees, have different disclosure requirements. These officials are required to disclose: 

FDS Due Dates 

A public official subject to the financial disclosure requirement is generally required to file his FDS with the appropriate ethics agency each year by April 15th. Statements may be filed by mail or in person, and a statement postmarked on or before April 15th is considered filed by that date.  

A candidate who has been certified for ballot placement for election to public office is required to file his FDS not later than 30 days prior to the date of the first election in which his candidacy will be voted upon. A write-in candidate who has been certified for ballot placement must file his FDS not later than 20 days prior to the first election at which his candidacy will be voted upon. Unless certified for ballot placement, an incumbent office holder must file his FDS by April 15th. A person appointed to an unexpired term of elective office has 15 days from the date he is sworn into office to file.

A person who is appointed to, promoted to, or employed in a non-elective position for which filing is required must file an FDS within 90 days of employment, promotion, or appointment, unless he is appointed on or before February 15th. A person who is appointed to, promoted to, or employed in a non-elective position for which filing is required, on or before February 15th, must file his FDS by April 15th.

FDS Fees and Penalties 

The filer must include a filing fee with his FDS. The filing fees range from $20 (for elected school board officers) to $65 (for elected state officers) per year.  

The Ethics Commission is required to assess a late filing fee equal to $10 per day, up to a maximum late fee of $250, against those individuals who fail to file their FDS on time.  

If a public official who is required to file a financial disclosure statement fails to file, a penalty of up to a $250 fine, 30 days in jail, or both, could be imposed by the courts. If an official files a false statement, the penalty could be up to a $1000 fine, six months in jail, or both.

Filing of statements and availability of filed statements 

Three ethics agencies receive FDS from the public officials over whom they have jurisdiction: 

Copies of most FDS are available for public inspection from the Ethics Commission and other ethics agencies. However, the Ethics Law requires that the Ethics Commission keep some statements confidential, such as those filed by school district employees. Blank FDS may be obtained from any county board of elections or from any ethics agency.

For more information, please see our FDS Fact Sheet.

Last Revised 12/03