1 Oct 2026
Recess: Statement of Economic Interests
Back by listener request, we're taking a brief recess to revisit one of our classic episodes on Statements of Economic Interests for local government officials and candidates. Ancel Glink's Daniel J. Bolin and Keri-Lyn J. Krafthefer break down the Illinois Governmental Ethics Act reporting questions, clear up common misconceptions about disclosable assets and debts, and offer practical guidance for local officials and employees.
Candidates running in the 2027 consolidated elections must file an SOEI and submit their receipt alongside nomination papers during the candidate petition filing period. While incumbent officials may have filed an annual statement earlier this year in relation to their current office, many choose or are advised to file an additional statement explicitly in relation to their candidacy.
Inflation-Adjusted Thresholds: On this year's form, disclosable dollar thresholds have been updated for Question 1 (Single Assets: $11,600), Question 2 (Outside Income/Capital Gains; $8,700), Question 3 (Single Non-Public Debts: $11,600), and Question 6 (Gifts/Honoraria : $600).
Episode Breakdown:
Who Must File: Understanding filing obligations for elected/appointed local officials versus designated public employees and candidates.
Question 1 (Assets): Distinguishing disclosable single assets (stocks, bonds, investment real estate) from explicitly excluded personal items like primary residences, personal vehicles, savings/checking accounts, retirement funds, and pensions.
Question 2 (Income; Capital Gains): How to simplify your disclosure by relying directly on your federal income tax return (W-2s, 1099s, capital gains) while excluding compensation from your filing position.
Question 3 (Debts): How standard consumer debts (mortgages, credit cards, auto loans from financial institutions) are excluded from reporting.
Question 4 (Government Employment; Contracts): Disclosing other units of government where you or your spouse serve as an employee, officeholder, or contractor.
Question 5 (Lobbyist Relationships): Identifying disclosable business relationships or family members known to be registered lobbyists.
Question 6 (Gifts; Honoraria): Reporting disclosable sources of gifts or honoraria.
Question 7 (Public Utilities): Disclosing family members employed by non-governmental public utilities.
Practical Tips: Safe harbor protections for good-faith filings, relying on Illinois Secretary of State guidance, and handling county clerk online portals
Resources:
Secretary of State Guidance
Presentation Slides & Materials (2023)
Questions or Feedback: Email us at podcast@ancelglink.com!
Credits:
Chair: Daniel J. Bolin
Guest: Keri-Lyn J. Krafthefer
Producer: Daniel J. Bolin (https://www.linkedin.com/in/danbolin/)
Executive Producer: Keri-Lyn J. Krafthefer
Engineers: Ricardo Perez, Matt Smith
Disclaimer:
This podcast is provided as a service to our public and private sector clients and friends. It is intended to provide timely general information of interest, but should not be considered a substitute for legal advice. Read our full disclaimer at http://www.ancelglink.com/disclaimers
