OGE Form 278e: Part 8
Liabilities
Report liabilities in Part 8. You must report your own liabilities and those of your spouse and dependent children.
Although there are many different types of reportable liabilities, all are reported in a similar manner. Common types of reportable liabilities include: boat loans, capital commitments, credit card debt, exercised lines of credit, margin accounts, mortgage debt, student loans, loans from non-commercial sources (e.g., loan from a friend), and liabilities for which you co-signed and have a current legal obligation to repay.
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Creditor Name
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Type
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Amount
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Year Incurred
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Rate
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Term
|
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First District Bank
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mortgage (investment/ rental property)
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$100,001 - $250,000
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2014
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4.2%
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30 years
|
|
XYZ National Visa
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credit card
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$10,001 - $15,000
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2019
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prime +7%
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revolving
|
|
Miguel Reyes
|
personal loan
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$15,001 - $50,000
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2020
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5%
|
on demand
|
|
Positron Investments XI, LP
|
capital commitment
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$50,001 - $100,000
|
2021
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N/A
|
on demand
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For You, Your Spouse, and Your Dependent Children
Part 8
Report liabilities owed to any creditor that exceeded $10,000, in aggregate, at any time during the reporting period.
A general description of the requirements for all reportable liabilities is included below. For more detailed guidance on a particular liability, please consult the Frequently Asked Questions.
Creditor Name: Provide the name of the creditor/lending institution.
Type: Describe the type of liability.
Amount: Mark the appropriate category of amount or value. For revolving charge accounts, use the value of the liability at the end of the reporting period. For all other liabilities, mark the category that corresponds to the highest value of the liability during the reporting period.
Year Incurred: Provide the year that the liability was incurred.
Rate: Provide the interest rate. Describing the rate in reference to a prime rate, such as “prime + 1%,” is also sufficient.
Term: Specify, in years or months, the time that the loan allows for repayment. Describing the term as “on demand,” “open-ended,” “revolving” (credit cards), or something similar is also sufficient if applicable.
Certain Mortgages Are Not Reportable
You do not need to report a mortgage or home equity loan on your personal residence, unless (1) you rented out the residence (or a portion of the residence) during the reporting period or (2) you are a nominee or appointee to a Presidentially appointed, Senate-confirmed (PAS) position. A PAS nominee or appointee generally must report a mortgage or home equity loan on a personal residence unless a specific additional exclusion applies.
Other Liabilities That Are Not Reportable
You do not need to report the following liabilities in Part 8:
- Loans secured by a personal motor vehicle, household furniture, or appliances, provided that the loan does not exceed the item’s purchase price.
- Revolving charge accounts, such as credit card balances, provided that the outstanding liability did not exceed $10,000 at the close of the reporting period. This method of calculating the threshold differs from the method for all other entries in Part 8.
- Liabilities of a trade or business, unless you, your spouse, or a dependent child is personally liable (i.e., do not include a loan owed by a LLC, unless you, your spouse, or a dependent child is also personally liable for that same loan).
- Personal liabilities owed to a spouse, parent, sibling, or child of yours, your spouse, or your dependent child.
- Liabilities of a spouse living separate and apart with the intention of terminating the marriage or providing for a permanent separation.
- Obligations arising from divorce or permanent separation.
No Liabilities to Report
If you do not have any liabilities to report, you need to state this fact. Within Integrity, you would make the statement by marking the “I do not have...” checkbox. For hard copy reports, write “None” for the first line entry.