Financial Disclosure Glossary
GLOSSARY OF DEFINED TERMS
Unless the context clearly indicates otherwise, the following words have the following meanings in the Financial Disclosure Statement:
Agency or County agency
- Any department, principal office of the executive or legislative branch of County government;
- any board, commission, committee, task force or similar body appointed by the County Executive or County Council;
- the Revenue Authority, the Housing Opportunities Commission, and the Board of License Commissioners;
- each independent fire department or rescue squad that receives funds from the County or uses property owned by the County; and
- Agency or County agency, as used in this form, does not include the Montgomery County Public Schools (MCPS), the Maryland-National Capital Park and Planning Commission (M-NCPPC) and the Montgomery County Planning Board, or the Washington Suburban Sanitary Commission (WSSC). These are all state-created agencies which are not subject to the Montgomery County Public Ethics Law.
Business
Any for profit or nonprofit enterprise, including a corporation, general or limited partnership, sole proprietorship, joint venture, association, firm, institute, trust or foundation. Business does not include a County agency, but does include an independent fire department or rescue squad.
Commission
The Montgomery County Ethics Commission, established under Section 19A-5 of the Montgomery County Code.
Common trust fund
A trust fund set up by a bank trust department to combine the assets of many small trusts for greater diversification.
Compensation
Any money or thing of value, regardless of form, including the sale or delivery of tangible or intangible property, that an employer pays or agrees to pay for services rendered.
Consumer credit account
An open ended credit account used to obtain money, property or services for personal, family or household purposes.
Doing business with
- Being a party with a County agency to a transaction that involves at least $1,000 during a year;
- negotiating a transaction with a County agency that involves at least $1,000 during a year; OR
- submitting a bid or proposal to a County agency for a transaction that involves at least $1,000 during a year.
Employment or employ
Engaging in an activity for compensation.
Gifts
The transfer of anything of economic value, regardless of form, without an exchange of consideration of equal value. Gift does not include a transfer regulated by state law governing political campaigns or elections.
Immediate family
Spouse and dependent children. A child is a dependent if the child may be claimed as a dependent for federal income tax purposes. For a public employee, immediate family also includes the employee’s domestic partner if the partner is receiving County benefits.
Interest or economic interest
Any source of income or any other legal or equitable economic interest, whether or not the interest is subject to an encumbrance or a condition, which is owned or held in whole or in part, jointly or severally, directly or indirectly.
Interest does not include:
- an interest in a time deposit (for example: Certificate of Deposit), demand deposit (for example: savings account in a financial institution), or in a money market fund with assets of at least $10,000,000;
- an interest in an insurance policy, endowment policy, or annuity contract under which an insurance company promises to pay a fixed number of dollars, whether in a lump sum or periodically for life or some other specified period;
- an interest in a common trust fund or a trust that forms part of a pension plan or profit sharing plan that:
- has more than 25 participants; AND
- the Internal Revenue Service has determined it to be a qualified trust or college savings plan under the Internal Revenue Code
- an interest in a deferred compensation plan that:
- has more than 25 participants; and
- the Internal Revenue Service has determined it qualifies under Section 457 of the Internal Revenue Code; OR
- an interest in a mutual fund, exchange-traded fund, closed-end fund, or unit investment trust regulated by the Securities and Exchange Commission, in which the investor does not control the purchase or sale of the individual securities the fund holds.
Lobbying
Any attempt to influence any legislative, executive, or administrative action by a County agency.
Lobbyist
Any individual or organization who spends money or is compensated to influence legislative, executive, or administrative action by a County agency.
Public employee
- The County Executive and each member of the County Council;
- any person employed by a County agency, including the director of the agency;
- any person appointed by the County Executive or County Council to a board, commission, committee, task force, or similar body, whether or not:
- the person is compensated for serving on the body; OR
- the body is permanent or temporary;
- any member of the Revenue Authority, the Housing Opportunities Commission, or the Board of License Commissioners; AND
- any other person providing service without compensation to a County agency if that person:
- exercises any responsibilities for government-funded programs, procurement, or contract administration for an agency; OR
- has access to confidential information of an agency that relates to government-funded programs, procurement, or contract administration.
Relative
- The public employee’s siblings, parents, grandparents, children, or grandchildren;
- the public employee’s spouse or domestic partner receiving County benefits, and the spouse’s or partner’s siblings, parents, grandparents, children, grandchildren; AND
- the spouses of these relatives.
Restricted donor
A person or business that:
- is registered or must register as a lobbyist under section 19A-21;
- does business with the County agency with which the public employee is affiliated;
- is engaged in an activity regulated or controlled by the County agency with which the public employee is affiliated; OR
- has a financial interest that may be substantially and materially affected in a manner distinguishable from the public generally by the performance or nonperformance of the public employee's duties.
Reversionary interest
A right to obtain in the future an interest in property. A reversionary interest is often subject to conditions such as passage of time or death of another.
Revocable trust
A trust in which the person who creates the trust retains the right to terminate the trust and recover the property put in the trust.
Year
Calendar year.