Bids and Offers
CPO and MBE
Financial Disclosures and Potential Conflicts of Interest
- When is a vendor required to provide the Financial Disclosures and Potential Conflicts of Interest form?
All bids or offers in excess of $25,000 must be accompanied by the appropriate Financial Disclosre and Potential Conflict of Interest form(s).
- Is it true that separate Financial Disclosures and Potential Conflicts of Interest forms or 10k forms are required for Parent entities?
Yes. Separate disclosure is required for the disclosing entity and its parent. In addition to the percentage of ownership, the financial disclosure form includes individual disclosure of Potential Conflicts of Interest, which must be completed for each individual with ownership in excess of 5% or greater than 60% of the annual salary of the governor.
- What is required when ownership is held in a trust or an ESOP?
Financial Disclosure and Potential Conflicts of Interest must be provided for all individuals with ownership interest in the bidding or contracting firm and its parent in excess of 5% or greater than 60% of the annual salary of the governor, regardless of how that interest is held.
- Is the Financial Disclosure and Potential Conflict of Interest form required for subcontractors? If so, when must they be submitted?
Disclosure is requred for each subcontract where the value is &50,000 or greater. It is requred within 20 days after the contract or subcontract is executed, whichever is later.
- Do owners have to disclose both percentage of ownership and the dollar value of the ownership?
No. Financial disclosure can be either the percentage of ownership or value of the distributive income share.
- How often do I need to update my Financial Disclosure and Potential Conflict of Interest form?
Bidders and offers have a continuing duty to update their financial disclosure throughout the bidding or offering process and during the entire term of any contract. Any changes should be reported immediately.
State Board of Election Registration
- When are we required to register with the State Board of Elections?
When a business entity's bids, proposals or contracts exceed $50,000 annually.
- Which executive employees are affilitated persons and required to be registered with the State Board of Elections?
Executive employees required to register with the State Board of Elections include the President, Chairman or CEO of a business entity and any other person that fulfills equivalent duties of these positions. It also includes any employee of a business entity whose compensation is determined directly, in whole or in part, by the award of payment of a state contract.
- Large corporations often have many subsidiaries. Do all subsidiaries need to be registered as an affiliate on the State Board of Elections?
Yes. A bidding, offering or contracting firm and its affiliated entities are required to be registered when the firm's bids or contracts exceed $50,000 annually. An affiliated entity includes the corporate parent and each subsidiary of the bidding, offering or contracting firm and its parent.