The California 700 U form is a Statement of Economic Interests specifically designed for principal investigators at the University of California (UC) and California State University (CSU) who are responsible for research projects funded by non-governmental entities. This form ensures transparency and accountability by requiring individuals to disclose financial interests, income, and gifts related to their research funding. Understanding how to accurately complete this form is crucial for compliance and maintaining integrity in research activities.
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The California 700-U form plays a critical role for individuals employed by the University of California (UC) or California State University (CSU) who lead research projects funded by non-governmental entities. This form is essential for ensuring transparency and accountability in research funding. When completing the 700-U, filers must disclose various financial interests, including investments, income, loans, and gifts related to the funding entity. Specifically, if a principal investigator has a financial interest of $2,000 or more in the entity providing the funding, this must be reported. Additionally, any income received from the entity that totals $500 or more is also subject to disclosure. The form requires detailed information about the funding source, including its name, address, and the amount of funding provided. It's important to note that certain nonprofit entities may not trigger disclosure requirements, as outlined in Regulation 18755. Understanding what constitutes a gift, income, or loan is crucial, as these categories have specific thresholds and definitions that must be adhered to. Failing to file the 700-U or inaccurately reporting financial interests can lead to civil liability and university discipline. Thus, completing this form with diligence is not just a bureaucratic task; it is a necessary step in maintaining ethical standards in research funding.
Instructions for Completing Form 700-U
CALIFORNIAFORM 700-U
Who Files Form 700-U?
This form must be iled by all persons employed by UC or CSU who have principal responsibility for a research
project if the project is to be funded or supported, in
whole or in part, by a contract or grant (or other funds earmarked by the donor for a speciic research project or for a speciic researcher) from a nongovernmental entity.
Reporting requirements are outlined in Regulation 18755.
This regulation provides that research funding by certain nonproit entities will not trigger disclosure. This regulation is available on the FPPC website.
What is an Investment?
“Investment” means any inancial interest in a business entity in which you, your spouse or registered domestic
partner, or your dependent children have a direct, indirect, or beneicial interest totaling $2,000 or more. Reportable investments include stocks, bonds, warrants,
and options, including those held in margin or brokerage accounts and investment funds. Common examples of investment funds are index funds, exchange-traded funds, and venture capital funds. (See Gov. Code Section 82034.)
What is Income?
“Income” means a payment received, including but not limited to any salary, wage, advance, dividend, interest, rent, proceeds from any sale, gift, including any gift of food
or beverage, loan forgiveness or payment of indebtedness received by the iler, reimbursement for expenses, per diem,
or contribution to an insurance or pension program paid by any person other than an employer, and any community property interest in income of a spouse or registered domestic partner. Income also includes an outstanding loan. Income of an individual also includes a pro rata share of any income of any business entity or trust in which the
individual, spouse, or registered domestic partner owns directly, indirectly, or beneicially, a 10% interest or greater.
Income includes your gross income and your community property interest in your spouse’s or registered domestic partner’s gross income totaling $500 or more. Gross income is the total amount of income before deducting expenses, losses, or taxes. (See Gov. Code Section 82030.)
What is a Loan?
Loans received or outstanding are reportable if they total $500 or more from a single lender. Your community property interest in loans received by your spouse or registered domestic partner also must be reported. (See Gov. Code Section 82030(a).)
What is a Gift?
A gift is anything of value for which you have not provided equal or greater consideration to the donor. A gift is reportable if its fair market value is $50 or more. In addition, multiple gifts totaling $50 or more received from a reportable source must be reported.
It is the acceptance of a gift, not the ultimate use to which it is put, that imposes your reporting obligation. Therefore you must report a gift even if you never used it or if you gave it away to another person.
If the exact amount of a gift is not known, you must make a good faith estimate of the item’s fair market value. Listing the value of a gift as “over $50” or “value unknown” is not adequate disclosure.
Commonly reportable gifts include:
•Tickets/passes to sporting or entertainment events
•Tickets/passes to amusement parks
•Parking passes
•Food, beverages, and accommodations, including that provided in direct connection with your attendance at a convention, conference, meeting, social event, meal, or like gathering, where you did not give a speech, participate in a panel or seminar, or provide a similar service
•Rebates/discounts not made in the regular course of
business to members of the public without regard to oficial status
•Wedding gifts
•An honorarium. You may report an honorarium as income rather than as a gift if you provided services of equal or greater value than the payment received.
•Transportation and lodging
•Forgiveness of a loan received by you
(See Gov. Code Section 82028.)
FPPC Form 700-U (2008/2009) FPPC Toll-Free Helpline: 866/ASK-FPPC www.fppc.ca.gov
CALIFORNIA 700-U FORM
FAIR POLITICAL PRACTICES COMMISSION
Please type or print in ink.
STATEMENT OF ECONOMIC INTERESTS
FOR
PRINCIPAL INVESTIGATORS
Date Received
Campus Use Only
Campus:
ID No:
NAME (LAST)(FIRST)(MIDDLE)TELEPHONE NUMBER
(
)
ACADEMIC UNIT OR DEPARTMENT
MAIL CODE
E-MAIL ADDRESS
TITLE OF RESEARCH PROJECT
1. Information Regarding Funding Entity:
(Use a separate Form 700-U for each funding entity.) Name of Entity:
Address of Entity:
Principal Business of Entity:
Amount of Funding: $
Estimated
Actual
2.Type of Statement (Check at least one box) Initial (for new funding)
Date of initial funding:
/
Interim (for renewed funding)
Funding was renewed on:
3.Filer Information
A.Are you a director, oficer, partner, trustee, consultant, employee, or do you hold a position of management in
the entity listed in Part 1?
No
Yes
Title:
B.Do you, your spouse or registered domestic partner, or
your dependent children have an investment of $2,000 or more in the entity listed in Part 1 above?
– value is:
$2,000 - $10,000
$10,001 - $100,000
$100,001 - $1,000,000
Exceeds $1,000,000
If you have sold or divested yourself of investments:
Date Divested:
C.Have you received income of $500 or more from the entity listed in Part 1 during the reporting period?
No Yes
$500 - $1,000
$1,001 - $10,000
Exceeds $100,000
Was income received through your spouse or registered
domestic partner?
3. Filer Information - CONT.
D.Have you received loans from the entity in Part 1 for which the balance exceeded $500 during the reporting period?
– highest balance:
Exceeded $100,000
If you checked “yes,” was the loan:
Secured
Unsecured Interest rate:
%
Was the loan entirely repaid within the last 12 months?
E.Have you received gifts from the entity listed in Part 1 within the last 12 months valued at $50 or more?
– describe below.
Description:
Value: $
Date Received:
F. Has the entity in Part 1 paid for your travel?
Type of Payment: (check one)
Gift
Income
Amt: $
date(s):
(If applicable)
4. Veriication
I have used all reasonable diligence in preparing this statement. I have reviewed this statement and to the best of my knowledge the information contained herein and in any attached schedules is true and complete. I certify under penalty of perjury under the laws of the State of California that the foregoing is true and correct.
Date Signed
(month, day, year)
Signature
(File the originally signed statement with your university.)
The Form 700-U is for university use only.
FPPC Form 700-U (2008/2009)
This statement is a public record under Gov. Code Section 81008(a).
FPPC Toll-Free Helpline: 866/ASK-FPPC www.fppc.ca.gov
Instructions for Completing Form 700-U (continued)
What is a Travel Payment?
Travel payments include advances and reimbursements for travel and related expenses, including lodging and meals.
•Travel payments are gifts if you did not provide services which were equal to or greater in value than the payments received. You must disclose gifts totaling $50 or more from a single source during the period covered by the statement. Gifts of travel are reportable without regard to where the donor is located.
When reporting travel payments which are gifts, you must provide a description of the gift and the date(s) received.
Effective August 15, 2008, Regulation 18946.6 provides new valuation methods for gifts of air transportation.
•Travel payments are income if you provided services which were equal to or greater in value than the payments received. You must disclose income totaling $500 or more from a single source
during the period covered by the statement. The iler has the burden of proving the payments are
income rather than gifts.
When reporting travel payments as income, you must describe the services you provided in exchange for the payment. You are not required to disclose the date(s) for travel payments which are income.
Gifts of travel may be subject to a $420 gift limit. In
addition, certain travel payments are reportable gifts, but are not subject to the gift limit. See the FPPC fact sheet entitled “Limitations and Restrictions on Gifts, Honoraria, Travel, and Loans,” which can be obtained from the FPPC at www.fppc.ca.gov.
You are not required to disclose:
•Travel payments received from any state, local, or federal government agency for which you provided services equal or greater in value than the payments received
•Travel payments received from your employer in the normal course of your employment
•Payments or reimbursements for transportation within California in connection with an event at which you gave a speech, participated in a panel or seminar, or performed a similar service
•Food, beverages, and necessary accommodations received directly in connection with an event held inside or outside California at which you gave
a speech, participated in a panel, or provided a similar service (note that payments for transportation outside of California are reportable)
•A travel payment which was received from a nonproit entity exempt from taxation under IRS Code Section 501(c)(3) for which you provided equal or greater consideration
Check the box to indicate if the payment was a gift or income, report the amount, and disclose the date(s) if applicable.
Violations
Failure to ile the required Statement of Economic Interests or failure to report a inancial interest may
subject a principal investigator to civil liability, including ines, as well as University discipline. (Gov. Code Sections 81000-91014)
Privacy Information Notice
Information requested on all FPPC forms is used by the FPPC to administer and enforce the Political Reform Act (Gov. Code Sections 81000-91014 and Regulations 18109-18997). All information required by these forms is mandated by the Political Reform Act. Failure to provide all of the information required by the
Act is a violation subject to administrative, criminal or civil prosecution. All reports and statements provided are public records open for public inspection and reproduction.
If you have any questions regarding this Privacy Notice
or how to access your personal information, please
contact the FPPC at:
General Counsel
Fair Political Practices Commission 428 J Street, Suite 620 Sacramento, CA 95814
(916) 322-5660
Completing the California 700 U form involves a series of steps that require careful attention to detail. This form is essential for those involved in research projects funded by non-governmental entities. It is important to provide accurate information to ensure compliance with state regulations.
After completing the form, ensure that it is submitted by the required deadline. This helps maintain compliance with the regulations governing research funding and financial disclosures.
Who is required to file Form 700-U?
All individuals employed by the University of California (UC) or California State University (CSU) who have primary responsibility for a research project must file this form. This requirement applies when the project receives funding from a nongovernmental entity, either fully or partially. Specific reporting requirements are outlined in Regulation 18755, which states that funding from certain nonprofit entities does not require disclosure.
What qualifies as an investment for reporting purposes?
An investment is defined as any financial interest in a business entity where you, your spouse or registered domestic partner, or your dependent children hold a direct, indirect, or beneficial interest totaling $2,000 or more. This includes stocks, bonds, warrants, and options, as well as interests in investment funds such as index funds or venture capital funds.
How is income defined in the context of Form 700-U?
Income refers to any payment received, which can include salaries, wages, dividends, interest, rent, and gifts valued at $50 or more. It also encompasses loan forgiveness and payments received from any person other than your employer. If you or your family members have a 10% interest or greater in a business entity, your share of that entity's income must also be reported.
What types of loans must be reported?
Loans that are received or outstanding and total $500 or more from a single lender must be reported. This includes loans received by your spouse or registered domestic partner, as your community property interest in those loans must also be disclosed.
What constitutes a gift under this form?
A gift is anything of value received without providing equal or greater consideration to the donor. Gifts valued at $50 or more must be reported. If multiple gifts from a reportable source total $50 or more, those must also be disclosed. Common examples include tickets to events, food, and transportation.
What are travel payments, and how are they categorized?
Travel payments include advances and reimbursements for travel-related expenses, such as lodging and meals. If you did not provide services equal to or greater than the value of the travel payments, they are considered gifts and must be reported if valued at $50 or more. If you provided services that justify the payment, they are categorized as income and must be reported if they total $500 or more.
What happens if someone fails to file Form 700-U or report financial interests?
Failure to file the required Statement of Economic Interests or to disclose a financial interest can result in civil liability, including fines, as well as disciplinary action from the university. Compliance with the Political Reform Act is mandatory.
How is the information on Form 700-U treated in terms of privacy?
Information provided on Form 700-U is considered public record and is subject to public inspection and reproduction. The Fair Political Practices Commission (FPPC) uses this information to enforce the Political Reform Act. If you have concerns about privacy or accessing your personal information, you may contact the FPPC directly.
When filling out the California 700 U form, individuals often make mistakes that can lead to incomplete or inaccurate disclosures. One common error is failing to report all necessary investments. An investment is defined as any financial interest in a business entity totaling $2,000 or more. Many filers overlook smaller investments or those held in joint accounts, which can result in non-compliance with reporting requirements.
Another frequent mistake involves misclassifying income. Filers sometimes fail to recognize that various forms of compensation, such as reimbursements or gifts, may qualify as income. It is crucial to accurately categorize these payments to avoid potential penalties. Additionally, individuals may neglect to report income received through their spouse or registered domestic partner, which is also required.
People often misunderstand the definition of a gift, leading to errors in reporting. A gift is anything of value received without providing equal or greater consideration. Many filers mistakenly believe that gifts under $50 do not need to be reported, but any gift valued at $50 or more must be disclosed. Furthermore, if multiple gifts from a single source total $50 or more, they must also be reported collectively.
Another area of confusion arises with travel payments. Filers may incorrectly identify travel reimbursements as gifts instead of income, or vice versa. It is important to determine whether the travel payment was made in exchange for services rendered. Misclassification can lead to discrepancies in reported amounts, which may attract scrutiny.
In addition, individuals frequently fail to provide adequate descriptions of gifts or travel payments. Simply stating "gift" or "travel payment" without details does not meet the disclosure requirements. Accurate descriptions and estimated values are essential for compliance.
Lastly, many filers do not review their completed forms thoroughly before submission. Incomplete or incorrect information can lead to civil liabilities or disciplinary actions from the university. Taking the time to verify all entries ensures that the form is accurate and complete, thus minimizing the risk of potential issues.
The California 700 U form is an essential document for individuals involved in research projects funded by non-governmental entities. However, several other forms and documents often accompany it to ensure compliance with disclosure regulations. Here’s a brief overview of these related documents.
Understanding these documents is crucial for anyone involved in research funded by external sources. They help maintain transparency and uphold ethical standards within the academic and research communities. Proper completion and submission of these forms ensure compliance with state regulations and foster trust in the research process.
The California Form 700-U is essential for individuals involved in research projects funded by non-governmental entities. This form is not alone; several other documents serve similar purposes in terms of financial disclosure and transparency. Here’s a look at nine documents that share similarities with the California Form 700-U:
Understanding these documents can help ensure compliance with financial disclosure requirements and promote ethical practices in research and public service.
When filling out the California 700 U form, it's important to get it right. Here are some tips to guide you:
Misconception 1: Only researchers receiving large grants need to file Form 700-U.
This is incorrect. Anyone employed by UC or CSU who has principal responsibility for a research project funded by any contract or grant from a nongovernmental entity must file the form, regardless of the grant amount.
Misconception 2: If I don’t have any investments, I don’t need to file.
Filing is still required even if there are no investments. The form requires disclosure of various financial interests, including income and gifts, not just investments.
Misconception 3: Gifts under $50 don’t need to be reported.
While gifts valued at less than $50 do not need to be reported, any gift valued at $50 or more must be disclosed. Additionally, multiple gifts from a reportable source that total $50 or more must also be reported.
Misconception 4: Travel payments are always considered gifts.
This is misleading. Travel payments can be classified as either gifts or income, depending on whether services were provided in exchange for the payment. If services equal to or greater than the payment were provided, it is classified as income and must be reported accordingly.
Filling out the California 700-U form is an important responsibility for individuals involved in research projects funded by non-governmental entities. Here are some key takeaways to consider:
Understanding these key points will help ensure compliance with reporting requirements and maintain transparency in research funding.