After dodging her legal obligation for four months, Republican Senate candidate Annette Bosworth mailed her financial disclosure form to the Senate Ethics Committee at the last minute. All Senate candidates are required to report their income, assets, liabilities, and positions within 30 days of becoming candidates. Bosworth got a 90-day extension, then held out for the last day of the 30-day grace period, postmarking her submission December 9.
So what do we learn from Bosworth's disclosure?
- On the introductory checklist, Bosworth says she holds no assets worth more than $1,000.
- In Part IIIA, Bosworth claims at least $17,000 available across four checking accounts. That ought to be enough to pay at least some of the back wages Bosworth owes her former employees.
- In Part IIIB, Bosworth indicates that she might have had at least $60K in rental income from four Opal Lane properties in Hartford worth at least $400,000. (CorTrust Bank foreclosed on three of those properties in late May and early June, 2013.)
- Bosworth reports earned income of $17,662 from three sources since January 1, 2012:
- Volunteer of America: $1,225
- USD School of Medicine: $4,885
- State of South Dakota: $11,552
- On the income claimed here, Dr. Bosworth, her husband, and her three children could qualify for Medicaid.
- In Part X of her filing, Bosworth names four sources of compensation in excess of $5,000 paid by one source:
- Equipment Sales LLC
- IronWorks Leasing LLC
- Independent Medicine Prof LLC
- Meaningful Medicine LLC (incorporated with a Sioux Falls address, but essentially the same practice as Independent Medicine).
- In Part II, Bosworth fails to list her compensation from any of those four sources.
- In Part VIII, Bosworth lists her position as sole member of Independent Medicine and Meaningful Medicine. She fails to list her positions at Equipment Sales and IronWorks Leasing.
- Part VII is supposed to show liabilities as valued within a month of the date this form is filed. Bosworth's checkboxes on this page appear to add up to at least $1.4 million in liabilities. The largest chunk of this debt is at least $500K on a business line of credit held by ReliaBank in Tea. Bosworth's liabilities include checking overdraft protection at two banks, two mortgages, an American Express balance, and student loans.
- In Part VIII, Bosworth lists 18 positions held over the last three years. Her present positions include the following:
- Meaningful Medicine sole member;
- "Nurse's Parish" educator;
- University of South Dakota School of Medicine faculty member;
- USD med school Geriatrics Fellowship educator;
- USD med school curriculum reform committee member.
- Bosworth's husband Chad Haber received no income over $1,000 from any one source in 2012 or so far in 2013.
The facts as Annette Bosworth has presented them to the Senate Ethics Committee suggest a personal fiscal house in disorder. With potentially lucrative medical skills, Bosworth directs her energy to a quixotic Senate campaign and now a medical mission trip to the Philippines, while her husband makes campaign videos and tags everyone on Facebook.
Republicans, if Annette Bosworth manages to get on your primary ballot, please study this financial disclosure form, and then ask yourself if you want this candidate in charge of your budget.