As an annual reminder, the Board of Regents requires each institution to distribute information to their faculty and staff concerning the State Business Transaction Disclosure form. Section 45-10-26 of the Official Code of Georgia requires that all public employees who have had business transactions with the state of Georgia, or any agency of the state of Georgia, file a disclosure report with the secretary of state on or before Jan. 31 of each year disclosing all business transactions occurring during the previous calendar year. These transactions include transactions by the employee and any transactions on behalf of any business in which the public employee or any member of his or her family has a substantial interest.
For purposes of the State Business Transaction Disclosure Report, the following definitions apply:
Public Employee: Any person who is employed either on a full-time or part-time basis by any agency, department, board, commission, committee or subdivision of the state of Georgia. This includes Augusta University, but does not include the medical center or Medical Associates.
Business Transactions: Means any sale, purchase or leasing of any real property, personal property, goods and services.
Substantial Interest: Means direct or indirect ownership of more than 25 percent of the assets or stock of any business.
Family: Means a spouse and any dependents.
Augusta University employees covered by this statute must file an annual disclosure report with the secretary of state prior to Jan. 31, 2016. This report must describe any transactions occurring between Jan. 1, 2015 and Dec. 31, 2015.
State Business Transaction Disclosure Report/Form and Instructions can be found online at: usg.edu/legal/docs/bus_transact.pdf.
A report is not required if each individual transaction is less than $250 and the total of all transactions during the calendar year did not exceed $9,000. Employees not covered by this statute need not file a report.
Failure to comply with the statute may subject the employee to a fine of up to $10,000, termination of employment and restitution to the state of Georgia. If you have any questions concerning compliance with the state disclosure requirements, please contact Legal Affairs at extension 1-4018 or visit their website at augusta.edu/services/legal/.