Trump claims FEC filing demonstrates sky-high wealth, income

Form conflates personal income and company revenue, requires only vague valuations

New York /
May.May 19, 2016 09:33 AM

Presumptive Republican presidential nominee Donald Trump has long said he’s worth $10 billion, and now claims a new conflict-of-interest disclosure filing proves it. It doesn’t.

Trump’s filing showed the businessman’s “tremendous cash flow” and was “the largest in the history of the F.E.C.” his campaign claimed in a news release, referring to the Federal Election Commission.

On the form, which requires all presidential candidates to disclose the sources of their income and the business entities they own, Trump claims an income of at least $615 million, according to the New York Times with large parts of his income stemming from his sale of the Miss Universe pageant and revenues from his many golf courses.

He reported assets of at least $1.5 billion, and liabilities of about $315 million, according to the Times.

But those numbers need to be taken with a hearty grain of salt.

The F.E.C. form, unlike Trump’s tax return – which the candidate has so far refused to release – is only designed to disclose potential conflicts of interest. Only income and revenue matter for that purpose, not business expenses, so the disclosure of those latter figures is optional, an F.E.C. official confirmed to The Real Deal.

In addition, incomes and company values on the form are given as wide ranges rather than specific figures, such $1 million to $5 million, with the highest range going to infinity (over $5 million, in the case of income).

Still, the forms are audited by the U.S. Office of Government Ethics. Craig Holman, a government affairs lobbyist at the nonprofit Public Citizen, told TRD earlier this year that candidates are expected to “provide a reasonable estimate of the value [of their assets] and the source of that value.”

TRD analyzed Trump’s brand income – for which expenses aren’t an issue – using his previous disclosure filing in its April issue, finding he made between about $9 million and $36 million from his name between January 2014 and June 2015.

In 2013, TRD undertook a more thorough review of the mogul’s assets around the world.


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Allen Weisselberg and Manhattan District Attorney Cy Vance (Getty)
Feds subpoena Trump CFO’s personal bank records
Feds subpoena Trump CFO’s personal bank records
From left: Joshua Kushner and Karlie Kloss; Melania and Donald Trump; Ivanka Trump and Jared Kushner; and Tiffany Trump (Getty Images)
Here’s where Trumpworld has put down roots in South Florida
Here’s where Trumpworld has put down roots in South Florida
Gil Dezer (Photos by Sonya Revell)
The Closing: Gil Dezer
The Closing: Gil Dezer
Paul Manafort and 174 Jobs Lane (Getty, Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Chicago bank sues Manafort to foreclose on Hamptons mansion
Chicago bank sues Manafort to foreclose on Hamptons mansion
Seven Springs in Westchester and Donald Trump (Trump Organization, Getty)
Seven Springs investigation heats up in broader probe of Trump
Seven Springs investigation heats up in broader probe of Trump
Donald Trump with sons Eric and Don Jr. and 1125 South Ocean Boulevard (Getty, Google Maps/Illustration by Alexis Manrodt for The Real Deal)
Trump lists beachfront mansion next to Mar-a-Lago for $49M
Trump lists beachfront mansion next to Mar-a-Lago for $49M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...