iNewsSource nails it again on KPBS: Mayoral Candidate Finances (before the election)

inewssource.org

Sources:

1. state salaries posted online
2. glassdoor.com
3. most recently filed tax return
4. Tax returns
5. Faulconer’s 2012 Statement of Economic Interests
6. Faulconer's 2007 financial disclosure form 
7. Public records
8. Alvarez says he has no other sources of income, and his most recent economic disclosure form lists no investments
9. San Diego CityBeat reported an old roster from the yacht club lists Faulconer as the owner of a 19-foot powerboat named Everlasting Moon, 2008 Jeep Commander Hemi and 2003 Mercedes E320, house at 3330 Quimby Street in Point Loma.

How We Did It

• To determine if either candidate owned property in San Diego County, we started with theAssessor/Recorder’s Grantor-Grantee index. This website enables the public to search for property records by name and retrieve document numbers.
• Unfortunately, it doesn’t include information on the location of properties, mortgage amounts, or any other details. For all of that, we had to spend many hours in the San Diego County Assessor’s Office at 1600 Pacific Highway in San Diego.
• Trust deeds refer to loans on property--whether it’s a first, second or third mortgage, a line of credit or a refinance. There were also reconveyances, which usually mean a loan was paid off by the homeowners or another bank purchased it as part of a refinance. Lastly, there were records showing the couple had transferred the property between themselves and Faulconer’s trusts.
• With each home’s parcel number, which is listed on their trust deeds, we also found property details using SANDAG’s interactive maps.
• To see if the candidates or their spouses were currently listed on the boards of directors or as highest paid employees of nonprofit organizations, we used a new tool at CitizenAudit.org, which enables the public to search the most recent annual reports filed with the Internal Revenue Service. There were no matches.
• To find possible connections to publicly traded companies, such as positions on boards of directors, we used the Security and Exchange Commission’s full text search. It contains records filed during the past four years. We did not find any reference to either candidate or their wives, though the search for Alvarez was more tricky since his name is so common. The California Secretary of State also offers a similar records search online, and it also provided no matches.
• Since both candidates are currently on the City Council, they must file financial disclosure forms known as Form 700s. We reviewed these forms, which are available online at theCalifornia Fair Political Practices Commission.
• The most recent disclosure for Alvarez showed his wife earned between $10,000 and $100,000 working for Nativity Prep Academy in 2011. She is not listed as one of the highest paid employees on the nonprofit group’s tax filings, which we searched using the websiteGuideStar.com.
• Faulconer’s 2012 disclosure form showed he had up to $10,000 in stock invested in San Diego-based ImageWear Systems Inc., which has federal contracts and a partnership with a local defense contractor. Faulconer also reported his wife’s business, Restaurant Events Inc., an event planning company in downtown San Diego, brought in between $100,001 and $1 million in 2012.
• We searched for both candidates and their spouses in San Diego County Superior Court Records, which are available online.
• We also sent questionnaires to Faulconer and Alvarez asking them for the information printed here. We verified the information that was publicly available.