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Oklahoma members of Congress file reports about their finances

Annual reports show some Oklahoma members of Congress had investment earnings that exceeded their government salaries

BY CHRIS CASTEEL • Published: May 21, 2012

WASHINGTON — Some members of Oklahoma’s congressional delegation made more money outside of Congress last year than they received from their government salaries.

Sen. Jim Inhofe and Rep. Frank Lucas last week reported outside income exceeding their $174,000 congressional salaries, while Sen. Tom Coburn and Rep. Tom Cole also may have topped their government earnings.

On the financial disclosure report filed last week, Inhofe, R-Tulsa, reported that he and his wife earned between $175,300 and $463,500 in 2011 from rent, dividends, interest and capital gains from property, stocks and his wife’s business partnerships.

Lucas, R-Cheyenne, and his wife reported outside earnings between $215,000 and $2 million, with most of that in gross farm income and the sale of 508 acres of land in Roger Mills County.

The annual financial disclosure reports required of members of Congress show lawmakers’ financial assets, liabilities and transactions only in very broad ranges. For instance, the Lucases’ gross farm income was reported in a range of $100,000 to $1 million.

The reports aren’t designed to present a lawmaker’s net worth; rather, they allow the public to examine specific assets, debts and transactions for possible conflicts of interest.

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By the numbers

Sen. Tom Coburn, R-Muskogee

•Assets: $1.8

million to $5.1

million.

•Major holdings:

Numerous stocks

and funds;

interest in

Professional

Building

Partnership and

Pinnacle Income

Partners, an oil

and gas partnership.

•Major holdings: Numerous stocks and funds; retirement account; partnership in Pinnacle Income Partners, an oil and gas partnership.

•Liabilities: None.

•Income from dividends, capital gains, dividends, interest, rent: $96,600 to $299,300; income from Pinnacle Income Partners: $59,029; income loss from medical practice: $4,083; income from diagnostic imaging company: $1,600; income loss from Professional Building Partnership: $3,610.

•Trips funded by outside groups: None.

Sen. Jim Inhofe, R-Tulsa

•Assets: $3.6

million to $10.7

million.

•Major holdings:

Interest in real

estate company;

spouse’s business

partnerships;

bank accounts

and numerous

stocks held in

trust.

•Liabilities: $100,000 to $250,000.

•Income from dividends, capital gains, interest, rent, royalties, other: $175,300 to $463,500.

•Trips: None.

Rep. James Lankford, R-Oklahoma City

•Assets: $21,000

to $315,000.

•Major holdings:

Mutual funds,

retirement and

college savings

accounts

•Liabilities: Bank

of America

mortgage on

residence:

$100,000 to

$250,000

•Income from

interest and dividends: $5 to $1,000; income from guest

preaching: $4,150.

•Trips: Jan. 27-29, Los Angeles, sponsored by Heritage Foundation; Aug. 20-28, Israel, sponsored by American Israel Education

Foundation.

Rep. Tom Cole, R-Moore

•Assets: $2

million to

$5.3 million.

•Major

holdings: Stock

in Cole,

Hargrave,

Snodgrass and

Associates

(political

consulting firm

in Oklahoma City)

and Strategic Communications in Moore; numerous mutual funds, retirement accounts and stocks.

•Liabilities: None.

•Income from dividends, capital gains, interest: $91,100 to $223,800; income from management fee from Cole, Hargrave, Snodgrass and Associates, $20,000.

•Trips: Feb. 22-27, Puerto Rico, sponsored by the Aspen Institute; Sept. 24-30, Spain, sponsored by the Aspen Institute.

Rep. Frank Lucas, R-Cheyenne

•Assets:

$635,000 to

$1.4 million.

•Major

holdings:

Farmland,

mineral rights,

retirement funds.

•Liabilities:

$475,000 to

$1.1 million

(Note: Includes

mortgage valued at $100,000 to $250,000 that was released when 508 acres of farmland in Roger Mills County sold in October).

•Income from dividends, capital gains, interest, royalties, gross farm income: $215,000 to $2 million (Note: includes capital gains valued between $250,000 and $500,000 from sale of 508 acres of farmland in Roger Mills County).

•Trips: Oct. 16-21, Panama, sponsored by Franklin Group for Global Policy Exchange; March 3-4, Tampa, Fla., sponsored by Commodity Classic; Feb. 23-28, Germany, sponsored by the German Marshall Fund of the United States.

Rep. John Sullivan, R-Tulsa

•Assets:

$15,000 to

$50,000.

•Major

holdings: bank

accounts.

•Liabilities:

$250,000 to

$500,000 for

mortgage on

personal

residence.

•Trips: None.

Rep. Dan Boren, D-Muskogee, was granted an extension to file his report.