SOUTHERN MINNESOTA - Just over 160 days tardy on the filing, Republican 1st District Congressional candidate Allen Quist finally released his Personal Financial Disclosure on Wednesday.
The form is required annually of all members of Congress and all official candidates for Congress each May 15. The form discloses all the financial interests of a candidate. The form is primarily used by watch dog organizations to keep an eye out for financial conflicts of interest.
U.S. Rep. Tim Walz, the Democratic incumbent Quist is running against, has been targeting Quist heavily this last week over the long-term failure to file.
The form shows Quist owns 700 acres of farm land in Minnesota valued at $1 million to $5 million and generates $50,000 to $100,000 in rental income each year. Quist also owns 75 acres of farm land in Iowa valued at $250,000 to $500,000 that generated $5,000 to $15,000 in rental income each year.
Under liabilities, Quist received an operating loan on Jan. 11 for $100,000 to $250,000 from United Prairie Bank. He also has a $500,000 to $1 million mortgage he took out with Ag Star in March of 2010.
Finally, the only non-land income source listed is the $10,117 salary that his wife and campaign manager Julie Quist received while working as district director for U.S. Rep. Michele Bachmann last year. She received no payments this year since leaving the Bachmann office.
The form can be viewed online at clerk.house.gov/public_disc/financial-pdfs/2012/8209276.pdf