Friday, June 18, 1999
Lucas lists assets of $2M
Lawmaker has diverse income
BY PATRICK CROWLEY
The Cincinnati Enquirer
U.S. Rep. Ken Lucas had income of almost $300,000 last year, assets of more than $2 million and debts of less than $400,000.
And he picked up $575 performing weddings in his former office of Boone County judge-executive.
Mr. Lucas' personal financial information is contained in the disclosure forms all members of Congress are required to file annually.
The income, holdings and liabilities listed by Mr. Lucas are from 1998, the year before he entered Congress. He began his first term in January, after beating Republican state Sen. Gex (Jay) Williams, a Boone County Republican.
As a member of Congress Mr. Lu cas, a Democrat from Boone County, will earn $136,700 a year. According to his disclosure form, Mr. Lucas had income last year of $288,688.
Mr. Lucas' earnings included $236,000 from Sagemark Consulting, where he has worked for years; $26,725 salary as Boone County judge-executive, a position he left in the summer to concentrate on his congressional campaign; $4,500 in director's fees from the Drees Co., a Northern Kentucky home building company that has Mr. Lucas on its board of directors; $14,924 in director's fees from Fifth Third Bank; and $5,434 in pension income from the Kentucky Retirement System, earned from Mr. Lucas' years as a member of Florence City Council and Boone County Fiscal Court.
Plus, of course, the $575 for wedding duty.
The financial disclosure has broad ranges for reporting other sources of income, major debts and assets.
For instance, Mr. Lucas lists as a major asset his stock holdings in Fifth Third Bank of $1 million to $5 million. He is not required to be any more specific.
His other major assets include:
• Four Individual Retirement Accounts, or IRAs, worth between $785,000 and $1.5 million; a profit-sharing plan worth $15,000 and $50,000;
• An interest in DLW & Associates, a real estate invest
ment company, worth $100,000 to $250,000;
• Joint interests in property on Longboat Key, Fla., valued at $100,000 to $250,000, and in a time share in Hilton Head, S.C., valued at $15,000 to $50,000.
• Ownership in a building at the corner of Houston Road and Burlington Pike in Florence valued at $100,000 to $250,000. It is the same building where Mr. Lucas had his congressional campaign headquarters.
Mr. Lucas listed six sources of “unearned” income of $221,000 to $1.3 million, including money from stock dividends, rent from the Flor ence building, and the sale of real estate and investments.
Mr. Lucas' major liabilities were listed as:
• A mortgage on the Florida property of $100,000 to $250,000.
• A mortgage on the Hilton Head time share of $15,000 to $50,000.
• A bank loan he used for his campaign of $50,000 to $100,000.
Members of Congress are not required to list their primary residences on the forms, said John Lapp, Mr. Lucas' chief of staff in Washington.
Mr. Lucas and his wife, Mary, have a home in the Triple Crown Country Club in Richwood and a townhouse in Washington.
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