McInnis’ public disclosures show broad income, investments
When Scott McInnis entered Congress in 1993, he collected a salary of $133,600 and reported assets valued between $372,000 and $1 million.By the time he left Congress 12 years later, his assets were valued between $1.5 million and $5 million. That didn’t include trusts for his children he reported previously that together were valued at $1 million to $2 million.Today, McInnis is a partner at the law firm Hogan & Hartson, sits on two boards and has a wide range of investments. For the four years immediately following his time in Congress, McInnis and his wife, Lori, reported income of $2.9 million.More specific details about McInnis’ finances are unknown. The Republican candidate for governor rejected a request from The Denver Post to release tax returns dating back to 1999 and a detailed assessment of his current investments. His Republican primary opponent Dan Maes declined a request to release the same information.On Thursday afternoon, McInnis allowed a Post reporter to visit his attorney’s office and examine – but not photocopy – the first two pages of the 1040 forms of his 2005 through 2008 tax returns (he filed for a 2009 extension). This did not include line-item deductions, such as charitable donations, a breakdown of money earned by the candidate compared to his wife, or a description of his security holdings.McInnis also declined a request for an interview.
Sean Duffy, spokesman for McInnis, said some tax and financial information was withheld because it “impinges on other people who are not running for governor. To disclose those finances would be to disclose other people’s finances.”He didn’t give a reason for not releasing McInnis’ charitable contributions, but said that not all donations are reflected on tax returns.”(Scott and his wife, Lori) do a substantial amount of charitable giving, often through donations to individual families in need, that they ask to keep anonymous and obviously don’t expect a receipt for,” Duffy said in an e-mail.Last year, McInnis appeared on the Caplis & Silverman radio show on KHOW-630 AM and suggested he often donated to charity.”I’d be happy to kind of match my contributions to the community against either one of you, for example, or against the governor or against any of my opponents,” he said.Duffy said pre-2005 tax returns were not disclosed because McInnis had filled out public financial disclosures during his time in Congress from 1993 to 2004.Congressional rules allow House members to report broad ranges of their assets and debts instead of specific amounts. In 1996, for example, McInnis’ filing showed an unearned income of between $159,400 and $1.1 million. A member does not have to include his or her congressional salary or the value of a residence.McInnis served in the state legislature from 1983 to 1993. In 1991, he was paying student loans and two mortgages, according to his financial disclosures. He reported his assets as Invest Partnership, owned by himself, his wife, and his brother and his wife; stock in Lori’s family ranch and his business as a sole practitioner. Legislators were not required to declare the worth of their assets or liabilities.
Two years later, in his first year as a member of Congress, McInnis reported he owned stock worth $100,000 to $250,000 in Alpine Bank, as well as stock in First Bank, and David Smith Ranch, rental property in Glenwood Springs and a 50 percent ownership of Invest Partnership.Over the years, McInnis listed Invest Partnership, Invest 1 and S & L McInnis LLP as assets. All were various investments with some or all of his five siblings and wife, his campaign said. The partnerships invested in real estate, oil and gas, and water.McInnis also had an interest in Natural Gas Investors LLC, formed by Bill Vollbracht, board chairman of Land Title Guarantee Co.; and John Freyer, president of both Land Title Guarantee Company and Land Title Insurance Corporation, according to filings with the Colorado secretary of state.In 2005, McInnis disclosed assets worth $100,000 to $250,000 in LTIC Inc. Investments. McInnis said it also included “investors who have ownership in Land Title.” His campaign said the company handles reinsurance.Land Title Guarantee was the fifth-largest contributor to McInnis throughout his congressional career, according to The Center for Responsive Politics.In his last year in Congress, McInnis’ assets were valued between $1.5 million and $5 million and included a trust for his daughter; savings, IRAs, CD and stock all in Alpine Bank; Bank of Colorado IRAs; First Federal Savings deferred income; David Smith Ranches Inc. stock; Invest Partnership (50 percent); Grand Valley Water shares; and Applewood Mobile Home Park.He went on the next year to receive a $150,000 fellowship from The Hasan Family Foundation, dedicated to educational and health initiatives in southern Colorado and funding programs that “bring a better understanding of the Muslim and South Asian cultures to the people of the United States,” according to its website.He serves on the board of the financial services company ING and KSL Capital Partners, a private equity firm with $1.6 billion in committed capital. Since leaving Congress, he has been a partner at the law firm of Hogan & Hartson in Denver. Tax forms showed that McInnis and his wife earned $2.9 million in that time (her occupation was listed as “homemaker” for three of those years).Dan Maes, who garnered 40 percent support in state party caucuses in March, spent his career in the private sector and was not required to make public financial disclosures.Most recently he was partner and vice president of ACB Credit Solutions in Evergreen.