State Rep. Mike Kennedy — who finished ahead of Mitt Romney at Saturday’s Utah Republican Convention in the U.S. Senate race — is far from poor, but his net worth is a fraction of that of Romney, a former investment firm executive.
Kennedy’s net worth is between $1.1 million and $2.6 million, according to personal financial disclosure forms that he has filed with the Senate and provided to the Tribune on Tuesday.
Meanwhile, Romney earlier reported that his net worth is between $73.7 million and $271 million — or perhaps much more because some assets on his disclosure form were valued simply as “over $1 million.”
Forms require disclosures only within broad ranges, resulting in somewhat ambiguous totals.
Among assets that Kennedy listed were his home in Alpine — which he valued between $500,000 and $1 million — and his partnership in a medical practice, which he valued between $50,000 and $100,000.
A doctor and a lawyer, Kennedy reported income last year of $287,584 — including $189,791 in salary from his medical practice, $84,000 in salary from American Benefits Co., and $13,797 from his salary as a legislator.
Kennedy also reported pulling $287,589 out of a variety of retirement accounts. His spokesman, Joe DeBose, said that was used in part to fund loans to his campaign. Separate forms for his campaign show that he loaned it $250,000.
Meanwhile, Romney earlier reported that his total income last year was between $9 million and $31 million.
That included pocketing speech fees totaling more than $1.4 million (and another $127,000 went directly to charity).
Romney also received just over $2 million in earned and noninvestment income — including a $1.67 million distribution from an IRA account, a $220,000 fee as a director of Solamere Capital in Boston and a $131,000 fee as a director of Marriott International. His investment income ranged between $5.6 million and $27.6 million.
Salt Lake County Council member Jenny Wilson — the front-runner among Democrats in the Senate race — earlier reported an income of $73,160 over an 18-month period ending last year. It did not include her husband’s income, which she said Senate forms did not require.
The net worth of Wilson’s financial assets was listed between $900,000 and $2 million.
Senate rules normally require filing personal financial forms within 30 days of becoming a candidate (meaning raising or spending at least $5,000) and at least 30 days before an election — and Saturday’s convention was considered an election.
DeBose said Kennedy was not a candidate for the Senate until March 22, and the $5,000 campaign threshold wasn’t triggered until he filed his campaign disclosure form on April 9. He said Senate officials told the campaign it had until last Sunday to file without penalty, and the form was filed on Friday.