Here’s what financial statements reveal about Kentucky’s gubernatorial candidates Skip to content

Here’s what financial statements reveal about Kentucky’s gubernatorial candidates

Data from the latest Ethics Commission reports

5 min read

Republican candidate for governor Kelly Craft recently disclosed that she and her husband Joe Craft have financial interests in more than 20 businesses, primarily the coal giant Alliance Resource Partners LP, which is headed by Joe Craft.

Candidates for statewide office were required to file personal financial statements by Feb. 15 covering calendar year 2022 with the Kentucky Executive Branch Ethics Commission. And in those reports candidates must list each business in which they have an interest of at least 5% of the company, or have an investment in the company valued at $10,000 or more. They also must list sources of income, memberships on boards, real estate holdings and the receipt of any gifts worth at least $200.

But they do not have to list specific amounts of their investments, nor do they have to list specific amounts of income from any source.

As such, the reports provide no answer to the question of how much a candidate is worth — a question most often raised about Craft, a first-time candidate who is married to a man routinely referred to in news stories as a “billionaire.”

Here is a quick look at what seven candidates for governor disclosed in reports they filed with the ethics commission last week:

Kelly Craft, Republican

She holds more than 5% ownership interest in two investment holding companies: JC Land LLC, and JC Third LP.

She owns an interest of at least $10,000 in nine publicly traded securities: Alliance Resource Partners LP; Continental Resources Inc.; DCP Midstream LP; Energy Transfer LP; Enterprise Product Partners LP; Equitrans Midstream Corporation; USA Compression Partners LP; Viper Energy Partners LP; Williams Companies Inc.

She disclosed that Joe Craft owns more than 5% of these 11 entities: Alliance Resource Partners LP; Alliance GP LLC; Alliance Resource Management GP LLC; ARHWC LLC; C-Holdings LLC; JCGP Inc.;  JC Land LLC; JC Resources LP; JC Third LP; JWC III Rev Trust; Opal Resources LLC.

She reported Joe Craft has an interest of at least $10,000 in BOK Financial Corporation.

Kelly Craft listed her other sources of income as two brokerage accounts, one with Morgan Stanley, the other Goldman Sachs.

She listed her husband’s other income sources as: director compensation from BOK Financial; retirement income from Social Security; retirement income from MAPCO/Williams Companies; interest income from BOK Financial and Goldman Sachs.

She listed no real estate owned by either of them other than their personal residence. She reported she has no creditors owed more than $10,000.

She reported that in 2022 she served as a board member of four different organizations: Institute for the Study of War, Washington; Tent Foundation, New York; Advancing American Freedom Inc., Washington; and Canadian-American Business Council, Washington.

Joe Craft, she reported, served during the year as a board member of two national trade organizations: America’s Power, of Arlington, VA; and National Mining Association, of Washington, DC.

Gov. Andy Beshear, Democrat

Beshear reported having an interest of at least $10,000 in each of three entities: U.S. Bancorp.; Microsoft Corp.; and Baird Equity Funds.

He reported income of at least $1,000 last year from each of these sources: U.S. Bancorp stock dividends, and a Roth IRA rollover from National Financial Services LLC.

The ethics commission requires that all gifts received that are worth more than $200 be disclosed. Beshear reported receiving these gifts: University of Kentucky basketball and football tickets from University of Kentucky; Breeders’ Cup tickets from Breeders’ Cup Limited; an honorary membership from the Frankfort Country Club; tickets to a University of Louisville Women’s Basketball game in the NCAA Tournament; and three pairs of sun glasses from Shady Rays, of Simpsonville.

Beshear, who lives with his wife and two children in the Governor’s Mansion, reported owning no real estate in 2022. He also listed no creditors.

Attorney General Daniel Cameron, Republican

Cameron disclosed that he served as a director of two organizations last year: Republican Attorneys General Association, of Washington; and Rule of Law Defense Fund, of Washington.

He listed no outside sources of income. And he listed no businesses in which he owns an interest of at least $10,000 or which equals at least 5% of the business.

He listed holding an interest of at least $10,000 in only one piece of real estate, his personal residence. And he reported one creditor to whom he owes more than $10,000 – Republic Bank ISAOA, of Hancock, MI.

He listed one gift worth $200 or more — from the Republican Attorneys General Association, but the report doesn’t identify what the gift was.

Agriculture Commissioner Ryan Quarles, Republican

Quarles reported holding no ownership of any business valued at $10,000 or more or amounting to 5% or more of the value of the business, nor did he report any outside sources of income.

He reported owning at least a $10,000 interest in his personal residence, but no other real property investments. He reported having one creditor, Roger Quarles, of Georgetown.

And Quarles disclosed receiving gifts worth more than $200 from “Secret Admirer, name and address unknown.”

Jake Cox, manager of Quarles’ campaign said that over the past two years Quarles has received several packages in the mail containing “shirts, or belts, regular clothes — nothing extravagant.” The packages have no return address and Quarles has no idea who sent them. Cox did not immediately know exactly how many packages Quarles has received, not did he have a complete list of the items sent. But Cox said the aggregate value of the gifts apparently exceeded $200 last year, so Quarles decided “for the sake of transparency” to list it in his annual financial disclosure report with the commission.

Auditor Mike Harmon, Republican

Harmon reported that his wife Monica is employed as chaplain at Isaiah House Treatment Center in Willisburg.

The only outside position he reported is as a “Moderator/Deacon” at First Baptist Church Junction City in Danville.

Harmon reported he had no ownership of at least $10,000 or 5% in any business. And the only outside income he listed was from “rental of downstairs apartment.”

Besides his personal residence, he reported owning a second home in Frankfort, which he sold in 2022.

Harmon listed one creditor owed more than $10,000 – Abound CU, of Fort Knox.

Somerset Mayor Alan Keck, Republican

Keck reported that his wife Tiffany is part owner of Lake Point Aesthetics, of Somerset.

He disclosed that he owns Keck Consulting, LLC and is part owner of a retail sporting goods business known as Paul’s Discount.

Keck listed owning no real estate other than his personal residence. And he listed four creditors: Cumberland Valley National Bank, Somerset; Community Trust Bank, Pikeville; Lending Club, of San Francisco; and Huntington Bank of Huntington, West Virginia.

Eric Deters, Republican

Deters listed his employer as “Deters Law” and reported he is the owner of a media company named Bulldog Media.

He disclosed that he is trustee for the Eric and Mary Deters Irrevocable Trust and the Eric Deters Irrevocable Trust.

He also reported having two creditors owed at least $10,000: Peoples Hazard Bank, and Heritage Bank, of Burlington.


Written by Tom Loftus. Cross-posted from Link NKY.

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