24.2-948.4 - Final report requirement; disbursement of surplus funds. - Virginia Statutes

§ 24.2-948.4. Final report requirement; disbursement of surplus funds.

A. A final report shall be filed by every campaign committee which sets forth(i) all receipts and disbursements not previously reported, (ii) anaccounting of the retirement of all debts, and (iii) the disposition of allsurplus funds as provided in subsection D. The final report shall include atermination statement, signed by the candidate, that all reporting for thecampaign committee is complete and final. Once a campaign committee's finalreport has been filed, no further report relating to that election shall berequired.

B. A final report shall be required when (i) a candidate no longer seekselection to the same office in a successive election, (ii) a candidate seekselection to a different office, or (iii) the candidate is deceased.

C. If the candidate is deceased, the final report shall be filed and signedby the treasurer. If the candidate was serving as his own treasurer, hisexecutor shall file and sign the final report. Any excess contributed fundsshall be disposed of pursuant to the provisions of subsection D.

D. Amounts received by a candidate or his campaign committee as contributionsthat are in excess of the amount necessary to defray his campaignexpenditures may be disposed of only by one or any combination of thefollowing: (i) transferring the excess for use in a succeeding election or toretire the deficit in a preceding election; (ii) returning the excess to acontributor in an amount not to exceed the contributor's originalcontribution; (iii) donating the excess to any organization described in §170(c) of the Internal Revenue Code; (iv) contributing the excess to one ormore candidates or to any political committee that has filed a statement oforganization pursuant to this chapter; (v) contributing the excess to anypolitical party committee; and (vi) defraying any ordinary, nonreimbursedexpense related to his elective office. It shall be unlawful for any personto convert any contributed moneys, securities, or like intangible personalproperty to his personal use or to the use of a member of the candidate's"immediate family" as that term is defined in § 30-101.

(1986, c. 558, § 24.1-257.2; 1988, c. 734; 1990, c. 931, § 24.1-258.1; 1991,c. 709; 1993, c. 641, §§ 24.2-920, 24.2-921; 2000, c. 233; 2003, c. 248;2004, c. 457; 2006, cc. 787, 892; 2009, c. 231.)