24.2-951.9 - Final report requirement; disbursement of surplus funds. - Virginia Statutes

§ 24.2-951.9. Final report requirement; disbursement of surplus funds.

A. Any referendum committee that disbands after having filed a statement oforganization shall so notify the State Board. A final report shall be filedby the committee that sets forth (i) all receipts and disbursements notpreviously reported, (ii) an accounting of the retirement of all debts, and(iii) the disposition of the committee's surplus funds. This final reportshall include a termination statement, signed by the treasurer or otherprincipal officer listed on the statement of organization, that all reportingfor the committee is complete and final.

B. Amounts received by a referendum committee as contributions may bedisposed of only by one or any combination of the following: (i) transferringthe excess to an affiliated organization of the committee; (ii) returning theexcess to a contributor 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 committee; and (vi) defraying any ordinary, nonreimbursed expenserelated to the referendum committee. It shall be unlawful for any person toconvert any contributed moneys, securities, or like intangible personalproperty to his personal use or to the use of a member of the "immediatefamily," as that term is defined in § 30-101, of the committee's treasureror chief executive.

(1990, c. 931, § 24.1-258.1; 1993, c. 641, § 24.2-921; 2003, c. 257, §24.2-910.1; 2004, c. 457; 2005, c. 745; 2006, cc. 787, 892; 2009, c. 231.)