24.2-952.7 - Final report requirement; disbursement of surplus funds. - Virginia Statutes

§ 24.2-952.7. Final report requirement; disbursement of surplus funds.

A. Any inaugural committee that, after having filed a statement oforganization, disbands shall so notify the State Board. A final report shallbe filed by the committee that sets forth (i) all receipts and disbursementsnot previously 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. It shall be unlawful for any person to disburse any funds or receipts ofan inaugural committee which are in excess of the amount necessary to defrayexpenditures for inaugural activities other than by one or any combination ofthe following: (i) returning the excess to a contributor in an amount not toexceed the contributor's original contribution or (ii) making one or morecharitable contributions as defined in § 170(c) of the Internal Revenue Code.It shall be unlawful for any person to convert any contributed moneys,securities, or like intangible personal property to his personal use or tothe use of a member of the "immediate family," as that term is defined in §30-101, of the committee's treasurer or chief executive.

(1990, c. 931, § 24.1-258.1; 1991, cc. 474, 709, §§ 24.1-924, 24.1-254.3;1993, c. 641, §§ 24.2-913, 24.2-921, 24.2-925; 1994, c. 607; 2004, c. 457;2006, cc. 787, 892; 2007, c. 622; 2009, c. 231.)