24.2-947.2 - Campaign depositories; reimbursements of expenses; petty cash fund.
§ 24.2-947.2. Campaign depositories; reimbursements of expenses; petty cashfund.
A. Upon meeting any of the requirements of subsection A of § 24.2-947.1, thecandidate shall designate a campaign depository, which shall be maintained ina financial institution within the Commonwealth, in an account properlyidentifying the name of and the existence of the political candidacy.
B. No candidate, campaign treasurer, or other individual shall pay anyexpense on behalf of a candidate, directly or indirectly, except by a checkdrawn on such designated depository identifying the name of the campaigncommittee and candidate. However, a candidate, treasurer, or other authorizedmember of the candidate's campaign staff may be reimbursed, by a check drawnon the designated depository, or according to the provisions of subsection C,for the payment of expenses (i) paid by him by check, cash, or credit ordebit card, (ii) made on behalf of the campaign, and (iii) fully documentedby complete records of the expenditure, maintained as required by thischapter, and including receipts identifying the nature of the expenses andthe names and addresses of each person paid by the recipient of thereimbursement.
C. A campaign committee (a) may establish a petty cash fund to be utilizedfor the purpose of making expenditures or reimbursing verified credit cardexpenditures of less than $200 if complete records of such expenditures aremaintained as required by this chapter and (b) may transfer funds from thedesignated campaign depository to an account or instrument to earn intereston the funds so long as the transferred funds and earned interest arereturned to the designated depository account, complete records aremaintained, and all expenditures are made through the designated depositoryaccount.
D. 1. Notwithstanding the provisions of this section pertaining to campaigncommittee depositories and accounts, the campaign committee's treasurer mayestablish a separate federal compliance account in the candidate's designatedcampaign depository for the purpose of complying with requirements of federallaw including, without limitation, restrictions on sources and amounts ofcampaign contributions applicable to federal candidates and officeholders.The candidate and campaign treasurer shall report all contributions andexpenditures for an account established pursuant to this subsection on aconsolidated basis with the candidate's campaign account established pursuantto this section in disclosure reports filed pursuant to this article. Inaddition, the treasurer may transfer funds from a federal compliance accountcreated pursuant to this subsection to an account or instrument to earninterest on the funds so long as the transferred funds and earned interestare returned to the designated depository account created pursuant tosubsection A, complete records are maintained, and all expenditures are madethrough the designated depository account.
2. A committee registered with the Federal Election Commission which is nototherwise required by this chapter to file with the State Board, shall not bedeemed to have triggered such filing requirements solely by virtue of one ormore contributions to one or more federal compliance accounts createdpursuant to this subsection.
(1970, c. 462, §§ 24.1-253, 24.1-254; 1971, Ex. Sess., c. 222; 1972, cc. 620,622; 1975, c. 515; 1978, c. 778; 1983, c. 119; 1984, c. 480; 1993, c. 641, §§24.2-904, 24.2-905; 1996, cc. 217, 405; 2000, c. 326; 2001, c. 633; 2002, cc.213, 232; 2003, cc. 248, 967, § 24.2-905.1; 2004, cc. 441, 457, 480; 2006,cc. 787, 892.)