24.2-949.4 - Political action committee treasurer requirements and responsibilities.
§ 24.2-949.4. Political action committee treasurer requirements andresponsibilities.
A. The treasurer shall keep detailed and accurate accounts of allcontributions turned over to and expenditures made by the committee, thetreasurer, or other officer on behalf of the political action committee, orreported to the treasurer pursuant to this chapter. Such account shall setforth the date of the contribution or expenditure, its amount or value, thename and address of the person or committee making the contribution or towhom the expenditure was made, and the object or purpose of the contributionor expenditure.
Such books and records may be destroyed or discarded at any time after (i)one year from the date of filing the final report required by § 24.2-949.9 or(ii) a period of three years, whichever first occurs, unless a court ofcompetent jurisdiction shall order their retention for a longer period.
B. All receipts and expenditures received or made by any political actioncommittee, or received or made on its behalf or in relation to the committeeby any individual or person, except independent expenditures, shall be paidover or delivered to the political action committee's treasurer or shall bereported to the treasurer in such detail and form as to allow him to complyfully with this article. An independent expenditure shall be reportedpursuant to § 24.2-945.2 in lieu of being reported to the political actioncommittee's treasurer.
C. It shall be unlawful for any political action committee, its treasurer, orany person receiving contributions or making expenditures on the committee'sbehalf or in relation to the committee, to fail to report every contributionand expenditure as required by this article.
D. No political action committee treasurer or other individual shall pay anyexpense on behalf of the committee, directly or indirectly, except by a checkdrawn on such designated depository identifying the name of the politicalaction committee. However, a treasurer or other authorized officer of thepolitical action committee may be reimbursed, by a check drawn on thedesignated depository, for the payment of expenses (i) paid by him by check,cash, or credit or debit card, (ii) made on behalf of the committee, and(iii) fully documented by complete records of the expenditure, maintained asrequired by this chapter, and including receipts identifying the nature ofthe expenses and the names and addresses of each person paid by the recipientof the reimbursement.
E. A treasurer of a political action committee (a) may establish a petty cashfund to be utilized for the purpose of making expenditures or reimbursingverified credit card expenditures of less than $200 if complete records ofsuch expenditures are maintained as required by this chapter and (b) maytransfer funds from the designated campaign depository to an account orinstrument to earn interest on the funds so long as the transferred funds andearned interest are returned to the designated depository account, completerecords are maintained, and all expenditures are made through the designateddepository account.
(2006, cc. 787, 892.)