24.2-949.9 - Final report requirement; disbursement of surplus funds.
§ 24.2-949.9. Final report requirement; disbursement of surplus funds.
A. Any political action committee that, after having filed a statement oforganization, disbands or determines it will no longer receive contributionsor make expenditures during the calendar year in an aggregate amountexceeding $200 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 political action 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 party committee; and (vi) defraying any ordinary, nonreimbursedexpense related to the political action committee. It shall be unlawful forany person to convert any contributed moneys, securities, or like intangiblepersonal property to his personal use or to the use of a member of the"immediate family," as that term is defined in § 30-101, of the committee'streasurer or chief executive.
(1990, c. 931, § 24.1-258.1; 1993, c. 641, § 24.2-921; 2004, c. 457; 2006,cc. 787, 892; 2009, c. 231.)