Virginia Code 24.2-951.9: Final report requirement; disbursement of surplus funds
A. Any referendum committee that disbands after having filed a statement of organization shall so notify the State Board. A final report shall be filed by the committee that sets forth (i) all receipts and disbursements not previously reported, (ii) an accounting of the retirement of all debts, and (iii) the disposition of the committee’s surplus funds. This final report shall include a termination statement, signed by the treasurer or other principal officer listed on the statement of organization, that all reporting for the committee is complete and final.
Terms Used In Virginia Code 24.2-951.9
- Board: means the State Board of Elections. See Virginia Code 24.2-101
- Contribution: includes money, services, or things of value in any way provided by a candidate to his own campaign and the payment by the candidate of a filing fee for any party nomination method. See Virginia Code 24.2-945.1
- Person: means any individual or corporation, partnership, business, labor organization, membership organization, association, cooperative, or other like entity. See Virginia Code 24.2-945.1
- Personal property: All property that is not real property.
- Political committee: means and includes any political action committee, political party committee, referendum committee, or inaugural committee. See Virginia Code 24.2-945.1
- Referendum: means any election held pursuant to law to submit a question to the voters for approval or rejection. See Virginia Code 24.2-101
- Referendum committee: means any organization, person, group of persons, or committee, that makes expenditures in a calendar year in excess of (i) $10,000 to advocate the passage or defeat of a statewide referendum, (ii) $5,000 to advocate the passage or defeat of a referendum being held in two or more counties and cities, or (iii) $1,000 to advocate the passage or defeat of a referendum held in a single county or city. See Virginia Code 24.2-945.1
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
B. Amounts received by a referendum committee as contributions may be disposed of only by one or any combination of the following: (i) transferring the excess to an affiliated organization of the committee; (ii) returning the excess to a contributor in an amount not to exceed the contributor’s original contribution; (iii) donating the excess to any organization described in § 170(c) of the Internal Revenue Code; (iv) contributing the excess to one or more candidates or to any political committee that has filed a statement of organization pursuant to this chapter; (v) contributing the excess to any political committee; and (vi) defraying any ordinary, nonreimbursed expense related to the referendum committee. It shall be unlawful for any person to convert any contributed moneys, securities, or like intangible personal 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’s treasurer or 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.