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      Handling SSF loans and debts

Handling SSF loans and debts A loan from a person or committee to a candidate or political committee is a contribution to the extent that it remains unpaid. Once repaid in full, a loan no longer counts against the contributor’s contribution limit. Unlike other loans, bank loans are not considered contributions if they are made in the ordinary course of business and on a basis that assures repayment. A corporate vendor may extend credit to a political committee in the ordinary course of business and under substantially similar terms offered to a nonpolitical committee. However, it may not extend credit for a longer period of time than is normally practiced in the creditor’s trade. Any settlement of a debt between a creditor and a political committee for less than the full amount owed must comply with the debt settlement procedures prescribed by FEC rules.
 For SSFs
      Registering as an SSF
          
          Taking in receipts as an SSF
          
          Fundraising for a separate segregated fund (SSF)
          
          Making disbursements as an SSF or connected organization
          
          Keeping SSF records
          
          Filing SSF reports
          
          Terminating a committee
 Loans
          
            Debts
 Loans
        Loans are considered contributions to the extent of the outstanding balance of the loan.Loans from banks, however, are not considered contributions if made in the ordinary course of business. Endorsements and guarantees of bank loans, however, do count as contributions.Continuously itemize and report all loans received and made by the SSF until they are repaid. All repayments made or received on a loan must also be itemized.
        Loans Debts
        Unpaid bills and written contracts or agreements to make expenditures are considered debts. Regularly recurring administrative expenses like rent and salaries, if paid by the SSF and not by the connected organization, do not have to be reported as debt until payment is overdue. Debts and obligations (other than loans) are reported as debts owed to or by the committee on Schedule D. A debt of $500 or less is reportable once it has been outstanding 60 days from the date incurred (the date of the transaction, not the date the bill is received). A debt exceeding $500 must be reported in the report covering the date on which the debt was incurred.
        Estimating debts
        
           Handling disputed debts
        
           Handling an unrepayable debt
        
           Settling debts for less than the amount owed


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This information is not intended to replace the law or to change its meaning, nor does this information create or confer any rights for or on any person or bind the Federal Election Commission or the public. The reader is encouraged also to consult the Federal Election Campaign Act of 1971, as amended (52 U.S.C. 30101 et seq.), Commission regulations (Title 11 of the Code of Federal Regulations), Commission advisory opinions and applicable court decisions.


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