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      Recording debts and loans for a party committee

Recording debts and loans for a party committee Although the Federal Election Campaign Act does not contain specific recordkeeping requirements for debts and loans owed by (or to) a party committee, committees are required to keep detailed records of transactions required to be disclosed on the committee’s FEC reports, along with original backup records relevant to the report (such as bank statements, paid invoices, etc.). The committee must retain records relating to the loan or debt for three years after the related report or statement is filed: Records to demonstrate the ownership of the accounts or assets securing the loans;Copies of the executed loan agreements and all security and guarantee statements;Statements of account for all accounts used to secure any loan for the period the loan is outstanding, such as brokerage accounts or credit card accounts and statements on any line of credit that was used for the purpose of influencing an election for federal office;Documentation to establish the source of the funds in the account and the time of the loan; andDocumentation for all payments made on the loan by any person.
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          Recording receipts for a party committeeRecording disbursements for a party committeeHandling party loans, debts and advancesBrowse reporting examples for party committees Need help? Get help from the FEC by phone or email
 Legal citations Regulations 11 CFR 104.14(b)(1) and (2)Records to be maintained by political committees


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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