Part II

Overview of Campaign

Campaign Organization

Important Dates

Steve Israel for Congress 2006

¢ Date of Registration

June 16, 2000

e Audit Coverage

January 1, 2005 —- December 31, 2006

Headquarters

Dix Hills, New York

Bank Information

¢ Bank Depositories

Six

¢ Bank Accounts

Three checking accounts and three money market

Treasurers

e Treasurer When Audit Was Conducted

Joel Schleifer

¢ Treasurer During Period Covered by Audit

Joel Schleifer

Management Information

* Attended FEC Campaign Finance Seminar

Yes

e Used Commonly Available Campaign
Management Software Package

Yes

* Who Handled Accounting, Recordkeeping
Tasks and Other Day-to-Day Operations

Accounting firm and paid staff

Overview of Financial Activity
(Audited Amounts)

Cash on hand @ January 1, 2005 $ 668,196
_Receipts -

o__From Individuals $911,501

o From Other Political Committees 583,889

o Loan from Candidate 267

o Other Receipts 6,904

© Total Receipts $ 1,502,561

_Disbursements

___o Operating Expenditures $785,844
© Contribution Refunds 18,477
o Other Disbursements 362,710

co Total Disbursements

$ 1,167,031

Cash on hand @ December 31, 2006

$ 1,003,726


Part I
Background

Authority for Audit

This report is based on an audit of Steve Israel for Congress Committee, undertaken by the
Audit Division of the Federal Election Commission (the Commission) in accordance with
the Federal Election Campaign Act of 1971, as amended (the Act). The Audit Division
conducted the audit pursuant to 2 U.S.C. §438(b), which permits the Commission to conduct
audits and field investigations of any political committee that is required to file a report
under 2 U.S.C. §434. Prior to conducting any audit under this subsection, the Commission
must perform an internal review of reports filed by selected committees to determine if the
reports filed by a particular committee meet the threshold requirements for substantial
compliance with the Act. 2 U.S.C. §438(b).

Scope of Audit

Following Commission-approved procedures, the Audit staff evaluated various risk factors
and as a result, the scope of this audit was limited to the following:

1. The consistency between reported figures and bank records;

2. The disclosure of individual contributors’ occupation and name of employer; and

3. The receipt and permissibility of loans.


Part III
Findings and Recommendations

Based upon a limited examination of the reports and statements filed, and the records
presented by Steve Israel for Congress Committee, no material non-compliance was

discovered.


FEDERAL ELECTION COMMISSION
Washington, DC 20463

October 12, 2007

MEMORANDUM

To: Robert W. Biersack
Press Officer

From: Joseph F. Stoltz X* as
Assistant Staff Director
Audit Division

Subject: Public Issuance of the Audit Report on Steve Israel for Congress

Attached please find a copy of the audit report on Steve Israel for Congress, which
was approved by the Commission on October 2, 2007.

All parties involved have received informational copies of the report and the report
may be released to the public.

Attachment as stated

cc: Office of General Counsel
Office of Public Disclosure
Reports Analysis Division
FEC Library
Web Manager


Report of the Audit Division on

Steve Israel for Congress Committee
January 1, 2005 - December 31, 2006

Why the Audit

Was Done

Federal law permits the
Commission to conduct
audits and field
investigations of any
political committee that
is required to file reports
under the Federal
Election Campaign Act
(the Act). The
Commission generally
conducts such audits
when a committee
appears not to have met
the threshold
requirements for
substantial compliance
with the Act.' The audit
determines whether the
committee complied
with the limitations,
prohibitions and
disclosure requirements
of the Act.

Future Action
The Commission may
initiate an enforcement
action, at a later time,
with respect to any of
the matters discussed in
this report.

'2 U.S.C. §438(b).

About the Campaign (p. 2)

Steve Israel for Congress Committee is the principal campaign
committee for Steve Israel, Democratic candidate for the U.S. House of
Representatives from the state of New York, 2nd District, and is
headquartered in Dix Hills, New York. For more information, see the
chart on the Campaign Organization, p. 2.

Financial Activity (p. 2)

° Receipts
o From Individuals $911,501
o From Other Political Committees 583,889
o Loan from Candidate 267
o Other Receipts 6,904
o Total Receipts $1,502,561
e Disbursements
o Operating Expenditures $785,844
o Contribution Refunds 18,477
o Other Disbursements 362,710
o Total Disbursements $1,167,031

Findings and Recommendations (p. 3)

The scope of the audit was limited as outlined in Part I of the report.
Based on the limited examination of the reports and statements filed,
and the records presented by Steve Israel for Congress Committee, no
material non-compliance was discovered.


Table of Contents

Part I. Background
Authority for Audit
Scope of Audit

Part II. Overview of Campaign
Campaign Organization

Overview of Financial Activity

Part III. Findings and Recommendations

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