Part II
Overview of Campaign

Important Dates Jay Fawcett for Congress 2006

¢ Date of Registration August 4, 2005

¢ Audit Coverage July 20, 2005 — December 31, 2006
Headquarters Colorado Springs, Colorado

Bank Information

e Bank Depositories One

¢ Bank Accounts Three checking accounts
Treasurers

e Treasurer When Audit Was Conducted Susan O’ Connell

¢ Treasurer During Period Covered by Audit | Susan O’ Connell

Management Information

© Attended FEC Campaign Finance Seminar _| No

e¢ Used Commonly Available Campaign Yes
Management Software Package

¢ Who Handled Accounting, Recordkeeping | Volunteer staff
Tasks and Other Day-to-Day Operations

Campaign Organization

Cash on hand @ July 20, 2005 $0
Receipts
o From Individuals $ 477,808
o From Other Political Committees 124,047
o Offsets to Operating Expenditures 78,725
o Other Receipts 4
o Total Receipts $ 680,584
Disbursements
o Operating Expenditures $ 672,920
o_ Total Disbursements $ 672,920

Cash on hand @ December 31, 2006 $7,664


Part I
Background

Authority for Audit

This report is based on an audit of Jay Fawcett for Congress 2006, 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 Jay Fawcett for Congress 2006, no material non-compliance was discovered.


FEDERAL ELECTION COMMISSION
WASHINGTON, D.C. 20463

September 21, 2007

MEMORANDUM

To: Robert W. Biersack
Press Officer

From: Joseph F. Stoltz cig

Assistant Staff Director
Audit Division

Subject: Public Issuance of the Audit Report on Jay Fawcett for Congress 2006

Attached please find a copy of the audit report on Jay Fawcett for Congress 2006
which was approved by the Commission on September 7, 2007.

The report may be released to the public on September 21, 2007.

Attachment as stated

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


Report of the Audit Division on

Jay Fawcett for Congress 2006
July 20, 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.

About the Campaign (p. 2)

Jay Fawcett for Congress 2006 is the principal campaign committee for
Jay Fawcett, Democratic candidate for the U.S. House of
Representatives from the state of Colorado, 5" District, and is
headquartered in Colorado Springs, Colorado. For more information,
see the chart on the Campaign Organization, p. 2.

Financial Activity (p. 2)
. Receipts

o From Individuals $477,808
o From Other Political Committees 124,047
o Loan from Candidate 78,725
o Other Receipts 4
o Total Receipts $680,584
¢ Disbursements
o Operating & Other Disbursements $672,920
o Total Disbursements $672,920

Findings and Recommendations (p. 3)

Based on the limited examination of the reports and statements filed,
and the records presented by Jay Fawcett for Congress 2006, no
material non-compliance was discovered.

"2 U.S.C. §438(b)


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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