Outstanding loans from persons other than the candidate and the candidate's spouse may be forgiven only up to the contribution limit and must be documented in the same manner described above. 3.3 Disposition of Surplus Funds If you have a non-continuing account and the election that your account was formed for is over, the committee can no longer be active or fundraise, except for the purpose of paying off the debt. However, since continuing committees do not have to stop their activity after an election, they can carry any surplus funds forward to be spent on a future election. When a campaign account closes, items purchased by the campaign, such as equipment and furniture, must be disposed of in the same manner as surplus funds. The items cannot be retained by the candidate or a committee officer.
Most accounts have the option of designating the account as a continuing or non-continuing account.
The exceptions are personal treasurer accounts which are always non-continuing and central committee accounts which are always continuing. The following chart explains the difference between continuing and non-continuing accounts. Continuing The account continues in existence from year to year and election to election. The account does not have to be closed. Funds accumulated by the account may be used in future election years.