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|For Immediate Release
December 15, 2005
SHARPTON REPAYMENT AGREEMENT
WASHINGTON -- On December 9, 2005, the Federal Election Commission signed a repayment agreement with Alfred C. Sharpton in which he agreed to repay, with interest, the $100,000 in public funds he had received in 2004 under the Presidential Primary Matching Payment Account Act (Matching Fund Act).
To be eligible to receive Federal Matching Funds, a candidate must first raise $100,000 in contributions from individuals by raising in excess of $5,000 in each of at least 20 states. Candidates must also agree to abide by spending limits as well as limiting spending from personal funds to $50,000. Once they have established eligibility, candidates may receive public funds to match contributions from individuals up to $250 per individual.
On January 2, 2004, Rev. Alfred C. Sharpton applied for matching fund payment under the Matching Payment Act in which he certified that he had not and would not exceed the $50,000 limitation on the use of his personal funds. The Commission certified that his committee was eligible to receive an initial $100,000 in matching funds on March 11, 2004. On March 20, 2004 the committee filed a disclosure report containing information indicating that the candidate exceeded the $50,000 personal expenditure limitation. Therefore, the Commission suspended further matching fund payments to his committee. On April 28, 2005, following an administrative review, the Commission made a determination that Rev. Sharpton should repay the $100,000 plus interest.
According to the repayment agreement, Rev. Sharpton agreed to a repayment schedule consisting of four payments beginning with $25,000 on November 9, 2005 followed by three more payments of $25,000 each plus interest on December 10, 2005, January 10, 2006 and February 10, 2006.