Candidate personal funds loans
Candidates can loan money to their committee from their personal funds. A loan is considered to be a type of contribution from the candidate. All loans received by a committee must be itemized and continuously reported until they are paid off.
Reporting on candidate forms
House and Senate committees report loans from the candidate's personal funds on Form 3. The committee itemizes receiving the loan, regardless of amount, on Schedule A, supporting Line 13(a).
For example, Martha Washington is giving a $50,000 to her principal campaign committee.
The committee reports receiving Martha Washington’s loan for $50,000. The entry on Line 13(a) itemizes the candidate’s information, the loan amount, the date the loan was made, and the loan’s election designation of Primary 2018. The source of the loan is clearly noted as “personal funds” by checking the box.
When the committee discloses receiving the loan, it will also disclose details about the loan on Schedule C. Schedule C will be filed continuously for each reporting period until the loan is paid off. It will show the loan’s original amount, its terms, payments made, and the outstanding balance at the close of the reporting period.
Schedule C shows details about the loan. In this case, we see the date the loan was incurred along with a due date and interest rate. Candidates can decide to charge committees less than market interest rates and not set a due date. Be sure to disclose “none” or something similar instead of leaving the due date or interest rate fields blank. The Personal Funds box is checked on Schedule C as well, making the source of the loan very clear.
Learn more about reporting other forms of candidate support:
Reporting with FECFile
Enter a loan in the Loans, Debts and Obligations tab. Be sure to check the “personal funds” box if the loan is from the candidate’s personal funds.
