Debt payments
Reporting on candidate forms
House and Senate committees report making debt payments in the “Operating Expenditures” category on Form 3 and itemize them on Schedule B, supporting Line 17.
The committee reports paying the debt to Colonial Communications as an operating expenditure on Schedule B, supporting Line 17. It includes the vendor's address, payment date, payment amount, and clear purpose of disbursement, "Debt Repayment: Television Ad Buy."
In addition, the payment will also be disclosed on Schedule D as a “payment this period.” The debt’s outstanding balance at the end of the reporting period will be reduced by the payment amount. The debt will be continuously reported on Schedule D until is completely paid off.
Note that when the committee itemizes a payment to a credit card company, payroll company, or reimburses a committee staff member (including the candidate), the committee must also itemize a memo entry for any original vendor for whom payments exceed the $200 threshold during the election cycle. The memo entry on Schedule B must include the name and address of the vendor, the purpose of the disbursement and the amount of the disbursement.
The committee also shows the debt payment to Colonial Communications on Schedule D, supporting Line 10. It shows the vendor's address and clear debt purpose, "Television Ad Buy." Additionally, the committee shows the $10,500 debt outstanding at the beginning of the period, $0 incurred this period, $2,500 paid this period, and $8,000 outstanding at the close of this period. Since the committee still owes debt to Colonial Communications, it will continue disclosing a Schedule D for this debt on future reports until it is paid.
Reporting with FECFile
To enter a debt payment, go to the Loans/Debts tab, right click on the debt you are paying and select ”Loan/Debt payments.” In the “Loan/Debts payments” window, choose “Add new…” This will add the payment to Schedule D as well as disclose the payment as an operating expenditure on Schedule B, supporting Line 17.
