Every political committee must designate a treasurer before it can accept contributions or make expenditures. Designate your treasurer on your Statement of Organization (Form 1).
Treasurers must ensure committee reports and statements are complete, accurate and timely. This is a significant responsibility—if there’s an enforcement action against a committee, the treasurer is usually named as a respondent. Treasurers can be found officially (or, in some circumstances, personally) liable for the actions they take.
- Sign and file all committee reports and statements.
- Deposit receipts in the committee’s designated bank within 10 days of receipt.
- Authorize expenditures or appoint someone else (orally or in writing) to authorize expenditures.
- Monitor contributions, ensuring they comply with legal limits and prohibitions.
- Keep records of receipts and disbursements for three years from the filing date of the report to which they relate.
A candidate can choose to act as his or her own committee treasurer.
A committee can’t raise or spend money unless it has a treasurer. For that reason, the FEC urges every committee to designate an assistant treasurer on its Statement of Organization. If the treasurer resigns or is unavailable, the assistant treasurer can perform any of the duties listed.
The assistant treasurer should be aware of all filing requirements and have access to the committee’s electronic filing password, if the committee files electronically.
Committees must report a change in treasurer within 10 days of the change. Most do this by filing an amended Statement of Organization. This amended form designates (and is signed by) the new treasurer.
Treasurers can also resign by informing the FEC directly by letter or—in the case of electronic filers—by Form 99.
Committees typically disclose a treasurer’s resignation by naming a replacement. The committee informs the FEC of a change in treasurer by filing an amended Form 1, which is signed by the new treasurer. However, in some circumstances a treasurer simply resigns without the appointing of a replacement by submitting a letter of resignation to the FEC. (Electronic filers use Form 99.) The letter’s stated purpose is to amend the committee’s Statement of Organization to reflect the resignation of the treasurer as of a particular date.