Disclosing debts
Unpaid bills and written contracts or agreements to make expenditures are considered debts.
Debts and obligations must be reported continuously until repaid. They are reported as debts owed to or by the committee on Schedule D:
- a debt of $500 or less is reportable once it has been outstanding 60 days from the date incurred (the date of the transaction, not the date the bill is received)
- a debt exceeding $500 must be reported in the report covering the date on which the debt was incurred.
Exception: regularly recurring administrative expenses such as rent, utilities and salaries are not considered to be debts until they are past due.
