Recording debts and loans for a party committee
Although the Federal Election Campaign Act does not contain specific recordkeeping requirements for debts and loans owed by (or to) a party committee, committees are required to keep detailed records of transactions required to be disclosed on the committee’s FEC reports, along with original backup records relevant to the report (such as bank statements, paid invoices, etc.).
The committee must retain records relating to the loan or debt for three years after the related report or statement is filed:
- Records to demonstrate the ownership of the accounts or assets securing the loans;
- Copies of the executed loan agreements and all security and guarantee statements;
- Statements of account for all accounts used to secure any loan for the period the loan is outstanding, such as brokerage accounts or credit card accounts and statements on any line of credit that was used for the purpose of influencing an election for federal office;
- Documentation to establish the source of the funds in the account and the time of the loan; and
- Documentation for all payments made on the loan by any person.