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Keeping records

Committees and their treasurers must make best efforts to obtain and maintain (and ultimately report) the information required by law with respect to itemized receipts and disbursements.

An individual who tests the waters must keep financial records. If he or she later becomes a candidate, the money raised and spent to test the waters must be reported by the campaign as contributions and expenditures.

Requirements

The treasurer (or designated assistant treasurer) is responsible for keeping the required records of receipts and disbursements for three years from the filing date of the report to which they relate.

If reporting information is incomplete, the committee and the treasurer will be in compliance with the law if they can demonstrate that they used "best efforts" in trying to obtain, maintain and report the needed information. The criteria for making "best efforts" vary, depending on the type of transaction.

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