Although the Federal Election Campaign Act does not contain specific recordkeeping requirements for debts and loans owed by (or to) the campaign, committees are required to keep detailed records of transactions required to be disclosed on the committee’s FEC reports.
The committee must retain records relating to the loan for three years after the date of the election in which the candidate ran. Additionally, the candidate must preserve the following records for three years after the election for which he or she was a candidate:
- 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 the candidate’s 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.