A committee may earn interest and dividends on funds invested in, for example, a savings account, money market fund or certificate of deposit. Interest and dividends are not contributions.
Disclosure of bank on Statement of Organization
Any bank where the committee deposits funds must be listed on the Statement of Organization (Form 1) or an amendment.
Other institutions holding committee investments (such as stocks, bonds, mutual funds, etc.) are not disclosed on Form 1. Before disbursing such funds, however, the committee must transfer them to a checking account maintained at one of the committee’s campaign depositories.
A committee must generally pay taxes on interest and dividend income.