Debt Disclosure, Part 1 - the Basics

This is the first in a series of monthly tips on how to properly report debts owed by your committee. All committees must report debts and obligations (including written media contracts, promises or agreements to make expenditures) owed by the committee on Schedule D. A debt of $500 or less is reported on Schedule D on the next report filed once it has been outstanding 60 days from the date incurred. (If the debt is paid within 60 days, the payment is simply reported as an operating expenditure). On the other hand, all debts exceeding $500 are required to be itemized on Schedule D. Note that regularly recurring administrative expenses (such as rent and utilities) are not considered to be debts until they are past due.