FEC Approves Final Audit Report

FEC APPROVES FINAL AUDIT REPORT

WASHINGTON – At its open meeting today, the Federal Election Commission approved the Final Audit Report on Biden for President, Inc. (“Report”), covering campaign finance activity between December 15, 2006 and April 30, 2008. The approval marks the conclusion of the audit.

The Report approved today included a total of six findings made by the Commission. The Commission found that the candidate did not receive matching fund payments in excess of his entitlements. In addition, the Commission found that Biden for President, Inc. (“BFP”) failed to resolve a material number of excessive contributions totaling $106,216. For a separate category of apparent excessive contributions totaling $1.09 million, however, the Commission concluded that there was information to show that BFP had sent redesignation letters but did not satisfy recordkeeping requirements connected with the redesignation. Other findings concerned the receipt of one corporate in-kind contribution, stale dated checks and the disclosure of disbursements, debts, and obligations.

Federal law requires the Commission to audit every political committee established by a presidential candidate who receives public funds for the primary campaign.