                                 CODE OF VIRGINIA

FINAL REPORT REQUIREMENT; TRANSFER OF SURPLUS FUNDS (§ 24.2-950.9)

A. Any political party committee that, after having filed a statement of
organization, disbands or determines it will no longer receive contributions or
make expenditures during the calendar year in an aggregate amount exceeding $200
shall so notify the State Board. A final report shall be filed by the committee
that sets forth (i) all receipts and disbursements not previously reported, (ii)
an accounting of the retirement of all debts, and (iii) the disposition of the
committee&#8217;s surplus funds. This final report shall include a termination
statement, signed by the treasurer or other principal officer listed on the
statement of organization, that all reporting for the committee is complete and
final.

B. Amounts received by a political party committee as contributions may be
disposed of only by one or any combination of the following: (i) transferring
the excess to an affiliated organization of the committee; (ii) returning the
excess to a contributor in an amount not to exceed the contributor&#8217;s
original contribution; (iii) donating the excess to any organization described
in &#xA7; 170(c) of the Internal Revenue Code; (iv) contributing the excess to
one or more candidates or to any political committee that has filed a statement
of organization pursuant to this chapter; (v) contributing the excess to any
political party committee; and (vi) defraying any ordinary, nonreimbursed
expense related to the political party committee. It shall be unlawful for any
person to convert any contributed moneys, securities, or like intangible
personal property to his personal use or to the use of a member of the
&#8220;immediate family,&#8221; as that term is defined in &#xA7; 30-101, of the
committee&#8217;s treasurer or chief executive.

HISTORY: 1990, c. 931, § 24.1-258.1; 1993, c. 641, § 24.2-921; 2004, c. 457;
2006, cc. 787, 892; 2009, c. 231.