                                 CODE OF VIRGINIA

(EFFECTIVE JULY 1, 2026) FINAL REPORT REQUIREMENT; DISBURSEMENT OF SURPLUS FUNDS
(§ 24.2-948.4)

A. A final report shall be filed by every campaign 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 all surplus funds as
provided in subsection D. The final report shall include a termination
statement, signed by the candidate, that all reporting for the campaign
committee is complete and final. Once a campaign committee&#8217;s final report
has been filed, no further report relating to that election shall be required.

B. A final report shall be required when (i) a candidate no longer seeks
election to the same office in a successive election, (ii) a candidate seeks
election to a different office, or (iii) the candidate is deceased.

C. If the candidate is deceased, the final report shall be filed and signed by
the treasurer. If the candidate was serving as his own treasurer, his executor
shall file and sign the final report. Any excess contributed funds shall be
disposed of pursuant to the provisions of subsection D.

D. Amounts received by a candidate or his campaign committee as contributions
that are in excess of the amount necessary to defray his campaign expenditures
or items acquired using campaign contributions may be disposed of only by one or
any combination of the following: (i) transferring the excess or items acquired
using campaign contributions for use in a succeeding election or to retire the
deficit in a preceding election; (ii) returning the excess or items acquired
using campaign contributions to a contributor in an amount not to exceed the
contributor&#8217;s original contribution; (iii) donating the excess or items
acquired using campaign contributions to any organization described in &#xA7;
170(c) of the Internal Revenue Code; (iv) contributing the excess or items
acquired using campaign contributions 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 or items acquired using campaign
contributions to any political party committee; and (vi) defraying any ordinary,
nonreimbursed expense related to his elective office.

HISTORY: 1986, c. 558, § 24.1-257.2; 1988, c. 734; 1990, c. 931, § 24.1-258.1;
1991, c. 709; 1993, c. 641, §§ 24.2-920, 24.2-921; 2000, c. 233; 2003, c. 248;
2004, c. 457; 2006, cc. 787, 892; 2009, c. 231; 2025, cc. 535, 537.