                                 CODE OF VIRGINIA

POLITICAL ACTION COMMITTEE TREASURER REQUIREMENTS AND RESPONSIBILITIES (§
24.2-949.4)

A. The treasurer shall keep detailed and accurate accounts of all contributions
turned over to and expenditures made by the committee, the treasurer, or other
officer on behalf of the political action committee, or reported to the
treasurer pursuant to this chapter. Such account shall set forth the date of the
contribution or expenditure, its amount or value, the name and address of the
person or committee making the contribution or to whom the expenditure was made,
and the object or purpose of the contribution or expenditure.
			Such books and records may be destroyed or discarded at any time after (i)
one year from the date of filing the final report required by &#xA7; 24.2-949.9
or (ii) a period of three years, whichever first occurs, unless a court of
competent jurisdiction shall order their retention for a longer period.

B. All receipts and expenditures received or made by any political action
committee, or received or made on its behalf or in relation to the committee by
any individual or person, except independent expenditures, shall be paid over or
delivered to the political action committee&#8217;s treasurer or shall be
reported to the treasurer in such detail and form as to allow him to comply
fully with this article. An independent expenditure shall be reported pursuant
to &#xA7; 24.2-945.2 in lieu of being reported to the political action
committee&#8217;s treasurer.

C. It shall be unlawful for any political action committee, its treasurer, or
any person receiving contributions or making expenditures on the
committee&#8217;s behalf or in relation to the committee, to fail to report
every contribution and expenditure as required by this article.

D. No political action committee treasurer or other individual shall pay any
expense on behalf of the committee, directly or indirectly, except by a check or
electronic debit drawn on such designated depository identifying the name of the
political action committee. However, a treasurer or other authorized officer of
the political action committee may be reimbursed, by a check or electronic debit
drawn on the designated depository, for the payment of expenses (i) paid by him
by cash, check or electronic debit, or credit card, (ii) made on behalf of the
committee, and (iii) fully documented by complete records of the expenditure,
maintained as required by this chapter, and including receipts identifying the
nature of the expenses and the names and addresses of each person paid by the
recipient of the reimbursement.

E. A treasurer of a political action committee (i) may establish a petty cash
fund to be utilized for the purpose of making expenditures or reimbursing
verified credit card expenditures of less than $200 if complete records of such
expenditures are maintained as required by this chapter and (ii) may transfer
funds from the designated campaign depository to an account or instrument to
earn interest on the funds so long as the transferred funds and earned interest
are returned to the designated depository account, complete records are
maintained, and all expenditures are made through the designated depository
account.

HISTORY: 2006, cc. 787, 892; 2020, c. 349.