                                 CODE OF VIRGINIA

FINAL REPORT REQUIREMENT; DISBURSEMENT OF SURPLUS FUNDS (§ 24.2-951.9)

A. Any referendum committee that disbands after having filed a statement of
organization 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 referendum 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 committee; and (vi) defraying any ordinary, nonreimbursed expense
related to the referendum 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; 2003, c. 257,
§ 24.2-910.1; 2004, c. 457; 2005, c. 745; 2006, cc. 787, 892; 2009, c. 231.