                                 CODE OF VIRGINIA

FINAL REPORT REQUIREMENT; DISBURSEMENT OF SURPLUS FUNDS (§ 24.2-952.7)

A. Any inaugural committee that, after having filed a statement of organization,
disbands 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. It shall be unlawful for any person to disburse any funds or receipts of an
inaugural committee which are in excess of the amount necessary to defray
expenditures for inaugural activities other than by one or any combination of
the following: (i) returning the excess to a contributor in an amount not to
exceed the contributor&#8217;s original contribution or (ii) making one or more
charitable contributions as defined in &#xA7; 170(c) of the Internal Revenue
Code. 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; 1991, cc. 474, 709, §§ 24.1-924,
24.1-254.3; 1993, c. 641, §§ 24.2-913, 24.2-921, 24.2-925; 1994, c. 607; 2004,
c. 457; 2006, cc. 787, 892; 2007, c. 622; 2009, c. 231.