DeadheadForPaul
07-25-2007, 05:54 PM
I thought we should organize this in one thread if we want to get it done
For the FEC's info on PACs, here is the link: http://www.fec.gov/pdf/nongui.pdf
I highly recommend that we comb over this to make sure that we are not violating any laws/rules.
Things to note:
1.) PACs must register with the FEC. A non-connected (that's us) committee becomes a "political committee" once its contributions or expeditures exceed $1000 in a calendar year. After that threshhold is crossed, the committee must register within 10 days and All financial activities must be periodically reported. A nonconnected committed can register before it reachs $1000
2.) The committee must have a treasurer before it accepts contributions or makes expenditures. Only the treasurer or designated treasurer assistant may sign FEC reports and statements. The treasurer must deposit all receipts in the committee's designated bank within 10 days of receipt. The treasurer also must monitor contributions to make sure that no limits/laws are broken (ex:you can't take 5 grand from 1 person if the limit is 2300)
For a treasurer, I HIGHLY recommend that anyone who has had experience with a PAC, someone who has been a treasurer, or someone who is a lawyer should be it
Please note that you are legally responsible for all that the PAC does and that if the PAC breaks any laws, you are personally accountable for these violations
For the FEC's info on PACs, here is the link: http://www.fec.gov/pdf/nongui.pdf
I highly recommend that we comb over this to make sure that we are not violating any laws/rules.
Things to note:
1.) PACs must register with the FEC. A non-connected (that's us) committee becomes a "political committee" once its contributions or expeditures exceed $1000 in a calendar year. After that threshhold is crossed, the committee must register within 10 days and All financial activities must be periodically reported. A nonconnected committed can register before it reachs $1000
2.) The committee must have a treasurer before it accepts contributions or makes expenditures. Only the treasurer or designated treasurer assistant may sign FEC reports and statements. The treasurer must deposit all receipts in the committee's designated bank within 10 days of receipt. The treasurer also must monitor contributions to make sure that no limits/laws are broken (ex:you can't take 5 grand from 1 person if the limit is 2300)
For a treasurer, I HIGHLY recommend that anyone who has had experience with a PAC, someone who has been a treasurer, or someone who is a lawyer should be it
Please note that you are legally responsible for all that the PAC does and that if the PAC breaks any laws, you are personally accountable for these violations