Each campaign committee that will have expenditures of one thousand dollars or more is required to have a separate bank account.
- All contributions MUST be deposited into the campaign bank account.
- All expenditures of the campaign must be paid through the bank account.
- NEVER commingle your personal funds with those of the campaign bank account. (this is illegal)
You must Keep Accurate Records
The campaign must keep accurate records. All records of the campaign must be kept for at least four years. You may need these records for a State Franchise Tax Board Audit. You will want to have a clean audit trail of all deposits and expenditures for the campaign.
- Deposit all campaign contributions into the committee bank account.
- Deposit funds from personal loans into the bank account
- Make copies of all contributions and personal loan deposits
- All Pay all campaign bills from the bank account
- Make copies of all expenditure invoices received and checks written