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Campaign Finance – Banking Requirement- Hank Levy – CPA Hank Levy & Company

| Campaign Banking | May 11, 2013

Henry Levy, CPA, of Berkeley has been elected president of the East Bay Chapter of the California Society of Certified Public Accountants (CalCPA) for 2004- 05. Levy succeeds John Benson, CPA, of Oakland. The owner of a small Oakland firm, Levy provides accounting and tax services to candidates, political campaigns and nonprofits. as well as litigation support. Previously Levy worked for KPMG & Hood & Strong as a tax supervisor. He also was a tax manager and a specialist in family law forensic accounting work at other firms.

campaign finance

Campaign Banking

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.

Deposits:

  • 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

Expenditures:

  • All Pay all campaign bills from the bank account
  • Make copies of all expenditure invoices received and checks written

 

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