Political issues committees -- Financial reporting.

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  • (1)
    • (a) Each registered political issues committee that has received political issues contributions totaling at least $750, or disbursed political issues expenditures totaling at least $750, during a calendar year, shall file a verified financial statement with the lieutenant governor's office:
      • (i) on January 10, reporting contributions and expenditures as of December 31 of the previous year;
      • (ii) seven days before the state political convention of each major political party;
      • (iii) seven days before the regular primary election date;
      • (iv) seven days before the date of an incorporation election, if the political issues committee has received or expended funds to affect an incorporation;
      • (v) at least three days before the first public hearing held as required by Section 20A-7-204.1;
      • (vi) if the political issues committee has received or expended funds in relation to an initiative or referendum, five days before the deadline for the initiative or referendum sponsors to submit:
        • (A) the verified and certified initiative packets under Section 20A-7-206; or
        • (B) the signed and verified referendum packets under Section 20A-7-306;
      • (vii) on September 30; and
      • (viii) seven days before:
        • (A) the municipal general election; and
        • (B) the regular general election.
    • (b) The political issues committee shall report:
      • (i) a detailed listing of all contributions received and expenditures made since the last statement; and
      • (ii) all contributions and expenditures as of five days before the required filing date of the financial statement, except for a financial statement filed on January 10.
    • (c) The political issues committee need not file a statement under this section if it received no contributions and made no expenditures during the reporting period.
  • (2)
    • (a) That statement shall include:
      • (i) the name and address, if known, of any individual who makes a political issues contribution to the reporting political issues committee, and the amount of the political issues contribution;
      • (ii) the identification of any publicly identified class of individuals that makes a political issues contribution to the reporting political issues committee, and the amount of the political issues contribution;
      • (iii) the name and address, if known, of any political issues committee, group, or entity that makes a political issues contribution to the reporting political issues committee, and the amount of the political issues contribution;
      • (iv) the name and address of each reporting entity that makes a political issues contribution to the reporting political issues committee, and the amount of the political issues contribution;
      • (v) for each nonmonetary contribution, the fair market value of the contribution;
      • (vi) except as provided in Subsection (2)(c), the name and address of each individual, entity, or group of individuals or entities that received a political issues expenditure of more than $50 from the reporting political issues committee, and the amount of each political issues expenditure;
      • (vii) for each nonmonetary expenditure, the fair market value of the expenditure;
      • (viii) the total amount of political issues contributions received and political issues expenditures disbursed by the reporting political issues committee;
      • (ix) a statement by the political issues committee's treasurer or chief financial officer certifying that, to the best of the person's knowledge, the financial statement is accurate; and
      • (x) a summary page in the form required by the lieutenant governor that identifies:
        • (A) beginning balance;
        • (B) total contributions during the period since the last statement;
        • (C) total contributions to date;
        • (D) total expenditures during the period since the last statement; and
        • (E) total expenditures to date.
    • (b)
      • (i) Political issues contributions received by a political issues committee that have a value of $50 or less need not be reported individually, but shall be listed on the report as an aggregate total.
      • (ii) Two or more political issues contributions from the same source that have an aggregate total of more than $50 may not be reported in the aggregate, but shall be reported separately.
    • (c) When reporting political issue expenditures made to circulators of initiative petitions, the political issues committee:
      • (i) need only report the amount paid to each initiative petition circulator; and
      • (ii) need not report the name or address of the circulator.
  • (3)
    • (a) As used in this Subsection (3), "received" means:
      • (i) for a cash contribution, that the cash is given to a political issues committee;
      • (ii) for a contribution that is a negotiable instrument or check, that the negotiable instrument or check is negotiated; and
      • (iii) for any other type of contribution, that any portion of the contribution's benefit inures to the political issues committee.
    • (b) A political issues committee shall report each contribution to the lieutenant governor within 31 days after the contribution is received.
  • (4) A political issues committee may not expend a contribution for a political issues expenditure if the contribution:
    • (a) is cash or a negotiable instrument;
    • (b) exceeds $50; and
    • (c) is from an unknown source.
  • (5) Within 31 days after receiving a contribution that is cash or a negotiable instrument, exceeds $50, and is from an unknown source, a political issues committee shall disburse the amount of the contribution to:
    • (a) the treasurer of the state or a political subdivision for deposit into the state's or political subdivision's general fund; or
    • (b) an organization that is exempt from federal income taxation under Section 501(c)(3), Internal Revenue Code.




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