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Vermont Statutes § 2924 Candidates; surplus campaign funds; new campaign accounts

⤴ Up to Subchapter 2: Registration and Maintenance Requirements

Statute Text

(a) A candidate who has surplus funds after all campaign debts have been paid shall not convert the surplus to personal use, other than to reduce personal campaign debts or as otherwise provided in this chapter.
(b) Surplus funds in a candidate's account shall be:
(1) contributed to other candidates, political parties, or political committees subject to the contribution limits set forth in this chapter;
(2) contributed to a charity;
(3) contributed to the Secretary of State Services Fund;
(4) rolled over into a new campaign or be carried forward for surplus maintenance as provided in subsection (d) of this section; or
(5) liquidated using a combination of the provisions set forth in subdivisions (1)-(4) of this subsection.
(c) The "final report" of a candidate shall indicate the amount of the surplus and how it has been liquidated.
(d)
(1)
(A) A candidate who chooses to roll over any surplus into a new campaign for public office shall close out his or her former campaign by converting all debts and assets to the new campaign.
(B) A candidate who does not intend to be a candidate in a subsequent election but who chooses to carry forward any surplus shall maintain that surplus by closing out his or her former campaign and converting all debts and assets to surplus maintenance.
(2) The candidate may use his or her former campaign's treasurer and bank account for the new campaign under subdivision (1)(A) of this subsection or the maintenance of surplus under subdivision (1)(B) of this subsection. A candidate shall be required to file a new bank designation form only if there has been a change in the treasurer or the location of the campaign account.

History

Added 2013, No. 90 (Adj. Sess.), § 3, eff. 1/23/2014 .

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