Virginia § 24.2-948.4 - (Effective July 1, 2026) Final report requirement; disbursement of surplus funds

§ 24.2-948.4. (Effective July 1, 2026) Final report requirement; disbursement of surplus funds

A. A final report shall be filed by every campaign committee that sets forth (i) all receipts and disbursements not previously reported, (ii) an accounting of the retirement of all debts, and (iii) the disposition of all surplus funds as provided in subsection D. The final report shall include a termination statement, signed by the candidate, that all reporting for the campaign committee is complete and final. Once a campaign committee's final report has been filed, no further report relating to that election shall be required.

B. A final report shall be required when (i) a candidate no longer seeks election to the same office in a successive election, (ii) a candidate seeks election to a different office, or (iii) the candidate is deceased.

C. If the candidate is deceased, the final report shall be filed and signed by the treasurer. If the candidate was serving as his own treasurer, his executor shall file and sign the final report. Any excess contributed funds shall be disposed of pursuant to the provisions of subsection D.

D. Amounts received by a candidate or his campaign committee as contributions that are in excess of the amount necessary to defray his campaign expenditures or items acquired using campaign contributions may be disposed of only by one or any combination of the following: (i) transferring the excess or items acquired using campaign contributions for use in a succeeding election or to retire the deficit in a preceding election; (ii) returning the excess or items acquired using campaign contributions to a contributor in an amount not to exceed the contributor's original contribution; (iii) donating the excess or items acquired using campaign contributions to any organization described in § 170(c) of the Internal Revenue Code; (iv) contributing the excess or items acquired using campaign contributions to one or more candidates or to any political committee that has filed a statement of organization pursuant to this chapter; (v) contributing the excess or items acquired using campaign contributions to any political party committee; and (vi) defraying any ordinary, nonreimbursed expense related to his elective office.

1986, c. 558, § 24.1-257.2; 1988, c. 734; 1990, c. 931, § 24.1-258.1; 1991, c. 709; 1993, c. 641, §§ 24.2-920, 24.2-921; 2000, c. 233; 2003, c. 248; 2004, c. 457; 2006, cc. 787, 892; 2009, c. 231; 2025, cc. 535, 537.