Iowa Admin. Code r. 351-4.5

Current through Register Vol. 47, No. 8, October 30, 2024

Rule 351-4.5 - Segregation and timely deposit of funds; information required: identification of financial institution, account name; notice to treasurer

(1)Segregation and deposit of funds. All committee funds shall be maintained in a financial institution and shall be segregated from any other funds held by a candidate, officer, member, or associate of the committee. The committee treasurer shall deposit all contributions within seven days of receipt by the treasurer in an account maintained by the committee.

(2)Exception from segregation of committee funds. A candidate's committee that receives contributions only from the candidate is not required to maintain a separate account. A permanent organization temporarily engaging in activity that qualifies it as a political committee that uses existing general operating funds and does not solicit or receive funds from other sources for campaign purposes is not required to maintain a separate account.

(3)Identification of financial institution and account. The committee shall disclose on the committee's statement of organization the name and mailing address of all financial institutions in which committee funds are maintained. The committee shall also disclose the name and type of all accounts in which committee funds are maintained, and the name of any such a ccoimt shall be the same as the committee name on the statement of organization.

(4)Notice to treasurer Any person who receives contributions for a committee shall render the contributions to the treasurer within 15 days of receipt and provide the committee treasurer with the reporting information required by Iowa Code Supplement section 68A.203(2).

This rule is intended to implement Iowa Code sections 68A.201 and 68A.203.

Iowa Admin. Code r. 351-4.5

Amended by IAB March 24, 2021/Volume XLIII, Number 20, effective 4/28/2021