R 168.317 Disbursement of committee assets for dissolution.

Rule 17. (1) Unexpended candidate committee funds must be disbursed as provided by section 45 of the act, MCL 169.245, and R 168.367 to R 168.369. Unexpended committee funds for other committee types must be disbursed by any legal means, which includes anything the committee would have done during normal committee operations. (2) Assets purchased with money donated to a committee must be disbursed in 1 of the following ways: (a) Sold at fair market value. As used in this rule, “fair market value” is the price that an asset of like type, quality, age, and quantity would bring in a particular market at the time of acquisition. (b) Donated to a tax-exempt charity. (c) Transferred to another committee. (3) If a committee donates any of its remaining assets to a tax-exempt charity, it shall provide verification of the disposition to the committee’s filing official. Verification may be in the form of a receipt or letter or acknowledgement on the charity’s letterhead. (4) A public official or candidate may purchase, at fair market value, an asset that was purchased with money donated to a committee that the committee is selling in order to dissolve. (5) Remaining committee assets with negligible fair market value may be retained or disposed of by the committee in any manner the committee determines is appropriate.