R 168.367 Transfer of funds; state or local candidate committee to state or local candidate committee of the same candidate.

Rule 17 (1) Transfers from 1 state or local candidate committee to another state or local candidate committee of the same candidate are contributions, and unexpended funds may be transferred if both of the following apply: (a) The contribution limits for the candidate committee receiving the funds are equal to or greater than the contribution limits for the candidate committee transferring the funds. (b) The candidate committees are simultaneously held by the same person. (2) If the candidate is not a term-limited officeholder and the transferring committee raises the funds after the candidate has formed or was required to have formed a new candidate committee to run for a different office, an acceptable accounting method must be used to identify the persons that contributed the transferred funds and the amount of each person’s contribution. The amount attributed to each person must be counted towards that person’s contribution limit to the candidate committee receiving the transferred funds. The preferred accounting method to be used is Last-In-First-Out, or “LIFO”. Other proposed accounting methods must first be submitted to the department for approval. (3) If the candidate is a term-limited officeholder and the transferring committee raises funds after the general election at which the officeholder was elected to the officeholder’s final term of office, an acceptable accounting method must be used to identify the persons who contributed the transferred funds and the amount of each person’s contribution. The amount attributed to each person must be counted towards that person’s contribution limit to the candidate committee receiving the transferred funds. The preferred accounting method is LIFO. Other proposed accounting methods must first be submitted to the department for approval. (4) Contributions received by a committee during a previous election cycle do not have to be itemized and may be transferred as a lump sum. (5) An otherwise-eligible transfer under this rule is prohibited if it would result in an excess contribution. (6) Outstanding debt must not be transferred from 1 candidate committee to another candidate committee. Debt must be paid or, if it qualifies, forgiven before dissolution of a committee. 7