6.1709 Contributions-Deposit-Itemized record required—Limitations.

Cite as [A.S.C.A. § 6.1709 ]

(a) Monetary contributions shall be promptly deposited in a financial depository duly authorized to do business in the territory, such as a bank, savings and loan institution, industrial loan company, or similar financial institution, in the name of the candidate, committee, or party, whichever is applicable.

(b) Each candidate, committee, or party shall establish and maintain an itemized record showing the amount of all monetary contributions, the description and value of each nonmonetary contribution, and the name and address of each donor making a contribution.

(c) Each candidate and campaign treasurer shall report the amount and date of deposit of each contribution and the name and address of each donor who makes a contribution or contributions whose aggregate value is $100 or more.

(d) No candidate, committee, or party may accept a contribution of $100 in cash from a single person without issuing a receipt to the donor and keeping a record of the transaction.

(e) Each committee and party shall disclose the original source of all earmarked funds, the ultimate recipient of the earmarked funds, and the fact that the funds are earmarked.

(f) For the purposes of this section, “earmarked funds” means contributions received by a committee or party on the condition that the funds be contributed to or expended only on certain candidates, issues, or questions.

(g) The following contributions are the maximum permissible:

(1) corporations, partnerships, joint ventures or any business or organization, $2,000; and

(2) individuals, $500.

History: 1977, PL 15-32 § 1; amd 1980, PL 16-72 § 11; 2002, PL 27-31.

Amendments: 1980 Subsection (g): deleted paragraph (1) and renumbered (2) and (3) as (1) and (2).