That amount is reduced by:
• The total cash on hand available to pay those debts and obligations, including: currency; balances on deposit in banks, savings and loan institutions, and other depository institutions; traveler’s checks; certificates of deposit; treasurer bills; and any other committee investments valued at fair market value; and • The total amounts owed to the candidate controlled committee in the form of credits, refunds of deposits, returns, or receivables, or a commercially reasonable amount based on the collectability of those credits, refunds, returns, or receivables. As new funds are received, the amount of the net debts outstanding is reduced. The amount of new contributions may not exceed the amount of net debts outstanding on the date the contribution is received. Any contribution that exceeds the amount of net debts outstanding must be returned to the contributor within 14 days.
Ex 1.1 - Tom ran for district attorney in 2022. After the general election, Tom had $45,000 in cash left and owed only $20,000 in accrued expenses from the primary election and none from the general election. Tom may not raise additional funds into the 2022 committee.
Ex 1.2 - Jane ran for county supervisor in 2022. After the primary election, Jane had $30,000 in cash left and owed $50,000 in unpaid loans and accrued expenses. Jane may raise $20,000 to pay this debt, plus an amount needed to cover the fundraising expenses and other administrative costs. All contributions received are subject to the contribution limits that were in effect for the 2020 election.
Fair Political Practices Commission advice@fppc.ca.gov
Chapter 1.12
Campaign Manual 2 August 2023 Page 117
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