• Form 460 (Recipient Committee Campaign Statement). The Form 460 contains an overview of the committee’s activity during a specified period. It is used to file semi-annual and preelection statements. A primarily formed committee is not required to file the Form 501. A primarily formed committee with little or no activity may be eligible to file the Form 450 or Form 425 instead of the Form 460. (See Chapter 8.) E. Establishing a Campaign Bank Account Candidates who anticipate soliciting or receiving contributions from others, or who anticipate spending $2,000 or more of their personal funds in connection with their election, must open a campaign bank account. The account may be established at any financial institution (i.e, bank, credit union) located in California. A candidate’s personal funds used to pay the filing fee or the ballot statement fee do not count toward the $2,000 committee qualification threshold. Under the Act’s one bank account provisions discussed above, a candidate or officeholder may only have one controlled committee with one bank account per election. Candidates running for one office while holding another may establish a separate campaign bank account for each office, but may not have more than one bank account per office per election. Although primarily formed committees are not required to establish a campaign bank account, it is recommended that they do so. Pre-numbered and pre-printed checks with the committee’s name are useful in meeting the recordkeeping requirements described in Chapter 2.
QUICK TIP: The Political Reform Act does not require a federal tax ID number. However, most banks will require one in order to open a campaign bank account. A tax ID number may be obtained on the IRS website, www.irs.gov.
Fair Political Practices Commission advice@fppc.ca.gov
Chapter 2.7
Campaign Manual 2 August 2023 Page 133
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