C. A committee will receive nonmonetary contributions from a single source during the 90 days before the election , including the date of the election. The contributions involve several days of telephone banking by paid individuals. Rather than filing several reports, may the committee file one Form 497 with an estimated value of the nonmonetary contributions anticipated to be received from this source during the 90 days before the election? Yes. The committee may make a good faith estimate of the value that will be received during the period. The Form 497 must be filed within 48 hours of receiving the first $1,000 in nonmonetary contributions. If the actual value differs from the estimated amount by 20 percent or more, the estimated report must be amended within 24 hours of determining the correct amount. D. Must a committee file a Form 497 when a contributor forgives a loan of $1,000 or more during the 90 days before the election , including the date of the election?
Yes. A loan forgiveness is reported as a contribution and triggers the Form 497 requirement.
E. A candidate has one open committee for a past election and one for the current election. If the committee for the past election receives $1,000 or more from a single source in the 90-day, 24-Hour/10-Day reporting period for the current committee, must the committee for the past election file a Form 497? Yes. When a candidate is in a 90-day reporting period, contributions totaling $1,000 or more to any of the candidate’s committees trigger the Form 497 requirement.
Fair Political Practices Commission advice@fppc.ca.gov
Chapter 11.10
Campaign Manual 2 August 2023 Page 379
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