Finance Basics
Campaign finance structure and reporting
One of the first decisions you need to make is whether or not to form a Political Committee (PAC). Having a PAC is not necessary. However, if you intend to raise money from contributors to help finance your run, then we recommend you establish a committee to handle your finances. This involves completing a registration form, authorizing the committee to receive contributions for you, and regular reporting of contributions. You will need a Treasurer for your committee to handle these responsibilities.
The steps to start a Candidate Political Action Committee
● Identify your campaign Treasurer and Committee Chairperson. Please note: You cannot be your own treasurer
● Complete a Political Action Committee Registration Statement
● Complete an Authorization For A Political Action Committee To Receive Funds On Behalf of a Candidate
● Obtain an EIN number from the IRS. We recommend against using a third-party to obtain your EIN. The questions include your type of business (Non-Profit Organization) and reason for obtaining EIN (for banking purposes only).
● When you register your EIN number, the online system will ask you if you will be completing an IRS Form 8871. Say yes and complete this form.
● Open a bank account in the name of the committee. You will need your EIN number for this, and the Treasurer must be a signee on the account.
Learn campaign finance rules
You and your treasurer should educate yourself on Day 1 of your campaign about all campaign finance rules and reporting dates. The state provides a number of resources related to campaign finance, including the laws you will be responsible for following. Campaign Finance Resources
If you are running for a local municipal, or county position, campaign finance forms can be obtained at County of Berks - Campaign Finance Information
Candidates running at the state or federal level will set up a username/password that allows them to complete financial documents online at Campaign Finance Login
There are seven (7) financial reporting cycles in the year: a 6th Tuesday Pre-Primary Report, a 2nd Friday Pre-Primary Report, a 30-Day Post-Primary Report, a 6th Tuesday Pre-Election Report, a 2nd Friday Pre-Election Report, a 30-Day Post-Election and an Annual Report. There are also 24 hour reports two weeks prior to an election if you receive $500 or more from one individual.
Not all candidates are required to file every cycle; you must be aware of the dates. Fines start immediately if you miss a deadline.
Links to explore:
Election Cycle- See what offices are up for re-election and when.
Run for Office
How to get on the ballot
Your Campaign Team