Internal Revenue Code:Sec. 9038. Examinations and audits; repayments

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle H - Financing of Presidential Election Campaigns
       CHAPTER 96 - PRESIDENTIAL PRIMARY MATCHING PAYMENT ACCOUNT
     

Statute

    Sec. 9038. Examinations and audits; repayments
 
    (a) Examinations and audits
      After each matching payment period, the Commission shall conduct
    a thorough examination and audit of the qualified campaign expenses
    of every candidate and his authorized committees who received
    payments under section 9037.
    (b) Repayments
      (1) If the Commission determines that any portion of the payments
    made to a candidate from the matching payment account was in excess
    of the aggregate amount of payments to which such candidate was
    entitled under section 9034, it shall notify the candidate, and the
    candidate shall pay to the Secretary an amount equal to the amount
    of excess payments.
      (2) If the Commission determines that any amount of any payment
    made to a candidate from the matching payment account was used for
    any purpose other than -
        (A) to defray the qualified campaign expenses with respect to
      which such payment was made, or
        (B) to repay loans the proceeds of which were used, or
      otherwise to restore funds (other than contributions to defray
      qualified campaign expenses which were received and expended)
      which were used, to defray qualified campaign expenses,
    it shall notify such candidate of the amount so used, and the
    candidate shall pay to the Secretary an amount equal to such
    amount.
      (3) Amounts received by a candidate from the matching payment
    account may be retained for the liquidation of all obligations to
    pay qualified campaign expenses incurred for a period not exceeding
    6 months after the end of the matching payment period.  After all
    obligations have been liquidated, that portion of any unexpended
    balance remaining in the candidate's accounts which bears the same
    ratio to the total unexpended balance as the total amount received
    from the matching payment account bears to the total of all
    deposits made into the candidate's accounts shall be promptly
    repaid to the matching payment account.
    (c) Notification
      No notification shall be made by the Commission under subsection
    (b) with respect to a matching payment period more than 3 years
    after the end of such period.
    (d) Deposit of repayments
      All payments received by the Secretary under subsection (b) shall
    be deposited by him in the matching payment account.
 

Sources

    (Added Pub. L. 93-443, title IV, Sec. 408(c), Oct. 15, 1974, 88
    Stat. 1300; amended Pub. L. 94-455, title XIX, Sec. 1906(b)(13)(A),
    Oct. 4, 1976, 90 Stat. 1834.)
 

Miscellaneous

                                 AMENDMENTS
      1976 - Subsecs. (b)(1), (2), (d). Pub. L. 94-455 struck out ''or
    his delegate'' after ''Secretary''.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 9033, 9036, 9039, 9040 of
    this title.