Not true. The campaign does not get to keep the money.
In Virginia (and I suspect in most if not all other states) the uncashed
check becomes Unclaimed Property and must be turned over to the state to go
into their Unclaimed Property system. This is true for any company and any
type of check- vendor, payroll, refund, etc. The state retains the money so
it is available to be claimed by the rightful owner in the future.
Also as Allen Martin stated, I expect it is illegal to accept anonymous
contributions to a political campaign given current laws regarding campaign
contributions.
--
Charles M. Shanes, CPA
Charles M. Shanes CPA, LLC
Richmond, VA
QuickBooks ProAdvisor
Microsoft MPAN Member for SBA
www.shanescpa.com
cshanes@-Delete-This-Nospam-shanescpa.com
"Heybub" <HeybubNOSPAM@gmail.com> wrote in message
news:12io02o4fm2lu60@news.supernews.com...
Quote:
Allan Martin wrote:
Quote:
"HeyBub" <heybubNOSPAM@gmail.com> wrote in message news:12ics4lot1knjfc@news.supernews.com...
Quote:
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Allan Martin wrote:>> I handle the books of a political compaign. In order to make sure> campaign contribution limits do not exceed the limits mandated by> law I use a custom field called Running Total just for this purpose. Maybe you can answer a nagging question. When the total for the donor "Anonymous" reaches the statutory maximum, how do you decline/return the excess?
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Issue a refund check.
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Cool! Assuming the check's never cashed, the campaign keeps the money. Proving, once again, that money will flow to politicians irrespective of the legal hurdles.
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Report help desperately needed!
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