Question 1

Can I spend my own money before establishing a campaign bank account?

RFOadmin · Accepted Answer

Personal funds can be used during the initial stages of a political campaign. But once a campaign bank account is set up, personal contributions should not be accepted. Initial spending is generally treated as an in-kind donation or as a personal loan. Once the campaign is underway, the treasurer should handle the political funds and keep track of income and expenditures.

Question 2

What is a political campaign committee?

RFOadmin · Accepted Answer

Political campaign committees are organizations that represents and supports a candidate's campaign. The committee is formed by the candidate, their staff, and the party organization. Campaign committees are typically made up of the candidate's friends and family, as well as members of the community who feel passionately about the candidate's policies. Members may also include the candidate, campaign managers, funders, and volunteers. Campaign committees are usually made up of volunteers, but they can also have paid staff. The job responsibilities and size will depend on the size and scope of the campaign. In a political campaign committee, there are many different roles that need to be filled. These positions include:

Campaign manager: The person in charge of managing the campaign. They are responsible for overseeing all of the campaign’s operations and making sure they are on track with their goals.
Campaign strategist: This is someone who helps a candidate plan out their strategy for winning an election. They help decide what messages to use and how to get them out there most effectively.
Communications director: This person is in charge of communicating with the public about the campaign’s message and candidate. They may also be in charge of social media or advertising campaigns, depending on what the campaign needs.

You will need a committee in place in order to legally accept donations or even spend money on your campaign. Rules and requirements on establishing a committee differ somewhat from state to state.

Question 3

Do I need a bank account for my political campaign?

RFOadmin · Accepted Answer

Establishing a bank account is your first step for launching a political campaign. A bank account allows you to accept donations and make campaign purchases more efficiently.

Open your political campaign checking account early. Campaign finance laws in many states require that a campaign bank account be established in order to legally deposit political donations.

Prior to opening an account, you may need to establish a political campaign committee with your local county Board of Elections. The name of your campaign committee will be the same name you will use to open the bank account.

Paperwork will be required. The bank will require committee information along with personal identification.

Open an interest-free checking account rather than an interest-bearing savings account. Considering how little banks pay in interest, the small amount of money to be gained is hardly worth the additional effort required by your committee treasurer to report.

Keep detailed records of every account transaction for financial filing requirements. These records should be held indefinitely in case questions later arise as to your campaign finances.

These guidelines also apply for a political party and political action committee (PAC) bank accounts. Whatever you do, do not co-mingle money between any personal and campaign accounts. If you can, hire an accountant.

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What is a political campaign committee?

Raising Money

Can I spend my own money before establishing a campaign bank account?

Do I need a bank account for my political campaign?