A committee shall not dissolve until all loans and debts are
paid, forgiven, or transferred, and the remaining funds in the committee's
campaign account are distributed according to Iowa Code sections
68A.302 and
68A.303 and rule
351-4.25 (68A,68B). In the case
of a candidate's committee, the disposition of all campaign property with a
residual value of $100 or more must be accomplished before dissolution.
(1)
Manner of disposition-candidates'
committees. A candidate's committee shall dispose of campaign property
with a residual value of $100 or more through a sale of the property at fair
market value, with proceeds treated as any other campaign funds, or through
donation of the property as set out in Iowa Code section
68A.303(1). The
candidate's committee shall disclose on the committee's campaign report the
manner of disposition.
(2)
Resolution of loans and debts. The loans and debts of a
committee may be transferred, assumed, or forgiven except that a loan or debt
owed to a financial institution, insurance company, or corporation may not be
forgiven unless the committee is a ballot issue committee. The committee shall
disclose on the committee's campaign report the transfer, assumption, or
forgiveness of a loan or debt on the appropriate reporting schedules.
(3)
Settlement of disputed loans and
debts. A dispute concerning a loan or debt may be resolved for less
than the original amount if the committee discloses on the committee's campaign
report the resolution of the dispute. If the dispute is between a candidate's
committee and a financial institution, insurance company, or corporation, the
candidate's committee shall submit a written statement to the board describing
the loan or debt, the controversy, and the steps taken to settle or collect the
loan or debt. The board will review the statement and determine whether to
permit the candidate's committee to report the loan or debt as
discharged.
(4)
Unavailable
creditor. If the committee cannot locate a person to whom it owes a
loan or debt, the committee shall provide the board with a written statement
describing the steps the committee has taken to locate the creditor and shall
request direction from the board as to what additional steps, if any, should be
taken. If a candidate's committee owes a loan or debt to a financial
institution, insurance company, or corporation, resolution of the matter shall
include payment to a charitable organization or the general fund of the state
of Iowa.
This rule is intended to implement Iowa Code section
68A.402B.
