Political campaign funds

Posted By: GrannieTwo

Political campaign funds - 03/08/21 08:53 PM

We have a customer who through the IL Board of Elections registered in 2005 to run for state representative. We have a committee number, type of committee, candidate and the candidate, Friends of John Doe, is listed as the Chairman/Treasurer. He wants to add his wife as an authorized signer, question one, can he. Question 2, what type of account do we call this an entity and complete an entity resolution? Question 3, if we haven't asked enough questions, what else do we need from him?
This is the first one we've ever done and yes, the one opened in 2005 was not opened correctly so we want to get this right. I asked this in the Illinois forum but did not get a response.
Posted By: rlcarey

Re: Political campaign funds - 03/08/21 09:21 PM

In the other post you indicated that you do not even know if the person is even running for an office and is accepting donations which leads me to two options. Get your legal counsel involved as unless there is a poster really familiar with IL election laws and they could even make a determination based on this limited information, your chances of getting an answer on these boards is pretty slim. State and local election laws are sometimes very complex and very different. The second option is to just say no thanks to a continued relationship since you say this is the only one you have.
Posted By: GrannieTwo

Re: Political campaign funds - 03/09/21 02:27 PM

Thank you, I just got a call from the Il. Election Board and they don't get involved in how bank accounts are set up, but she did tell me that there is not a limit to when a political campaign fund account has to stop. To clarify, I told her this customer opened the account in 2005, ran for state rep and lost but his account has stayed open and he is still receiving donations. She told me that was totally fine as he could be gearing up for another run for something. To your other comment, yes, I wish we would never have allowed this but it was done before I was hired. Going forward, we will not offer them as a choice. Thanks again for your help.
Posted By: HappyGilmore

Re: Political campaign funds - 03/09/21 08:23 PM

GrannieTwo - just remember that you aren't required to maintain this account, give them proper notice to take their business elsewhere and close the account.