FEC Reporting Made Easy (or at least easier), Part II
Benjamin A. Katz
While good campaign management software can make it easier to file FEC reports (see part I of my article), there are some things you should do regardless of how good your software is.
A few simple checks will help keep you out of trouble and avoid the need to file amendments of FEC reports.
1. Read the manual.
The Federal Election Commission offers easy to read guides for political committees of all types:
No software can manage all the rules for you -- you need to make sure you're very familar with campaign finance law.
2. Know the calendar.
Don't get caught off guard about when FEC reports are due. The FEC's calendar is available online: http://www.fec.gov/info/report_dates.shtml but we recommend printing it out an attaching it to your wall. Nothing's worse than getting fined just because you weren't paying attention.
3. Don't wait until the last minute.
In fact, we recommend entering transactions into your campaign software on a daily basis. This makes it easier (and much less) stressful to generate and file reports when they're due.
4. Review your FEC report well before it is due.
Many of our clients will run dummy FEC reports in the middle of the quarter. If you have quality campaign management software, it will assist you in finding and correcting errors but even without your software helping you, this will give you a chance to review your report and start making corrections without the stress of the deadline.
5. Compare every new filing against the previously filed FEC report.
At the very least, make sure your starting cash-on-hand matches the ending cash-on-hand from the previous report. Even better, check each column to make sure that your cycle-to-date totals are correct.
6. Reconcile your bank account against your FEC report.
There is no way to file an accurate FEC report unless you're reconciling. Ideally, your campaign managment software will support reconciliations. If not, you should do this manually.
A word of warning -- FEC reports are neither wholly cash nor wholly accrual based. Especially with the requirement to report undeposited funds, it can often difficult to reconcile FEC reports with bank statements by hand. That said, it's still much less painful than filing amendments or getting hit with fines.
7. Use Common Sense.
Take a look over your report. Does it show several hundred thousand dollars too much? Are PACs getting reported on line 11a(i) rather than 11c? Has someone given well in excess of the limits? Do you not remember that check being quite that large?
It's easy to make mistakes but with a little bit of time and a clear head, you can often solve them before the FEC sees them.
See also: Part I: Secrets to Keeping the Federal Election Commission Happy.