PAC Account Bank Fees

PAC Account Bank Fees

PAC account bank fees are administrative expenses and may be paid by the association.  If the PAC pays the fees first the association may reimburse the PAC if it does so within 30 days.  FEC regulation 114.5(b)(3) states the following:

(3) If the separate segregated fund pays any solicitation or other administrative expense from its own account, which expense could be paid for as an administrative expense by the collecting agent, the collecting agent may reimburse the separate segregated fund no later than 30 calendar days after the expense was paid by the separate segregated fund.

Records of PAC receipts and expenses must be retained for three years after the date of the report to which they relate.  Detailed rules on records that must be retained are in FEC regulation 102.9 which are is available on the FEC web site and at this link

In 2006 the FEC issued this notice regarding payroll deduction documents and noted that records may be retained in electronic form and some types of electronic data may also constitute alternative records.

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