After all campaign expenditures have been made and before filing a final campaign finance report under Subtitle 3 of this title, any remaining balance in the account of a campaign finance entity shall be returned pro rata to the contributors or paid to: (1) if the campaign finance entity is a political committee formed to support a candidate or act for a political party: (i) the State central committee of the political party: 1. of which the candidate is a member; or 2. for which the political committee is acting; (ii) the local central committee of the political party: 1. of which the candidate is a member in a county in which the candidate resides or which the candidate seeks to represent; or 2. for which the political committee is acting; (iii) the legislative party caucus committee of the political party: 1. of which the candidate is a member; or 2. for which the political committee is acting; or (iv) the board of education of a county in which the candidate resides or which the candidate seeks to represent; (2) a nonprofit organization that provides services or funds for the benefit of pupils or teachers; (3) a charitable organization registered or exempt from registration under the Maryland Charitable Solicitations Act; (4) the Fair Campaign Financing Fund established under § 15-103 of this article; or (5) a public or private institution of higher education in the State if: (i) that institution possesses a certificate of approval from the Maryland Higher Education Commission; and (ii) the payment is designated for use by the institution solely to award scholarships, grants, or loans to students attending the institution.
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