Surplus funds of a political party committee are funds not otherwise obligated when a political party ceases to be recognized under the laws of the state. Such surplus funds may (1) be returned to any contributor, as long as the amount returned does not exceed the contributor’s contribution during the last calendar year in which the contributor made a contribution or (2) be contributed to a charitable organization as described in Section 501(c)(3) of Title 26 of the United States Code as it currently exists or as it may be amended. Surplus funds remaining under the political party committee’s control ninety (90) days after the political party ceases to be recognized shall be deposited in the general revenue fund of the state. Promulgated by Ethics Commission January 10, 2014; effective upon Legislature’s sine die adjournment May 23, 2014; operative January 1, 2015.
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