§ 9038. — Examinations and audits; repayments.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 26USC9038]
TITLE 26--INTERNAL REVENUE CODE
Subtitle H--Financing of Presidential Election Campaigns
CHAPTER 96--PRESIDENTIAL PRIMARY MATCHING PAYMENT ACCOUNT
Sec. 9038. Examinations and audits; repayments
(a) Examinations and audits
After each matching payment period, the Commission shall conduct a
thorough examination and audit of the qualified campaign expenses of
every candidate and his authorized committees who received payments
under section 9037.
(b) Repayments
(1) If the Commission determines that any portion of the payments
made to a candidate from the matching payment account was in excess of
the aggregate amount of payments to which such candidate was entitled
under section 9034, it shall notify the candidate, and the candidate
shall pay to the Secretary an amount equal to the amount of excess
payments.
(2) If the Commission determines that any amount of any payment made
to a candidate from the matching payment account was used for any
purpose other than--
(A) to defray the qualified campaign expenses with respect to
which such payment was made, or
(B) to repay loans the proceeds of which were used, or otherwise
to restore funds (other than contributions to defray qualified
campaign expenses which were received and expended) which were used,
to defray qualified campaign expenses,
it shall notify such candidate of the amount so used, and the candidate
shall pay to the Secretary an amount equal to such amount.
(3) Amounts received by a candidate from the matching payment
account may be retained for the liquidation of all obligations to pay
qualified campaign expenses incurred for a period not exceeding 6 months
after the end of the matching payment period. After all obligations have
been liquidated, that portion of any unexpended balance remaining in the
candidate's accounts which bears the same ratio to the total unexpended
balance as the total amount received from the matching payment account
bears to the total of all deposits made into the candidate's accounts
shall be promptly repaid to the matching payment account.
(c) Notification
No notification shall be made by the Commission under subsection (b)
with respect to a matching payment period more than 3 years after the
end of such period.
(d) Deposit of repayments
All payments received by the Secretary under subsection (b) shall be
deposited by him in the matching payment account.
(Added Pub. L. 93-443, title IV, Sec. 408(c), Oct. 15, 1974, 88 Stat.
1300; amended Pub. L. 94-455, title XIX, Sec. 1906(b)(13)(A), Oct. 4,
1976, 90 Stat. 1834.)
Amendments
1976--Subsecs. (b)(1), (2), (d). Pub. L. 94-455 struck out ``or his
delegate'' after ``Secretary''.
Section Referred to in Other Sections
This section is referred to in sections 9033, 9036, 9039, 9040 of
this title.
