Any candidate or committee that will accept contributions must open a campaign bank account. The campaign may choose to open the account at the start of the campaign or not until the first contribution has been received. Regardless of when the account is opened, the campaign registration will disclose which bank is going to be used. The committee name from the registration should be the name on the campaign bank account.
Campaign accounts may be established in a bank, mutual savings bank, savings and loan association or credit union doing business in Washington State. When opening the account, you may be asked to supply a federal tax identification number. The Internal Revenue Service issues tax ID numbers; applications are accepted online, by fax, or by mail.
The bank will report any interest earned on the campaign account to the IRS using the tax number you provide. Consult the IRS, your accountant or tax adviser regarding any tax liability or requirement to file a tax return. The PDC cannot give tax-related advice or information.
A candidate who self-funds a campaign may choose not to open a campaign bank account, but will still have to indicate on the registration which bank would be used if an account was established. If a campaign account is not opened and the candidate spends personal funds, the candidate must make the check register and other personal bank account records available during the public inspection period..
Deposit monetary contributions within five business days of receipt. This means that a campaign can make a weekly deposit and be in compliance. Receiving many contributions may make more frequent deposits advisable.
Each date of deposit is represented in a separate Cash Receipts Monetary Contributions Report (C-3). File one C-3 report for each date that money is deposited into the campaign bank account. Through the end of May, C-3 reports are due on the 10th of the month following the month the deposits were made. Beginning in June, C-3 reports are due on Monday after the deposits are made. When no deposits were made in the month or, starting in June, the week, then no reports are filed on the reporting deadline. Once a deposit is made, the C-3 may be filed at any time before the deadline.