Repaying operating expenditure debt
Reporting on PAC forms
PACs report making debt payments on Form 3X. The schedule and line number used to report the payment will vary depending on the type of activity. For example:
- If the committee is paying a debt for an operating expenditure, report the debt payment on Schedule B, Line 21(b).
- If the committee is paying a debt for an independent expenditure, report the debt payment on Schedule E.
In addition, the payment will also be disclosed on Schedule D as a “payment this period.” The debt’s outstanding balance at the end of the reporting period will be reduced by the payment amount. The debt will be continuously reported on Schedule D until completely paid off.
Note that when the committee itemizes a payment to a credit card company, a payroll company, or reimburses a committee staff member, the committee must also itemize a memo entry for any original vendor for whom payments exceed the $200 threshold during the election cycle. The memo entry on Schedule B must include the name and address of the vendor, the purpose of the disbursement and the amount of the disbursement.