Campaign Committee or Political Action Committee (PAC)
Virgin Islands Campaign Disclosure Rules and Regulations defines a political committee as:
Any political action committee, club, association, principal campaign committee, political party, or other group of one or more persons which receives or anticipates receiving contributions or makes or anticipates making expenditures to or on behalf of any elected official, proposition, candidate, principal campaign committee, or other political action committee.
Statement of Organization
If a political committee (other than a Principal Campaign Committee formed by a candidate) receives contributions or makes expenditures in excess of $1,000, the committee must file a Statement of Organization Form within 10 days of reaching that threshold or within 10 days of forming. The statement and subsequent campaign finance pre-election reports are filed with the Office of the Supervisor of Elections, if the PAC supports candidates or issues at the Territorial level or with the local candidates or issues.
Financial Disclosure Reports
Candidates and PACs are required to file when they participate in an election, but all political committees must file biannual Reports.
Notification of Material Change
Changes in officers, phone number or address, e-mail address or a name change for a political action committee must be reported within 10 days of the change.
Termination of Committee
Once a political committee becomes inactive, the chairperson should dissolve the committee by filing a Statement of Dissolution with the Office of the Supervisor of Elections. This form must be accompanied by a final report showing all contributions and expenditures not previously reported and stating how any excess funds will be distributed.
When a political committee sponsors any political advertising for or against a candidate or ballot issue, the advertising must be clearly identified by the organization. Additional information on Campaign Disclosure Information.
The Rules and Regulations require that receipts and canceled checks must be kept for six years from the date of expenditure. The Rules and Regulations specify that the political committee's money shall not be commingled with any personal funds of officers, members or associates of the political committee.
Some PACs are not tax exempt. For additional information, contact the Internal Revenue Bureau, 340-715-1040, and the Internal Revenue Service.