[Code of Federal Regulations]
[Title 11, Volume 1]
[Revised as of January 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 11CFR104.11]

[Page 101]
 
                       TITLE 11--FEDERAL ELECTIONS
 
                 CHAPTER I--FEDERAL ELECTION COMMISSION
 
PART 104--REPORTS BY POLITICAL COMMITTEES (2 U.S.C. 434)--Table of Contents
 
Sec. 104.11  Continuous reporting of debts and obligations.

    (a) Debts and obligations owed by or to a political committee which 
remain outstanding shall be continuously reported until extinguished. 
See 11 CFR 104.3(d). These debts and obligations shall be reported on 
separate schedules together with a statement explaining the 
circumstances and conditions under which each debt and obligation was 
incurred or extinguished. Where such debts and obligations are settled 
for less than their reported amount or value, the reporting committee 
shall include a statement as to the circumstances and conditions under 
which the debt or obligation was extinguished and the amount paid.
    (b) A debt or obligation, including a loan, written contract, 
written promise or written agreement to make an expenditure, the amount 
of which is $500 or less, shall be reported as of the time payment is 
made or not later than 60 days after such obligation is incurred, 
whichever comes first. A debt or obligation, including a loan, written 
contract, written promise or written agreement to make an expenditure, 
the amount of which is over $500 shall be reported as of the date on 
which the debt or obligation is incurred, except that any obligation 
incurred for rent, salary or other regularly reoccurring administrative 
expense shall not be reported as a debt before the payment due date. See 
11 CFR 116.6. If the exact amount of a debt or obligation is not known, 
the report shall state that the amount reported is an estimate. Once the 
exact amount is determined, the political committee shall either amend 
the report(s) containing the estimate or indicate the correct amount on 
the report for the reporting period in which such amount is determined.

[45 FR 15108, Mar. 7, 1980, as amended at 55 FR 26386, June 27, 1990]