[Code of Federal Regulations]
[Title 11, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 11CFR9038.3]

[Page 374]
 
                       TITLE 11--FEDERAL ELECTIONS
 
                 CHAPTER I--FEDERAL ELECTION COMMISSION
 
PART 9038_EXAMINATIONS AND AUDITS--Table of Contents
 
Sec.  9038.3  Liquidation of obligations; repayment.

    (a) The candidate may retain amounts received from the matching 
payment account for a period not exceeding 6 months after the matching 
payment period to pay qualified campaign expenses incurred by the 
candidate.
    (b) After all obligations have been liquidated, the candidate shall 
so inform the Commission in writing.
    (c)(1) If on the last day of candidate eligibility the candidate's 
net outstanding campaign obligations, as defined in 11 CFR 9034.5, 
reflect a surplus, the candidate shall within 30 calendar days of the 
ineligibility date repay to the Secretary an amount which represents the 
amount of matching funds contained in the candidate's surplus. The 
amount shall be an amount equal to that portion of the surplus which 
bears the same ratio to the total surplus that the total amount received 
by the candidate from the matching payment account bears to the total 
deposits made to the candidate's accounts.
    (2) For purposes of this subsection, total deposits means all 
deposits to all candidate accounts minus transfers between accounts, 
refunds, rebates, reimbursements, checks returned for insufficient 
funds, proceeds of loans and other similar amounts.
    (3) Notwithstanding the payment of any amounts to the United States 
Treasury under this section, the Commission may make surplus repayment 
determination(s) which require repayment in accordance with 11 CFR 
9038.2.