State law requires candidates, political committees and, in some cases, individuals to keep full and accurate records of financial transactions and to file periodic disclosure reports. Since fundraising record keeping is so closely governed by state law, there are some rules you should keep in mind.
While there is generally no requirement for a political committee to close, as long as a committee remains open it has a continuing duty to file disclosure reports as they come due, including quarterly reports, Schedule A-1 or Schedule B-1s (when applicable) and amendments to any of these reports or its Statement of Organization (Form D-1).
A Schedule A-1 is a special, stand-alone report required for larger contributions received by politicalcommittees. Specifically, it is used to report contributions of $1000 or more received from a singlesource.
Every political committee must have both a chairman and a treasurer in order to accept contributions or make expenditures. The same person, including the candidate, may serve as both. The treasurer of a political committee is responsible for keeping the records and filing all required statements and reports. The Illinois Campaign Financing Law (10 ILCS 5/9-1 et seq, Article 9 of Chapter 10 of the Election Code) sets forth the duties and responsibilities of the treasurer.