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First Substitute H.B. 43

Representative Gregory H. Hughes proposes the following substitute bill:


             1     
CAMPAIGN FINANCE REPORTING BY CORPORATIONS

             2     
2013 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Gregory H. Hughes

             5     
Senate Sponsor: Lyle W. Hillyard

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill amends provisions in Title 20A, Chapter 11, Campaign and Financial
             10      Reporting Requirements, regarding campaign finance reporting by corporations.
             11      Highlighted Provisions:
             12          This bill:
             13          .    defines terms;
             14          .    requires a corporation that makes expenditures to influence the outcome of an
             15      election to report on a financial statement money received from a donor in certain
             16      circumstances;
             17          .    requires a corporation in certain circumstances to notify a donor that:
             18              .    the corporation may use the money to influence the outcome of an election; and
             19              .    the corporation may disclose the donor; and
             20          .    makes technical and conforming amendments.
             21      Money Appropriated in this Bill:
             22          None
             23      Other Special Clauses:
             24          None
             25      Utah Code Sections Affected:


             26      AMENDS:
             27          20A-11-101, as last amended by Laws of Utah 2012, Chapter 230
             28          20A-11-701 (Effective 05/01/13), as last amended by Laws of Utah 2012, Chapter 347
             29          20A-11-702, as last amended by Laws of Utah 2010, Chapter 389
             30     
             31      Be it enacted by the Legislature of the state of Utah:
             32          Section 1. Section 20A-11-101 is amended to read:
             33           20A-11-101. Definitions.
             34          As used in this chapter:
             35          (1) "Address" means the number and street where an individual resides or where a
             36      reporting entity has its principal office.
             37          (2) "Ballot proposition" includes initiatives, referenda, proposed constitutional
             38      amendments, and any other ballot propositions submitted to the voters that are authorized by
             39      the Utah Code Annotated 1953.
             40          (3) "Candidate" means any person who:
             41          (a) files a declaration of candidacy for a public office; or
             42          (b) receives contributions, makes expenditures, or gives consent for any other person to
             43      receive contributions or make expenditures to bring about the person's nomination or election
             44      to a public office.
             45          (4) "Chief election officer" means:
             46          (a) the lieutenant governor for state office candidates, legislative office candidates,
             47      officeholders, political parties, political action committees, corporations, political issues
             48      committees, state school board candidates, judges, and labor organizations, as defined in
             49      Section 20A-11-1501 ; and
             50          (b) the county clerk for local school board candidates.
             51          (5) (a) "Contribution" means any of the following when done for political purposes:
             52          (i) a gift, subscription, donation, loan, advance, or deposit of money or anything of
             53      value given to the filing entity;
             54          (ii) an express, legally enforceable contract, promise, or agreement to make a gift,
             55      subscription, donation, unpaid or partially unpaid loan, advance, or deposit of money or
             56      anything of value to the filing entity;


             57          (iii) any transfer of funds from another reporting entity to the filing entity;
             58          (iv) compensation paid by any person or reporting entity other than the filing entity for
             59      personal services provided without charge to the filing entity;
             60          (v) remuneration from:
             61          (A) any organization or its directly affiliated organization that has a registered lobbyist;
             62      or
             63          (B) any agency or subdivision of the state, including school districts; and
             64          (vi) goods or services provided to or for the benefit of the filing entity at less than fair
             65      market value.
             66          (b) "Contribution" does not include:
             67          (i) services provided without compensation by individuals volunteering a portion or all
             68      of their time on behalf of the filing entity;
             69          (ii) money lent to the filing entity by a financial institution in the ordinary course of
             70      business; or
             71          (iii) goods or services provided for the benefit of a candidate or political party at less
             72      than fair market value that are not authorized by or coordinated with the candidate or political
             73      party.
             74          (6) "Coordinated with" means that goods or services provided for the benefit of a
             75      candidate or political party are provided:
             76          (a) with the candidate's or political party's prior knowledge, if the candidate or political
             77      party does not object;
             78          (b) by agreement with the candidate or political party;
             79          (c) in coordination with the candidate or political party; or
             80          (d) using official logos, slogans, and similar elements belonging to a candidate or
             81      political party.
             82          (7) (a) "Corporation" means a domestic or foreign, profit or nonprofit, business
             83      organization that is registered as a corporation or is authorized to do business in a state and
             84      makes any expenditure from corporate funds for:
             85          (i) the purpose of expressly advocating for political purposes; or
             86          (ii) the purpose of expressly advocating the approval or the defeat of any ballot
             87      proposition.


             88          (b) "Corporation" does not mean:
             89          (i) a business organization's political action committee or political issues committee; or
             90          (ii) a business entity organized as a partnership or a sole proprietorship.
             91          (8) "County political party" means, for each registered political party, all of the persons
             92      within a single county who, under definitions established by the political party, are members of
             93      the registered political party.
             94          (9) "County political party officer" means a person whose name is required to be
             95      submitted by a county political party to the lieutenant governor in accordance with Section
             96      20A-8-402 .
             97          (10) "Detailed listing" means:
             98          (a) for each contribution or public service assistance:
             99          (i) the name and address of the individual or source making the contribution or public
             100      service assistance;
             101          (ii) the amount or value of the contribution or public service assistance; and
             102          (iii) the date the contribution or public service assistance was made; and
             103          (b) for each expenditure:
             104          (i) the amount of the expenditure;
             105          (ii) the person or entity to whom it was disbursed;
             106          (iii) the specific purpose, item, or service acquired by the expenditure; and
             107          (iv) the date the expenditure was made.
             108          (11) (a) "Donor" means a person who gives money, including a fee, due, or assessment
             109      for membership in the corporation, to a corporation without receiving full and adequate
             110      consideration for the money.
             111          (b) "Donor" does not include a person who signs a statement that the corporation may
             112      not use the money for an expenditure or political issues expenditure.
             113          [(11)] (12) "Election" means each:
             114          (a) regular general election;
             115          (b) regular primary election; and
             116          (c) special election at which candidates are eliminated and selected.
             117          [(12)] (13) "Electioneering communication" means a communication that:
             118          (a) has at least a value of $10,000;


             119          (b) clearly identifies a candidate or judge; and
             120          (c) is disseminated through the Internet, newspaper, magazine, outdoor advertising
             121      facility, direct mailing, broadcast, cable, or satellite provider within 45 days of the clearly
             122      identified candidate's or judge's election date.
             123          [(13)] (14) (a) "Expenditure" means:
             124          (i) any disbursement from contributions, receipts, or from the separate bank account
             125      required by this chapter;
             126          (ii) a purchase, payment, donation, distribution, loan, advance, deposit, gift of money,
             127      or anything of value made for political purposes;
             128          (iii) an express, legally enforceable contract, promise, or agreement to make any
             129      purchase, payment, donation, distribution, loan, advance, deposit, gift of money, or anything of
             130      value for political purposes;
             131          (iv) compensation paid by a filing entity for personal services rendered by a person
             132      without charge to a reporting entity;
             133          (v) a transfer of funds between the filing entity and a candidate's personal campaign
             134      committee; or
             135          (vi) goods or services provided by the filing entity to or for the benefit of another
             136      reporting entity for political purposes at less than fair market value.
             137          (b) "Expenditure" does not include:
             138          (i) services provided without compensation by individuals volunteering a portion or all
             139      of their time on behalf of a reporting entity;
             140          (ii) money lent to a reporting entity by a financial institution in the ordinary course of
             141      business; or
             142          (iii) anything listed in Subsection [(13)] (14)(a) that is given by a reporting entity to
             143      candidates for office or officeholders in states other than Utah.
             144          [(14)] (15) "Federal office" means the office of President of the United States, United
             145      States Senator, or United States Representative.
             146          [(15)] (16) "Filing entity" means the reporting entity that is required to file a financial
             147      statement required by this chapter or Chapter 12, Part 2, Judicial Retention Elections.
             148          [(16)] (17) "Financial statement" includes any summary report, interim report, verified
             149      financial statement, or other statement disclosing contributions, expenditures, receipts,


             150      donations, or disbursements that is required by this chapter or Chapter 12, Part 2, Judicial
             151      Retention Elections.
             152          [(17)] (18) "Governing board" means the individual or group of individuals that
             153      determine the candidates and committees that will receive expenditures from a political action
             154      committee, political party, or corporation.
             155          [(18)] (19) "Incorporation" means the process established by Title 10, Chapter 2, Part
             156      1, Incorporation, by which a geographical area becomes legally recognized as a city or town.
             157          [(19)] (20) "Incorporation election" means the election authorized by Section 10-2-111 .
             158          [(20)] (21) "Incorporation petition" means a petition authorized by Section 10-2-109 .
             159          [(21)] (22) "Individual" means a natural person.
             160          [(22)] (23) "Interim report" means a report identifying the contributions received and
             161      expenditures made since the last report.
             162          [(23)] (24) "Legislative office" means the office of state senator, state representative,
             163      speaker of the House of Representatives, president of the Senate, and the leader, whip, and
             164      assistant whip of any party caucus in either house of the Legislature.
             165          [(24)] (25) "Legislative office candidate" means a person who:
             166          (a) files a declaration of candidacy for the office of state senator or state representative;
             167          (b) declares oneself to be a candidate for, or actively campaigns for, the position of
             168      speaker of the House of Representatives, president of the Senate, or the leader, whip, and
             169      assistant whip of any party caucus in either house of the Legislature; or
             170          (c) receives contributions, makes expenditures, or gives consent for any other person to
             171      receive contributions or make expenditures to bring about the person's nomination or election
             172      to a legislative office.
             173          [(25)] (26) "Officeholder" means a person who holds a public office.
             174          [(26)] (27) "Party committee" means any committee organized by or authorized by the
             175      governing board of a registered political party.
             176          [(27)] (28) "Person" means both natural and legal persons, including individuals,
             177      business organizations, personal campaign committees, party committees, political action
             178      committees, political issues committees, and labor organizations, as defined in Section
             179      20A-11-1501 .
             180          [(28)] (29) "Personal campaign committee" means the committee appointed by a


             181      candidate to act for the candidate as provided in this chapter.
             182          [(29)] (30) "Personal use expenditure" has the same meaning as provided under Section
             183      20A-11-104 .
             184          [(30)] (31) (a) "Political action committee" means an entity, or any group of
             185      individuals or entities within or outside this state, a major purpose of which is to:
             186          (i) solicit or receive contributions from any other person, group, or entity for political
             187      purposes; or
             188          (ii) make expenditures to expressly advocate for any person to refrain from voting or to
             189      vote for or against any candidate or person seeking election to a municipal or county office.
             190          (b) "Political action committee" includes groups affiliated with a registered political
             191      party but not authorized or organized by the governing board of the registered political party
             192      that receive contributions or makes expenditures for political purposes.
             193          (c) "Political action committee" does not mean:
             194          (i) a party committee;
             195          (ii) any entity that provides goods or services to a candidate or committee in the regular
             196      course of its business at the same price that would be provided to the general public;
             197          (iii) an individual;
             198          (iv) individuals who are related and who make contributions from a joint checking
             199      account;
             200          (v) a corporation, except a corporation a major purpose of which is to act as a political
             201      action committee; or
             202          (vi) a personal campaign committee.
             203          [(31)] (32) "Political convention" means a county or state political convention held by
             204      a registered political party to select candidates.
             205          [(32)] (33) (a) "Political issues committee" means an entity, or any group of individuals
             206      or entities within or outside this state, a major purpose of which is to:
             207          (i) solicit or receive donations from any other person, group, or entity to assist in
             208      placing a ballot proposition on the ballot, assist in keeping a ballot proposition off the ballot, or
             209      to advocate that a voter refrain from voting or vote for or vote against any ballot proposition;
             210          (ii) make expenditures to expressly advocate for any person to sign or refuse to sign a
             211      ballot proposition or incorporation petition or refrain from voting, vote for, or vote against any


             212      proposed ballot proposition or an incorporation in an incorporation election; or
             213          (iii) make expenditures to assist in qualifying or placing a ballot proposition on the
             214      ballot or to assist in keeping a ballot proposition off the ballot.
             215          (b) "Political issues committee" does not mean:
             216          (i) a registered political party or a party committee;
             217          (ii) any entity that provides goods or services to an individual or committee in the
             218      regular course of its business at the same price that would be provided to the general public;
             219          (iii) an individual;
             220          (iv) individuals who are related and who make contributions from a joint checking
             221      account; or
             222          (v) a corporation, except a corporation a major purpose of which is to act as a political
             223      issues committee.
             224          [(33)] (34) (a) "Political issues contribution" means any of the following:
             225          (i) a gift, subscription, unpaid or partially unpaid loan, advance, or deposit of money or
             226      anything of value given to a political issues committee;
             227          (ii) an express, legally enforceable contract, promise, or agreement to make a political
             228      issues donation to influence the approval or defeat of any ballot proposition;
             229          (iii) any transfer of funds received by a political issues committee from a reporting
             230      entity;
             231          (iv) compensation paid by another reporting entity for personal services rendered
             232      without charge to a political issues committee; and
             233          (v) goods or services provided to or for the benefit of a political issues committee at
             234      less than fair market value.
             235          (b) "Political issues contribution" does not include:
             236          (i) services provided without compensation by individuals volunteering a portion or all
             237      of their time on behalf of a political issues committee; or
             238          (ii) money lent to a political issues committee by a financial institution in the ordinary
             239      course of business.
             240          [(34)] (35) (a) "Political issues expenditure" means any of the following:
             241          (i) any payment from political issues contributions made for the purpose of influencing
             242      the approval or the defeat of:


             243          (A) a ballot proposition; or
             244          (B) an incorporation petition or incorporation election;
             245          (ii) a purchase, payment, distribution, loan, advance, deposit, or gift of money made for
             246      the express purpose of influencing the approval or the defeat of:
             247          (A) a ballot proposition; or
             248          (B) an incorporation petition or incorporation election;
             249          (iii) an express, legally enforceable contract, promise, or agreement to make any
             250      political issues expenditure;
             251          (iv) compensation paid by a reporting entity for personal services rendered by a person
             252      without charge to a political issues committee; or
             253          (v) goods or services provided to or for the benefit of another reporting entity at less
             254      than fair market value.
             255          (b) "Political issues expenditure" does not include:
             256          (i) services provided without compensation by individuals volunteering a portion or all
             257      of their time on behalf of a political issues committee; or
             258          (ii) money lent to a political issues committee by a financial institution in the ordinary
             259      course of business.
             260          [(35)] (36) "Political purposes" means an act done with the intent or in a way to
             261      influence or tend to influence, directly or indirectly, any person to refrain from voting or to vote
             262      for or against any candidate or a person seeking a municipal or county office at any caucus,
             263      political convention, or election.
             264          [(36)] (37) "Primary election" means any regular primary election held under the
             265      election laws.
             266          [(37)] (38) "Public office" means the office of governor, lieutenant governor, state
             267      auditor, state treasurer, attorney general, state or local school board member, state senator, state
             268      representative, speaker of the House of Representatives, president of the Senate, and the leader,
             269      whip, and assistant whip of any party caucus in either house of the Legislature.
             270          [(38)] (39) (a) "Public service assistance" means the following when given or provided
             271      to an officeholder to defray the costs of functioning in a public office or aid the officeholder to
             272      communicate with the officeholder's constituents:
             273          (i) a gift, subscription, donation, unpaid or partially unpaid loan, advance, or deposit of


             274      money or anything of value to an officeholder; or
             275          (ii) goods or services provided at less than fair market value to or for the benefit of the
             276      officeholder.
             277          (b) "Public service assistance" does not include:
             278          (i) anything provided by the state;
             279          (ii) services provided without compensation by individuals volunteering a portion or all
             280      of their time on behalf of an officeholder;
             281          (iii) money lent to an officeholder by a financial institution in the ordinary course of
             282      business;
             283          (iv) news coverage or any publication by the news media; or
             284          (v) any article, story, or other coverage as part of any regular publication of any
             285      organization unless substantially all the publication is devoted to information about the
             286      officeholder.
             287          [(39)] (40) "Publicly identified class of individuals" means a group of 50 or more
             288      individuals sharing a common occupation, interest, or association that contribute to a political
             289      action committee or political issues committee and whose names can be obtained by contacting
             290      the political action committee or political issues committee upon whose financial statement the
             291      individuals are listed.
             292          [(40)] (41) "Receipts" means contributions and public service assistance.
             293          [(41)] (42) "Registered lobbyist" means a person registered under Title 36, Chapter 11,
             294      Lobbyist Disclosure and Regulation Act.
             295          [(42)] (43) "Registered political action committee" means any political action
             296      committee that is required by this chapter to file a statement of organization with the lieutenant
             297      governor's office.
             298          [(43)] (44) "Registered political issues committee" means any political issues
             299      committee that is required by this chapter to file a statement of organization with the lieutenant
             300      governor's office.
             301          [(44)] (45) "Registered political party" means an organization of voters that:
             302          (a) participated in the last regular general election and polled a total vote equal to 2%
             303      or more of the total votes cast for all candidates for the United States House of Representatives
             304      for any of its candidates for any office; or


             305          (b) has complied with the petition and organizing procedures of Chapter 8, Political
             306      Party Formation and Procedures.
             307          [(45)] (46) (a) "Remuneration" means a payment:
             308          (i) made to a legislator for the period the Legislature is in session; and
             309          (ii) that is approximately equivalent to an amount a legislator would have earned
             310      during the period the Legislature is in session in the legislator's ordinary course of business.
             311          (b) "Remuneration" does not mean anything of economic value given to a legislator by:
             312          (i) the legislator's primary employer in the ordinary course of business; or
             313          (ii) a person or entity in the ordinary course of business:
             314          (A) because of the legislator's ownership interest in the entity; or
             315          (B) for services rendered by the legislator on behalf of the person or entity.
             316          [(46)] (47) "Reporting entity" means a candidate, a candidate's personal campaign
             317      committee, a judge, a judge's personal campaign committee, an officeholder, a party
             318      committee, a political action committee, a political issues committee, a corporation, or a labor
             319      organization, as defined in Section 20A-11-1501 .
             320          [(47)] (48) "School board office" means the office of state school board or local school
             321      board.
             322          [(48)] (49) (a) "Source" means the person or entity that is the legal owner of the
             323      tangible or intangible asset that comprises the contribution.
             324          (b) "Source" means, for political action committees and corporations, the political
             325      action committee and the corporation as entities, not the contributors to the political action
             326      committee or the owners or shareholders of the corporation.
             327          [(49)] (50) "State office" means the offices of governor, lieutenant governor, attorney
             328      general, state auditor, and state treasurer.
             329          [(50)] (51) "State office candidate" means a person who:
             330          (a) files a declaration of candidacy for a state office; or
             331          (b) receives contributions, makes expenditures, or gives consent for any other person to
             332      receive contributions or make expenditures to bring about the person's nomination or election
             333      to a state office.
             334          [(51)] (52) "Summary report" means the year end report containing the summary of a
             335      reporting entity's contributions and expenditures.


             336          [(52)] (53) "Supervisory board" means the individual or group of individuals that
             337      allocate expenditures from a political issues committee.
             338          Section 2. Section 20A-11-701 (Effective 05/01/13) is amended to read:
             339           20A-11-701 (Effective 05/01/13). Campaign financial reporting by corporations --
             340      Filing requirements -- Statement contents -- Donor reporting and notification required.
             341          (1) (a) Each corporation that has made expenditures for political purposes that total at
             342      least $750 during a calendar year shall file a verified financial statement with the lieutenant
             343      governor's office:
             344          (i) on January 10, reporting expenditures as of December 31 of the previous year;
             345          (ii) seven days before the regular primary election date;
             346          (iii) on August 31; and
             347          (iv) seven days before the regular general election date.
             348          (b) The corporation shall report:
             349          (i) a detailed listing of all expenditures made since the last financial statement;
             350          (ii) for financial statements filed under Subsections (1)(a)(ii) through (iv), all
             351      expenditures as of five days before the required filing date of the financial statement; and
             352          (iii) whether the corporation, including an officer of the corporation, director of the
             353      corporation, or person with at least 10% ownership in the corporation:
             354          (A) has bid since the last financial statement on a contract, as defined in Section
             355      63G-6a-103 , in excess of $100,000;
             356          (B) is currently bidding on a contract, as defined in Section 63G-6a-103 , in excess of
             357      $100,000; or
             358          (C) is a party to a contract, as defined in Section 63G-6a-103 , in excess of $100,000.
             359          (c) The corporation need not file a financial statement under this section if the
             360      corporation made no expenditures during the reporting period.
             361          (2) The financial statement shall include:
             362          (a) the name and address of each reporting entity that received an expenditure from the
             363      corporation, and the amount of each expenditure;
             364          (b) the total amount of expenditures disbursed by the corporation[; and]:
             365          (i) since the last financial statement; and
             366          (ii) during the calendar year;


             367          (c) (i) a statement that the corporation did not receive any money from any donor
             368      during the calendar year or the previous calendar year that the corporation has not reported in a
             369      previous financial statement; or
             370          (ii) a report, described in Subsection (3), of the money received from donors during the
             371      calendar year or the previous calendar year that the corporation has not reported in a previous
             372      financial statement; and
             373          [(c)] (d) a statement by the corporation's treasurer or chief financial officer certifying
             374      the accuracy of the financial statement.
             375          (3) (a) The report required by Subsection (2)(c)(ii) shall include:
             376          (i) the name and address of each donor;
             377          (ii) the amount of the money received by the corporation from each donor; and
             378          (iii) the date on which the corporation received the money.
             379          (b) A corporation shall report money received from donors in the following order:
             380          (i) first, beginning with the least recent date on which the corporation received money
             381      that the corporation has not reported in a previous financial statement, the money received from
             382      a donor who:
             383          (A) requests that the corporation use the money to make an expenditure;
             384          (B) gives the money to the corporation in response to a solicitation indicating the
             385      corporation's intent to make an expenditure; or
             386          (C) knows that the corporation may use the money to make an expenditure; and
             387          (ii) second, divide the difference between the total amount of expenditures made since
             388      the last financial statement and the total amount of money reported under Subsection (3)(b)(i)
             389      on a proration basis between all donors who:
             390          (A) are not described in Subsection (3)(b)(i);
             391          (B) gave at least $50 during the calendar year or previous calendar year; and
             392          (C) have not been reported in a previous financial statement.
             393          (c) If the amount reported under Subsection (3)(b) is less than the total amount of
             394      expenditures made since the last financial statement, the financial statement shall contain a
             395      statement that the corporation has reported all donors who gave money, and all money received
             396      by donors, during the calendar year or previous calendar year that the corporation has not
             397      reported in a previous financial statement.


             398          (d) The corporation shall indicate on the financial statement that the amount attributed
             399      to each donor under Subsection (3)(b)(ii) is only an estimate.
             400          (e) (i) For all individual donations of $50 or less, the corporation may report a single
             401      aggregate figure without separate detailed listings.
             402          (ii) The corporation:
             403          (A) may not report in the aggregate two or more donations from the same source that
             404      have an aggregate total of more than $50; and
             405          (B) shall separately report donations described in Subsection (3)(d)(ii)(A).
             406          (4) If a corporation makes expenditures that total at least $750 during a calendar year,
             407      the corporation shall notify a person giving money to the corporation that:
             408          (a) the corporation may use the money to make an expenditure; and
             409          (b) the person's name and address may be disclosed on the corporation's financial
             410      statement.
             411          Section 3. Section 20A-11-702 is amended to read:
             412           20A-11-702. Campaign financial reporting of political issues expenditures by
             413      corporations -- Financial reporting -- Donor reporting and notification required.
             414          (1) (a) Each corporation that has made political issues expenditures on current or
             415      proposed ballot issues that total at least $750 during a calendar year shall file a verified
             416      financial statement with the lieutenant governor's office:
             417          (i) on January 10, reporting expenditures as of December 31 of the previous year;
             418          (ii) seven days before the regular primary election date;
             419          (iii) on August 31; and
             420          (iv) seven days before the regular general election date.
             421          (b) The corporation shall report:
             422          (i) a detailed listing of all expenditures made since the last financial statement; and
             423          (ii) for financial statements under Subsections (1)(a)(ii) through (iv), expenditures as of
             424      five days before the required filing date of the financial statement.
             425          (c) The corporation need not file a statement under this section if it made no
             426      expenditures during the reporting period.
             427          (2) That statement shall include:
             428          (a) the name and address of each individual, entity, or group of individuals or entities


             429      that received a political issues expenditure of more than $50 from the corporation, and the
             430      amount of each political issues expenditure;
             431          (b) the total amount of political issues expenditures disbursed by the corporation[;
             432      and]:
             433          (i) since the last financial statement; and
             434          (ii) during the calendar year;
             435          (c) (i) a statement that the corporation did not receive any money from any donor
             436      during the calendar year or the previous calendar year that the corporation has not reported in a
             437      previous financial statement; or
             438          (ii) a report, described in Subsection (3), of the money received from donors during the
             439      calendar year or the previous calendar year that the corporation has not reported in a previous
             440      financial statement; and
             441          [(c)] (d) a statement by the corporation's treasurer or chief financial officer certifying
             442      the accuracy of the verified financial statement.
             443          (3) (a) The report required by Subsection (2)(c)(ii) shall include:
             444          (i) the name and address of each donor;
             445          (ii) the amount of the money received by the corporation from each donor; and
             446          (iii) the date on which the corporation received the money.
             447          (b) A corporation shall report money received from donors in the following order:
             448          (i) first, beginning with the least recent date on which the corporation received money
             449      that has not been reported in a previous financial statement, the money received from a donor
             450      who:
             451          (A) requests that the corporation use the money to make a political issues expenditure;
             452          (B) gives the money to the corporation in response to a solicitation indicating the
             453      corporation's intent to make a political issues expenditure; or
             454          (C) knows that the corporation may use the money to make a political issues
             455      expenditure; and
             456          (ii) second, divide the difference between the total amount of political issues
             457      expenditures made since the last financial statement and the total amount of money reported
             458      under Subsection (3)(b)(i) on a proration basis between all donors who:
             459          (A) are not described in Subsection (3)(b)(i);


             460          (B) gave at least $50 during the calendar year or previous calendar year; and
             461          (C) have not been reported in a previous financial statement.
             462          (c) If the amount reported under Subsection (3)(b) is less than the total amount of
             463      political issues expenditures made since the last financial statement, the financial statement
             464      shall contain a statement that the corporation has reported all donors who gave money, and all
             465      money received by donors, during the calendar year or previous calendar year that the
             466      corporation has not reported in a previous financial statement.
             467          (d) The corporation shall indicate on the financial statement that the amount attributed
             468      to each donor under Subsection (3)(b)(ii) is only an estimate.
             469          (e) (i) For all individual donations of $50 or less, the corporation may report a single
             470      aggregate figure without separate detailed listings.
             471          (ii) The corporation:
             472          (A) may not report in the aggregate two or more donations from the same source that
             473      have an aggregate total of more than $50; and
             474          (B) shall separately report donations described in Subsection (3)(d)(ii)(A).
             475          (4) If a corporation makes political issues expenditures that total at least $750 during a
             476      calendar year, the corporation shall notify a person giving money to the corporation that:
             477          (a) the corporation may use the money to make a political issues expenditure; and
             478          (b) the person's name and address may be disclosed on the corporation's financial
             479      statement.


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