
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC9038]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
        Subtitle H--Financing of Presidential Election Campaigns
 
        CHAPTER 96--PRESIDENTIAL PRIMARY MATCHING PAYMENT ACCOUNT
 
Sec. 9038. Examinations and audits; repayments


(a) Examinations and audits

    After each matching payment period, the Commission shall conduct a 
thorough examination and audit of the qualified campaign expenses of 
every candidate and his authorized committees who received payments 
under section 9037.

(b) Repayments

    (1) If the Commission determines that any portion of the payments 
made to a candidate from the matching payment account was in excess of 
the aggregate amount of payments to which such candidate was entitled 
under section 9034, it shall notify the candidate, and the candidate 
shall pay to the Secretary an amount equal to the amount of excess 
payments.
    (2) If the Commission determines that any amount of any payment made 
to a candidate from the matching payment account was used for any 
purpose other than--
        (A) to defray the qualified campaign expenses with respect to 
    which such payment was made, or
        (B) to repay loans the proceeds of which were used, or otherwise 
    to restore funds (other than contributions to defray qualified 
    campaign expenses which were received and expended) which were used, 
    to defray qualified campaign expenses,

it shall notify such candidate of the amount so used, and the candidate 
shall pay to the Secretary an amount equal to such amount.
    (3) Amounts received by a candidate from the matching payment 
account may be retained for the liquidation of all obligations to pay 
qualified campaign expenses incurred for a period not exceeding 6 months 
after the end of the matching payment period. After all obligations have 
been liquidated, that portion of any unexpended balance remaining in the 
candidate's accounts which bears the same ratio to the total unexpended 
balance as the total amount received from the matching payment account 
bears to the total of all deposits made into the candidate's accounts 
shall be promptly repaid to the matching payment account.

(c) Notification

    No notification shall be made by the Commission under subsection (b) 
with respect to a matching payment period more than 3 years after the 
end of such period.

(d) Deposit of repayments

    All payments received by the Secretary under subsection (b) shall be 
deposited by him in the matching payment account.

(Added Pub. L. 93-443, title IV, Sec. 408(c), Oct. 15, 1974, 88 Stat. 
1300; amended Pub. L. 94-455, title XIX, Sec. 1906(b)(13)(A), Oct. 4, 
1976, 90 Stat. 1834.)


                               Amendments

    1976--Subsecs. (b)(1), (2), (d). Pub. L. 94-455 struck out ``or his 
delegate'' after ``Secretary''.

                  Section Referred to in Other Sections

    This section is referred to in sections 9033, 9036, 9039, 9040 of 
this title.
