(1)

1. (a) Each registered political issues committee that has received political issues contributions totaling at least $750, or disbursed political issues expenditures totaling at least $750, during a calendar year, shall file a verified financial statement with the lieutenant governor's office:

   1. (i) on January 10, reporting contributions and expenditures as of December 31 of the previous year;
   2. (ii) seven days before the state political convention of each major political party;
   3. (iii) seven days before the regular primary election date;
   4. (iv) seven days before the date of an incorporation election, if the political issues committee has received or expended funds to affect an incorporation;
   5. (v) at least three days before the first public hearing held as required by Section 20A-7-204.1;

   6. (vi) if the political issues committee has received or expended funds in relation to an initiative or referendum, five days before the deadline for the initiative or referendum sponsors to submit:

      1. (A) the verified and certified initiative packets under Section 20A-7-105; or
      2. (B) the signed and verified referendum packets under Section 20A-7-105;
   7. (vii) on September 30; and

   8. (viii) seven days before:

      1. (A) the municipal general election; and
      2. (B) the regular general election.

2. (b) The political issues committee shall report:

   1. (i) a detailed listing of all contributions received and expenditures made since the last statement; and
   2. (ii) all contributions and expenditures as of five days before the required filing date of the financial statement, except for a financial statement filed on January 10.
3. (c) The political issues committee need not file a statement under this section if it received no contributions and made no expenditures during the reporting period.

(2)

1. (a) That statement shall include:

   1. (i) the name and address, if known, of any individual who makes a political issues contribution to the reporting political issues committee, and the amount of the political issues contribution;
   2. (ii) the identification of any publicly identified class of individuals that makes a political issues contribution to the reporting political issues committee, and the amount of the political issues contribution;
   3. (iii) the name and address, if known, of any political issues committee, group, or entity that makes a political issues contribution to the reporting political issues committee, and the amount of the political issues contribution;
   4. (iv) the name and address of each reporting entity that makes a political issues contribution to the reporting political issues committee, and the amount of the political issues contribution;
   5. (v) for each nonmonetary contribution, the fair market value of the contribution;
   6. (vi) except as provided in Subsection (2)(c), the name and address of each individual, entity, or group of individuals or entities that received a political issues expenditure of more than $50 from the reporting political issues committee, and the amount of each political issues expenditure;
   7. (vii) for each nonmonetary expenditure, the fair market value of the expenditure;
   8. (viii) the total amount of political issues contributions received and political issues expenditures disbursed by the reporting political issues committee;
   9. (ix) a statement by the political issues committee's treasurer or chief financial officer certifying that, to the best of the person's knowledge, the financial statement is accurate; and

   10. (x) a summary page in the form required by the lieutenant governor that identifies:

       1. (A) beginning balance;
       2. (B) total contributions during the period since the last statement;
       3. (C) total contributions to date;
       4. (D) total expenditures during the period since the last statement; and
       5. (E) total expenditures to date.

2. (b)

   1. (i) Political issues contributions received by a political issues committee that have a value of $50 or less need not be reported individually, but shall be listed on the report as an aggregate total.
   2. (ii) Two or more political issues contributions from the same source that have an aggregate total of more than $50 may not be reported in the aggregate, but shall be reported separately.

3. (c) When reporting political issue expenditures made to circulators of initiative petitions, the political issues committee:

   1. (i) need only report the amount paid to each initiative petition circulator; and
   2. (ii) need not report the name or address of the circulator.

(3)

1. (a) As used in this Subsection (3), "received" means:

   1. (i) for a cash contribution, that the cash is given to a political issues committee;
   2. (ii) for a contribution that is a negotiable instrument or check, that the negotiable instrument or check is negotiated; and
   3. (iii) for any other type of contribution, that any portion of the contribution's benefit inures to the political issues committee.
2. (b) A political issues committee shall report each contribution to the lieutenant governor within 31 days after the contribution is received.

(4) A political issues committee may not expend a contribution for a political issues expenditure if the contribution:

1. (a) is cash or a negotiable instrument;
2. (b) exceeds $50; and
3. (c) is from an unknown source.

(5) Within 31 days after receiving a contribution that is cash or a negotiable instrument, exceeds $50, and is from an unknown source, a political issues committee shall disburse the amount of the contribution to:

1. (a) the treasurer of the state or a political subdivision for deposit into the state's or political subdivision's general fund; or
2. (b) an organization that is exempt from federal income taxation under Section 501(c)(3), Internal Revenue Code.