How Do I Prepare My Termination Report?

If your campaign is ending, there are certain steps to take in the database in order to prepare for the final compliance report filing. 

In the end, you’ll need to make sure your balances for anything outstanding is $0 in order to terminate the campaign. Some states have specific requirements so it may be wise to reach out to a state analyst to determine what is needed. 

Once you have those specifics, in ISP you’ll work to lower any outstanding balances. 

If your total loans outstanding is more than the total Cash on Hand, it’s usually a simple matter of adding loan repayments to the outstanding loans until you are at $0 cash on hand. You can do that by navigating to Accounting, then to Balances, then clicking on the hotdog menu next to any outstanding loans and selecting Add Repayment.

If the total outstanding is greater than Cash on Hand, you’ll have to use the Add Balance Reduction hotdog menu option to indicate that the loan amount is forgiven. This is done similarly to adding a repayment, but you will want to click in the Tags field on the Add Balance Reduction transaction and select Forgiven. Please be sure to also add a Compliance note explaining the transaction.

Once the Net Worth is at $0, you can file your Termination Report.

Filing a termination report in ISP is just like filing any other report, except you select Termination as the Report Period. The start date of your termination report is the day after the end date of your most recently filed periodic report. The end date will be the day you are filing it. For example, if your last filed periodic report ended on December 31st and you’re terminating on March 2nd, your termination report’s date range would be January 1st – March 2nd.

Once you have filed your Termination Report, you have the option to stop billing on your account or keeping your account open after the committee has been terminated by going to the Account Management page.







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