How Do I Report Auction Items and Proceeds From Sales on FEC Reports?
When it comes to FEC reports, auction items are reported as a monetary contribution. A compliance note of Proceed From Sale is required for any goods and services are sold. This is required for both House or Senate committees, and the receipt will be reported as a proceed from those sales.
For example, in the event of a fundraising item or ticket to a fundraising event, the full purchase price will be considered a contribution. House and Senate committee will report having received those contributions on Form 3, Schedule A, the same process as a monetary contribution to the committee. Reports for Individuals, Party Committees, PACs, and other political committees are dependent on the contributor type.
Sale of Assets
House and Senate Candidates will report their receipts from sales or lease assets for what the total amount is. In the event a House or Senate Committee sold either a good or service for a difference in price, the difference will be considered an in-kind contribution to the recipient committee.