On a monthly (or bi-weekly) basis, a depository financial institution reporting activity on a
depository filer's designated campaign account reports the following information to OCPF:
- The campaign account balance at the start of the reporting period,
- The deposit activity for the reporting period,
- An itemization of the expenditure activity for the reporting period, and
- The campaign account balance at the close of the reporting period.
During the same reporting period, a depository filer discloses:
- Itemized deposit activity reports for each deposit made into the designated campaign account,
and
- Additional explanatory information reports for any reimbursement, credit card payments or
subvendor payments made by the depository filer.
Generally, the date provided on a depository filer's itemized deposit activity report is the
day the filer physically goes to the bank to make the deposit. On the other hand, the date
provided for the same deposit on the depository financial institution's report is the day the
financial institution posts the deposit to the filer's campaign account.
Due to this slight difference in the way deposit dates are reported by the depository filer and the
depository financial institution, from time to time the total deposit amount filed for a reporting
period by a depository filer will not match the total deposit amount filed for the same reporting
period by the filer's designated depository financial institution.
For example, if a depository filer makes a deposit at 5:00PM on May 31st, the last day of the May
reporting period, he will file an itemized deposit report for May 31st which will be captured for
display by the EFS for the May reporting period.
However, the filer's designated depository financial institution might not process and post
this deposit to the filer's campaign account until June 1st, the next business day, which is
the beginning date for the June reporting period.
Since the depository financial institution uses the posting date to report the deposit, the deposit
will not appear until the depository financial institution files its June report.
Consequently, in May, the depository filer will report a higher total amount deposited than the
depository financial institution. In June, the filer's total will be lower than the
bank's total deposits reported.
Accordingly, if you notice a discrepancy between the candidate-reported total and the bank credited
total for a reporting period, you should check the totals reported during the reporting periods
just prior to and just after the reporting period with the apparent discrepancy. Often you
will discover that the aggregate totals for two or more of these reporting periods will
match. |
