In the world of politics, PACs (Political Action Committees) play an important role in influencing elections, supporting various candidates, and, ultimately, swaying elected officials to specific causes. The sole purpose of a PAC is to raise money in support of particular candidates and to use the money to help get them elected, as well as to defeat their opponents.
PACs, just like Washington DC lobbyists, must adhere to specific guidelines and regulations. Once a PAC has formed, it has ten days to register with the Federal Election Commission (FEC). The FEC is a regulatory agency which was created in 1975 to enforce and oversee the FECA (Federal Election Campaign Act).
There is a diverse range of PACs, including those created by private individuals and those created by politicians. Private PACs allow people to contribute funds in support of a candidate running for office. The funds have to be kept separate from other funds, such a personal savings or checking accounts. As such, PACs must set up an account at a financial institution in the name of the PAC.
Another type of PAC is called a Leadership PAC. Politicians use these PACs as a way to help raise campaign funds for other candidates and politicians they support. FEC reporting requires the politician or candidate who created the PAC to be listed when submitting the necessary documentation.
Both types of PACs are limited in the monetary amounts they can contribute toward a candidate’s campaign. Currently, PACs are allowed to donate up to $15,000 per year to a national party committee, such as the Republican or Democratic Parties. In addition, they are allowed to contribute up to $5,000 per election in support of the candidate. Further, the cap on donations a PAC can accept is $5,000 per year, per individual or group.
The majority of PACs are created, and tie directly in with, lobbying efforts. PACs help represent labor, business, or other interests of specific groups. As a result, PACs help get officials elected who support specific causes. In turn, lobbyists can gain additional support for their causes when they are aligned with the candidate the PAC is supporting.
Due to the regulatory nature of PACs, managing the funds and ensuring the PAC is compliant with reporting requirements, it is important to choose a qualified and reputable firm to provide PAC management services. These firms help keep track of incoming and outgoing funds, and keep detailed records of where the donations came from and how much has already been received or donated.
Another benefit of obtaining help from a PAC management service is they can help develop specific issue plans, agendas, and other such strategies to help increase awareness for the candidate, as well as gather support from lobbyists and lobbying firms who have similar aspirations.
For more information about PAC management services, lobbying services, and other solutions for getting support for candidates and issues you support, contact the experts at Lobbyit today by calling 202.587.2736.