FEC Audit Closed
An ongoing audit by the Federal Elections Commission from 2001-2002 has finally been settled. During the past two years we have been clearing up questions of documentation and allocation. For the past several months we have been negotiating a fine. The final fine is $105,000.
The audit is old news. The press has covered it twice. The only thing that is new is the amount of the fine. Last month we paid $50,000 of the fine and will pay the remainder over the next five months.
Nothing illegal was done in the 2001-2002 cycle. Instead this is a reminder of how important careful and thorough bookkeeping is, especially during a campaign cycle. Two years ago we put into play a new accounting system, hired a compliance firm, and added a full time accountant. Routine audits are done so that nothing like this happens again.
Mark Ferrandino has done a great job monitoring this whole process. He will be giving a treasurer’s report at the state executive meeting on April 29. If you have questions, we will be happy to answer them.
Pat Waak
April 20th, 2007 at 8:50 pm
I should add that while Mark Ferrandino and I have worked on this audit issue from day one, we owe a tremendous amount of thanks to our compliance and legal teams. Jamie Elkins and Darryl Tattrie did a splendid job of answering each section of the audit, putting it in them in a three-ring binder. In Washington, D.C., Neil Reiff and Steven Hershowitz have been negotiating on our behalf. Conference calls, emails and voice mail has dominated our relationship for two years now. Neil has a great reputation among state parties for his persistence and problem-solving. I think we all feel fortunate to have some much assistance. Pat Waak
April 21st, 2007 at 2:56 pm
I’d like to concur with Pat and add my thanks for the work that Jamie Elkins, Darryl Tattrie, Niel Reiff, and Steven Hershowtiz have done for the Party. Thanks to them and Pat, the Party was able to resolve this audit and place it in a stronger position as we move forward. Now that this audit is behind us I look forward to walking with Pat, the officers, staff, and Democrats around the State to continue to turn Colorado BLUE!