Rule 11-05 Records and Audit
(a) Each entity required to be registered under Rule 11-02 must exercise reasonable care to keep records that enable the Board to verify the accuracy of disclosure reports and compliance with all requirements of §3-801 of the Code and this chapter. The records kept shall be clear, accurate, and sufficient to show an audit trail that demonstrates compliance. The records shall be made and maintained contemporaneously with the transactions recorded, and maintained and organized in a manner that facilitates expeditious review by the Board.
(b) The records to be kept shall include:
(1) Copies of all deposit slips.
(2) A photocopy of each check or other monetary instrument representing a donation or other monetary receipt.
(3) A record of all efforts made to ascertain each donor's residential address, employer, business address, and occupation and to identify fully the intermediary, if any, for each donation.
(4) For each in-kind donation, a receipt or other written record showing how the value of the donation was determined.
(5) Each bill for goods or services provided.
(6) Written documentation for each loan received, loan repayment, and loan forgiven.
(7) A monthly billing statement or customer receipt for each disbursement to a credit card or charge card account showing vendors underlying the disbursement.
(8) The following from banks and other depositories relating to accounts:
(i) all periodic bank or other depository statements in chronological order, maintained with any other related correspondence received with those statements, such as credit and debit memos and contribution checks returned because of insufficient funds; and
(ii) all returned and cancelled disbursement checks.
(c) All of the entity's records are subject to Board review and shall be made available to the Board upon its request, within such time as shall be specified by the Board.
(d) The entity may maintain a petty cash fund of no more than $500 out of which they may make disbursements not in excess of $100 to any person or entity per purchase or transaction. If a petty cash fund is maintained, the entity shall maintain a petty cash journal including the name of every person or entity to whom any disbursement is made, as well as the date, amount, and purpose of the disbursement.