September 4, 2012 •
Iowa Revises Rules on Campaign Donations from Trusts
The Iowa Ethics and Campaign Disclosure Board issued an advisory opinion clarifying the disclosure rules a trust must follow when making a political contribution.
If a trust raises or spends more than $750 for campaign activities, it will have to register with the ethics board as a political committee.
As a political committee, the trust will have to file periodic reports with the board and will also have to identify the name of the trust, the trustee, and the trustor.
The committee that receives the contribution will also to have to disclose the trust, trustee, and trustor on its disclosure report.
The opinion also restricts prohibited contributors, such as corporations, insurance companies, or banks, from giving money or anything of value to a trust that makes campaign contributions.
The advisory opinion was in response to a 2002 advisory opinion which incorrectly allowed trusts to anonymously give money to political committees for the past 10 years.
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