Protect and Strengthen the CPA Profession
To ensure the accounting profession continues to have a strong presence in Kentucky's legislative and regulatory activities, as many CPAs as possible must be involved in the political process. A key factor in determining the strength of the accounting profession in Kentucky's political arena is the strength of the KyCPA Political Action Committee. The KyCPA-PAC enables CPAs to help elect business-minded legislators who support our position on issues significant to the CPA profession.
Thanks to the generosity of KyCPA members, the KyCPA-PAC set its own fundraising record for the 2013-2014 election cycle. Make sure the PAC does even better in 2015-2016 by helping meet its fundraising goal of $75,000. No matter the level of contribution - whether it's $25, $100, or $500 - we need your involvement in the political process. By pooling our resources, together we can expand our influence in Frankfort.
What is the KyCPA-PAC?
The KyCPA-PAC is an entity completely separate from the KyCPA. The KyCPA-PAC is supported solely from the voluntary contributions of members of the KyCPA. It is registered as a “permanent committee” with the Kentucky Registry of Election Finance (KREF).
The Board of PAC Trustees directs the KyCPA-PAC’s responsibilities and activities, with the exception of its day-to-day administration. PAC Trustees are geographically disbursed. All Trustees must be members of the KyCPA and must be committed to analyzing candidates and promoting the KyCPA-PAC. The Trustees must be sustaining members of the Committee and serve without compensation.
How can I contribute to the KyCPA-PAC?
You can support the KyCPA-PAC through an individual contribution, partnership contribution or PAC-to-PAC contribution. Individuals are limited to an annual $1,500 contribution to the KyCPA-PAC. Though corporate donations are not allowed, this prohibition does not extend to partnerships, including LLPs, LLCs, sole proprietors or unincorporated associations. CPA firms should consider these alternative contribution opportunities.
Partnerships may contribute to the KyCPA-PAC in one of two ways:
- Partnerships - The partners may contribute individually from funds derived from a partnership. If a partnership check is issued, in lieu of separate checks from the individual partners, the KyCPA-PAC must obtain sufficient information from the partnership (including the percentage of each partners interest) to itemize the contribution between the partners. The amount attributed to an individual partner counts toward that individual’s contribution limit of $1,500. The name of the partnership is not recorded as the contributor.
- Contributing Organization - A partnership may qualify as a contributing organization under KRS 121.015, and is limited to a maximum contribution of $1,500. A “contributing organization” is a group of individuals that merely contribute to PACs from time to time. Their funds are derived solely from within the group and not solicited or received from sources outside the group itself. Contributing organizations must report to the KY Registry of Election Finance when the contribution exceeds $100. However, the KyCPA-PAC is not required to record information regarding the individual members of the contributing organization.
PAC-to-PAC Contribution - If a CPA firm has its own PAC, it can make a contribution to the KyCPA-PAC. Like individuals, PACs are limited to an annual $1,500 contribution to the KyCPA-PAC.
Are PAC contributions tax-deductible?
No. Contributions to the KyCPA-PAC are political contributions and not deductible for federal income tax purposes.
What are the reporting requirements?
Pursuant to Kentucky law, contributor information (including employer, occupation, and mailing address) for all contributions in excess of $100 is reported to the KREF. Additionally, members who donate $100 or more are recognized annually in The Kentucky CPA Journal.
What are the recommended contribution levels?
Platinum – Managing partners, CEO, CFO, President $500 or more
Gold – Partners, Shareholders, Directors, Managers $250 - $499
Silver – Certified 5-9 years $100 - $249
Bronze - Certified less than 5 years Less than $100
Please make checks payable to KyCPA-PAC. For more information on PAC rules in Kentucky, visit the KREF website.
What does the KyCPA-PAC do?
The objective of the KyCPA-PAC is to help protect the trust, confidence and esteem the CPA certificate holds in the public's eye. Contributions to the KyCPA-PAC will be used to support candidates running for the Kentucky House and Senate who will be educated on accounting issues and able to promote sound legislation while defeating legislation that hurts the CPA profession. KyCPA-PAC funds help us maintain and enhance our legislative efforts and open lines of communication with key lawmakers.
How does the KyCPA-PAC work?
Contributions to candidates are made at various times during a two-year election cycle. Contribution decisions are based upon the following policy set by the PAC Trustees:
- The KyCPA-PAC supports its own members running for office
- The KyCPA-PAC supports incumbents running for re-election
- The KyCPA-PAC supports each political party on a bi-partisan level to the fullest amount allowable by law.
In addition, staff works in cooperation with other pro-business lobbying organizations to gather information on potential candidates.
For more information, please contact Charles George at 502-736-1366 or email@example.com.