Statement of Loans Received - Form 31-C
The Statement of Loans Received is used when money is loaned to a committee that is to be repaid. A loan is put into the committee's separate bank account. If money is owed on an item or service, it is a debt, not a loan and should be reported on the Statement of Outstanding Debt (Form 31-N). Funds loaned to a committee by the candidate that are still outstanding at the end of a reporting period must be reported on this form in order for the candidate to be repaid at a later date. Amounts listed as a contribution cannot be listed later as loans. [R.C. 3517.01(B)(5), 3517.13(O)].
The loan form tracks the status of an incoming loan from the time it is first received until it is either repaid or forgiven. For example, if a loan is received in one reporting period and not repaid for several years, every time a report is filed the loan will appear as outstanding even if there was no current period activity.
Additional loans received from and payments made to the same source should be reflected in the original loan box. If a $1,000 loan was previously received from an individual and then subsequently an additional $500 loan was received from the same source, the additional loan should be reported in the Loans Received this Period block of the original loan. It should not be listed as a new loan.
The Date Originally Incurred space will remain the same every time the loan appears.
When a loan is first received, the Prior Amount block will be blank. Thereafter, the Amount Incurred This Period space will generally be left blank unless interest or additional loans from the same source are added onto the outstanding balance of a loan. If a loan is forgiven, write the word “Forgiven” in the Outstanding Balance space.
If a loan is received from a state or FSL PAC, write the PAC registration number in the PAC Registration Number block.
If the campaign committee of a statewide or general assembly candidate receives a loan over $100 from an individual, the employer/occupation/labor organization block must be completed. If the individual is self-employed, the occupation and the name of the individual's business, if any, rather than the employer must be listed.
The State block should be completed with the U.S. Post Office's standard two-letter abbreviation. For example, use 'OH' for Ohio.
The Date block should be completed with six digits. For example, March 9, 2005, would appear as 03 09 05.
The total amount of all new loans received within the reporting period must be transferred to the Statement of Other Income (Form 31-A-2). The total of all payments made during the reporting period is transferred to the Statement of Expenditures (Form 31-B). A transfer is done by placing the words “Loan transfer from Form no. 31-C” in one of the lines marked Full Name or “Total loan payments made from Form no. 31-C” in one of the lines marked To Whom Paid, as appropriate to the situation. The total of all outstanding loans owed by the committee should appear on line 9 on the cover page.