Final answer:
PACs must file regular financial reports with the FEC, adhering to a schedule that includes quarterly reports in non-election years and more frequent reports during election years. Leadership PACs specifically contribute to federal committees and they, along with super PACs, must disclose their financial activity to ensure compliance with campaign finance laws.
Step-by-step explanation:
When you need to report your Political Action Committee (PAC)'s receipts and disbursements, it will vary depending on several factors such as the type of PAC and the election cycle. The Federal Election Commission (FEC) mandates all registered PACs to periodically file detailed reports of their financial activity, including both receipts and disbursements.
A Leadership PAC must report this information within the regular reporting schedule as mandated by the FEC, which includes quarterly reports in a non-election year, and more frequently during an election year with pre-election, post-election, and year-end reports.
Failure to timely file the appropriate reports can result in penalties from the FEC. To ensure compliance with campaign finance laws, it's important to be aware of the nuances of the requirements, since PACs, especially Leadership PACs, play a significant role in contributing to federal committees and, to a lesser extent, candidates.
Additionally, independent-expenditure-only committees, well-known as 'super PACs,' may have different reporting requirements due to their ability to raise and spend funds without contribution limits. All of these entities, however, are obligated to provide full transparency in their financial dealings to the public.