As promised, if I heard from Pat Herrity‘s folks on his campaign debt, I would write an update. I spoke with their Treasurer, and was informed that all debts on their April Quarterly had been paid. Below is the update. Kudos to them for a quick response.

All of the debt reported on the April Quarterly has already been paid.

It’s important to note that the FEC requires that any obligation of over $500 be reported in the period during which it is incurred. So, for example, if an invoice is received on March 25 with a due date of April 25 for $501. That’s an obligation that needs to be reported on Schedule D, commonly referred to as “debt.” The only exception to this is regular, recurring expenses, such as rent or salary. If you want more details, you can check the FEC’s Candidate Guide on p. 102.

It’s typical for a serious, competitive campaign to carry some amount on Schedule D. The amount is just a product of timing of expenditures. It’s not a terribly meaningful measure, especially compared to amount raised.

Schedule C is where actual loans are reported, such as a loan from a bank, or, in the Fimian campaign’s case, loans from the candidate.

I remember a candidate several cycles back in the 8th CD who maxed out two or three personal credit cards to show a high cash on hand number for a report, but he had to list all that on his Schedule C as loans from a credit card company. When he lost the nomination, he paid his cards off, but had a healthy chunk of interest to pay too.