[Code of Federal Regulations]
[Title 26, Volume 20]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR702.9037-2]

[Page 158-159]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 702_PRESIDENTIAL PRIMARY MATCHING PAYMENT ACCOUNT--Table of Contents
 
Sec. 702.9037-2  Payments from the Presidential Primary Matching Payment 
Account.

    (a) In general. The Federal Election Commission (the ``Commission'') 
shall certify to the Secretary the full amount of payment to which a 
candidate is entitled under section 9036. Except as provided in 
paragraph (c) of

[[Page 159]]

this section, promptly after the end of each calendar month, but not 
before the beginning of the matching payment period under section 
9032(6), the Secretary shall pay the amounts certified by the Commission 
in the preceding calendar month from the Presidential Primary Matching 
Payment Account to the candidate.
    (b) Notification to the Federal Election Commission. Promptly, after 
all the payments under paragraph (a) of this section have been made for 
a calendar month, the Secretary shall notify the Commission of the 
amount paid to each candidate for the calendar month and the balance 
remaining in the Presidential Primary Matching Payment Account.
    (c) Payments to candidates in the case of shortfall. If the amount 
certified by the Commission in a calendar month exceeds the balance in 
the Presidential Primary Matching Payment Account on the last day of the 
calendar month, the amount paid to a candidate for that month under 
paragraph (a) of this section is the amount determined by multiplying 
the amount certified by the Commission for the candidate during the 
calendar month by the ratio of the balance in the account on the last 
day of the calendar month over the total amount certified by the 
Commission for all the candidates during the calendar month. Any amount 
certified by the Commission, but not paid to a candidate because of this 
paragraph (c), is treated as an amount certified by the Commission for 
that candidate during the succeeding calendar month.
    (d) Example. The provisions of paragraph (c) of this section may be 
illustrated by the following example.

    Example. X, Y, and Z are eligible candidates. On February 11, 1992, 
the Secretary receives certifications by the Commission for X in the 
amount of $2000x and Y in the amount of $500x. There is no certification 
for Z. The Secretary does not receive any other certifications during 
February 1992. On February 29, 1992, the balance in the Presidential 
Primary Matching Payment Account is $1500x. Under paragraph (c) of this 
section, X's payment for February 1992 is $1200x ($2000x (the amount 
certified by the Commission for X during February 1992) multiplied by 
$1500x (the balance in the account on the last day of February 1992) 
over $2500x (the total amount certified by the Commission for all 
candidates during February 1992)). The amount not paid to X, $800x 
($2000x minus $1200x), is treated as certified by the Commission for X 
during March 1992, the succeeding calendar month. Under paragraph (c) of 
this section, Y's payment for February 1992 is $300x ($500x multiplied 
by $1500x over $2500x). The amount not paid to Y, $200x ($500x minus 
$300x), is treated as certified by the Commission for Y during March 
1992. On March 10, 1992, no certifications are received for X and Y, but 
the Secretary receives a certification by the Commission for Z in the 
amount of $2600x. The Secretary does not receive any other 
certifications during March 1992. On March 31, 1992, the balance in the 
account is $900x. Under paragraph (c) of this section, X's payment for 
March 1992 is $200x ($800x (the amount treated as certified by the 
Commission for X during March 1992) multiplied by $900x (the balance in 
the account on the last day of March 1992) over $3600x (the total amount 
treated as certified or actually certified by the Commission for all 
candidates during March 1992)). Under paragraph (c) of this section, Y's 
payment for March 1992 is $50x ($200x multiplied by $900x over $3600x). 
Under paragraph (c) of this section, Z's payment for March 1992 is $650x 
($2600x multiplied by $900x over $3600x). The amounts not paid to X, Y, 
and Z for March 1992 are treated as certified by the Commission during 
April 1992.

                        PARTS 703	800 [RESERVED]