FEC audit reveals Obama for America failed to file notice of nearly 2 million dollars in contributions in 2008, 1312 contributions, Prohibited sources?

“Why did Obama employ Robert Bauer of Perkins Coie, to request an advisory opinion on FEC matching funds that he was not eligible for?”…Citizen Wells

“You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time.”…Abraham Lincoln

From the FEC April 19, 2012.

Weekly Digest

Week of April 16 – 20
AUDITS

“Final Audit Report on Obama for America. On April 19, the Commission made public the Final Audit Report of the Commission on Obama for America (OFA) covering campaign finance activity between January 16, 2007 and December 31, 2008. The Commission approved a finding that OFA failed to file required 48-hour notices totaling $1,972,266 received in 2008.”

http://www.fec.gov/press/press2012/20120420digest.shtml

From the audit.

“Final Audit Report of the
Commission on
Obama for America
(January 16, 2007 – December 31, 2008)”

“Part I
Background
Authority for Audit

This report is based on an audit of Obama for America (OFA), undertaken by the Audit Division ofthe Federal Election Commission (the Commission) in accordance with the Federal Election Campaign Act of 1971, as amended (the Act). The Audit Division conducted the audit pursuant to 2 U.S.C. §438(b), which permits the Commission to conduct audits and field investigations of any political committee that is required to file a report imder 2 U.S.C. §434. Prior to conducting any audit under this subsection, the Commission must perform an intemal review of reports filed by selected committees to determine if the reports filed by a particular committee meet the threshold requirements
for substantial compliance with the Act. 2 U.S.C. §438(b).

Scope of Audit

Following Commission-approved procedures, the Audit staff evaluated various risk factors and as a result, this audit examined:
1. the receipt of excessive contributions;
2. the receipt of contributions from prohibited sources;
3. the disclosure of contributions received;
4. the disclosure of individual contributors’ occupation and name of employer;
5. the consistency between reported figures and bank records;
6. the completeness of records; and
7. other committee operations necessary to the review.

Audit Hearing

Obama for America declined the opportunity for an audit hearing before the Commission on the matter presented in this report.”

“• Treasurer During Period Covered by Audit Robert R. Bauer January 16,2007 – May 9,2007, Martin H. Nesbit May 10,2007 – Present”

“Part III

Summary

Commission Finding

Failure to File 48-Hour Notices
Based on audit fieldwork, OFA did not file required 48-hour notices for 1,312
contributions, totaling $1,972,266, that were received prior to the general election. OFA provided no further information regarding this matter in response to the Interim Audit.

Report recommendation.

The Commission approved a finding that OFA failed to file required 48-hour notices in 2008. (For more detail, see page 4)”

“Facts and Analysis

A. Facts

During fieldwork. Audit staff compared OFA’s 48-hour notices with contributions of $1,000 or more that had been reported as received during the 48-hour notice filing period.’ This review identified 1,312 contributions, totaling $1,972,266, for which OFA failed to file the required notices. A majority of the missing 48-hour notices arose from a transfer reported on October 24,2008 from the Obama Victory Fund (OVF), a joint fundraising committee composed of OFA and the Democratic National Committee (DNC). In order to verify whether the contributions in question had been received between October 16 and October 23, Audit staff traced contributions attributed to the October 24 transfer to the disclosure reports filed by OVF.”

“Commission Conclusion

On March 8,2012, the Commission considered the Audit Division Recommendation Memorandum, in which the Audit Division recommended that the Commission adopt a finding that OFA failed to file required 48-hour notices in 2008.
The Commission approved the Audit staffs recommendation.”

http://www.fec.gov/audits/2008/Obama_for_America/FinalAuditReportoftheCommission1206263.pdf