Just got elected? If you’re planning to spend money on transition or inauguration expenses, you need to begin by registering a TIE.
Newly elected candidates who wish to raise or spend funds for their transition and/or inauguration into office must create and register a TIE with the CFB before commencing any financial activity. This applies to all candidates elected into city office, regardless of participation in the Campaign Finance Program. Candidates may not use their existing candidate committee or any other political committee or entity to raise money for transition and inauguration purposes.
Original TIE Registration forms must be signed by the candidate and TIE treasurer/designated officer, notarized, and mailed or hand delivered to the CFB. TIEs are required to file disclosure statement with the CFB via C-SMART.
To learn about required disclosure and raising and spending funds as a Transition and Inaugural Entity, read Chapter 9 of the Campaign Finance Handbook. Once your TIE has paid all its liabilities, it must be closed. All remaining funds must be returned to one or more of the TIE’s contributors. If that is not possible, remaining funds should be paid to the New York City Election Campaign Finance Fund.
The CFB will audit each TIE, so accurate recordkeeping is required. Documents the CFB may request include:
- Records of each contributor and/or intermediary’s name, residential address, occupation, employer and business address or documentation of efforts made to collect such information.
- Copies of all contributed checks and deposit slips
- Bank statements
- Returned and canceled checks
- Receipts showing the value of in-kind contributions.
- Bills for good and/or services rendered.
- Monthly billing statements or receipts for credit/debit card purchases
- Documentation of loans received, repaid, and forgiven.
Note: Your TIE must retain all records for six years after the date of its registration.