Anyone, including corporations, may contribute to AgELECT. There is no need to ensure that fundraising events are restricted to members only when fundraising is being done for AgELECT.
Individuals, LLCs, sole proprietorships, and partnerships may contribute an unlimited amount of money to AgELECT. Contributions from these groups will be designated to the general fund of AgELECT to be distributed according to the same procedures utilized by ELECT.
Corporate political contributions are limited by Indiana state law. When donors write checks on farm corporation accounts to AgELECT they should be aware of the following limitations. A corporation may not exceed these total contributions during any calendar year:
- $5,000 apportioned in any manner among all statewide candidates
- $5,000 apportioned in any manner among all state central committees of political parties
- $2,000 apportioned in any manner among all candidates for state Senate
- $2,000 apportioned in any manner among all candidates for state House of Representatives
- $2,000 apportioned in any manner among all state Senate legislative caucuses
- $2,000 apportioned in any manner among all state House of Representative legislative caucuses
- $2,000 apportioned in any manner among candidates for county, local, and school board offices
- $2,000 apportioned in any manner among all political party committees other than state central committees
Contributions made by county Farm Bureaus to AgELECT are considered corporate contributions, so they will be subject to the above limitations. Additionally, since political contributions are beyond the scope of Farm Bureau’s exempt purpose, the funds will be subject to the highest corporate tax rate (approx. 40%).
Because AgELECT is focused on state legislative races, unless otherwise specified, corporate contributions will be designated 30-70 among the Senate and House, respectively. This category designation, which only applies to corporate donations, is known as “earmarking” and must be maintained by internal accounting records.
While some potential donors may already be maxing out their corporate political giving, it is important to draw their attention to the value of the collective voice that is promoted via AgELECT. The value of the collective voice may help convince corporations to give to AgELECT as opposed to giving directly to the candidate.
As a state PAC, AgELECT is required to report contributors who donate more than $100 in a calendar year. Reporting requires listing the contributor’s name, address, and cumulative annual contribution. This is very similar to reporting for ELECT and will largely be managed internally.
Product donations made by corporations are counted as in-kind contributions against the corporation’s annual limit.