The Bull Elephant
  • Home
  • About The Bull Elephant
  • Fun Stuff
  • Contact The Bull Elephant
Latest Posts
Pete Snyder kicks off his campaign for Governor...
SCC members supporting a primary attempt to back...
We Finally Made It
No new Virginia House districts in 2021
Biden ‘stimulus’ will increase national debt, shorten recovery,...
Northam administration cuts off hospitals’ supply of COVID-19...
How to Take a Flawed Healthcare System and...

The Bull Elephant

  • Home
  • About The Bull Elephant
  • Fun Stuff
  • Contact The Bull Elephant

FEC demands explanation of Foust’s substantial loans

written by Paul A. Prados August 18, 2014

John Foust is utilizing loans to his campaign as a means to claim a fundraising(fundborrowing) advantage over his 10th District Rival Barbara Comstock.  As explained three weeks ago, for the second quarter of funds actually raised, Comstock outraised Foust.  Much of Foust’s cash on hand advantage, and fundborrowing advantage comes from these borrowed funds.IMAG0328

But the Federal Election Commission does not let candidates simply state a number of dollars borrowed without an explanation.

According to the RFAI sent to the Foust campaign August 14th:

“Schedule C of your report fails to include information required by Commission Regulations. With every report submitted, you must provide the date incurred, the original source and amount of the loan, the due date, the interest rate, the cumulative payment, and the outstanding balance. In addition, if there are any endorsers or guarantors, their mailing address, along with the name of their employer and occupation, must be disclosed.”

Most of these items have been reported, and this could be considered a technicality as only the due date appears to be missing.

In reality, Foust has loaned his campaign $400,000.00 from his own personal funds with a 0% interest rate, and the most recent loan, without a due date.

Why loan himself personal funds?

If these funds are not intended to be repaid he should have reported them as contributions and could arguably claim he “raised” the funds.

Foust claims he has more than $1,000,000.00 cash on hand as of the end of the second quarter.  The only logical reason to borrow this much money from yourself without a realistic due date is to artificially increase your cash on hand and misstate your fundraising totals in a press release.

Does anyone realistically expect Foust to be more transparent with federal budgeting than he is with his own campaign?

FEC demands explanation of Foust’s substantial loans was last modified: August 18th, 2014 by Paul A. Prados
Barbara ComstockJohn FoustVA 10th District
5 comments
Paul A. Prados

Having fallen prey to the allure of DC politics in college, Paul escaped only to make the similar judgment error of going to law school. Trained at the side of a sitting state Senator, Paul is now the owner of a law firm in Reston, Virginia. In previous years Paul built a base of support on Twitter @ppradoslaw and founded and wrote for a blog on Virginia politics and legal procedure northernvirginialawyer.blogspot.com. As a pro-life libertarian, Paul finds himself at home within the broader conservative movement, and believes in a big tent Republican Party. In May 2016 Paul was elected as Chairman of the 11th Congressional District Republican Committee. Paul resides in western Fairfax County with his wife and children.

Your life will be better if you click one of these

Pete Snyder kicks off his campaign for...

January 26, 2021

SCC members supporting a primary attempt to...

January 26, 2021

We Finally Made It

January 26, 2021

No new Virginia House districts in 2021

January 26, 2021

Biden ‘stimulus’ will increase national debt, shorten...

January 26, 2021

Northam administration cuts off hospitals’ supply of...

January 25, 2021

How to Take a Flawed Healthcare System...

January 25, 2021

The curious nature of conventional wisdom

January 24, 2021

Sunday Memes–Bernie’s mittens edition

January 24, 2021

State Central Committee votes again for a...

January 23, 2021

Fun Stuff

  • Sunday Memes–Bernie’s mittens edition

  • We’re on the eve of Socialism

  • This week’s memes, Buffalo Man edition

  • This week in Memes–Happy New Year edition

  • Sunday Memes–Stimulus edition

Advertisement

Advertisement

Sign Up for Email Alerts

Select list(s):

Advertisement

  • Facebook
  • Twitter

@2017 Bull Elephant Media LLC.


Back To Top