---
kind: "section"
citation: "26 U.S.C. § 9038"
title: "26"
title_heading: "Internal Revenue Code"
number: "9038"
heading: "Examinations and audits; repayments"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/26/9038"
units:
  - "Subtitle H — Financing of Presidential Election Campaigns"
  - "Chapter 96 — Presidential Primary Matching Payment Account"
---

# §9038. Examinations and audits; repayments

- (a) **Examinations and audits—** After each [matching payment period](/usc/26/9032.md?p=6), the [Commission](/usc/26/9002.md?p=3) shall conduct a thorough examination and audit of the [qualified campaign expenses](/usc/26/9002.md?p=11) of every [candidate](/usc/26/9002.md?p=2) and his [authorized committees](/usc/26/9002.md?p=1) who received payments under section 9037.
- (b) **Repayments—**
  - (1) If the [Commission](/usc/26/9002.md?p=3) determines that any portion of the payments made to a [candidate](/usc/26/9002.md?p=2) from the [matching payment account](/usc/26/9032.md?p=5) was in excess of the aggregate amount of payments to which such [candidate](/usc/26/9002.md?p=2) was entitled under [section 9034](/usc/26/9034.md), it shall notify the [candidate](/usc/26/9002.md?p=2), and the [candidate](/usc/26/9002.md?p=2) shall pay to the Secretary an amount equal to the amount of excess payments.
  - (2) If the [Commission](/usc/26/9002.md?p=3) determines that any amount of any payment made to a [candidate](/usc/26/9002.md?p=2) from the [matching payment account](/usc/26/9032.md?p=5) was used for any purpose other than—
    - (A) to defray the [qualified campaign expenses](/usc/26/9002.md?p=11) with respect to which such payment was made, or
    - (B) to repay loans the proceeds of which were used, or otherwise to restore [funds](/usc/26/9002.md?p=5) (other than [contributions](/usc/26/9032.md?p=4) to defray [qualified campaign expenses](/usc/26/9002.md?p=11) which were received and expended) which were used, to defray [qualified campaign expenses](/usc/26/9002.md?p=11),

    it shall notify such [candidate](/usc/26/9002.md?p=2) of the amount so used, and the [candidate](/usc/26/9002.md?p=2) shall pay to the Secretary an amount equal to such amount.

  - (3) Amounts received by a [candidate](/usc/26/9002.md?p=2) from the [matching payment account](/usc/26/9032.md?p=5) may be retained for the liquidation of all obligations to pay [qualified campaign expenses](/usc/26/9002.md?p=11) incurred for a period not exceeding 6 months after the end of the [matching payment period](/usc/26/9032.md?p=6). After all obligations have been liquidated, that portion of any unexpended balance remaining in the [candidate](/usc/26/9002.md?p=2)’s accounts which bears the same ratio to the total unexpended balance as the total amount received from the [matching payment account](/usc/26/9032.md?p=5) bears to the total of all deposits made into the [candidate](/usc/26/9002.md?p=2)’s accounts shall be promptly repaid to the [matching payment account](/usc/26/9032.md?p=5).
- (c) **Notification—** No notification shall be made by the [Commission](/usc/26/9002.md?p=3) under [subsection (b)](#b) with respect to a [matching payment period](/usc/26/9032.md?p=6) more than 3 years after the end of such period.
- (d) **Deposit of repayments—** All payments received by the Secretary under [subsection (b)](#b) shall be deposited by him in the [matching payment account](/usc/26/9032.md?p=5).

## Source credit

(Added Pub. L. 93–443, title IV, § 408(c), Oct. 15, 1974, 88 Stat. 1300; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)

## Notes

### Editorial Notes

### Amendments

1976—Subsecs. (b)(1), (2), (d). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section applicable with respect to taxable years beginning after Dec. 31, 1974, see section 410(c)(1) of Pub. L. 93–443, set out as an Effective Date of 1974 Amendment note under section 30101 of Title 52, Voting and Elections.