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1989-7: Bank Account Interest is Not Considered a Contribution

January 25, 1989

An opinion has been requested whether interest earned on accounts into which contributions are deposited is considered to be a contribution under New York City Administrative Code §3-702(8).

Administrative Code §3-702(8) provides, in relevant part:

The term "contribution" shall mean: (a) any gift, subscription, advance, or deposit of money or any thing of value, made in connection with the nomination for election, or election, of any candidate...

It is the opinion of the Board that interest earned on deposited contributions which are accepted for an election in which the candidate is participating in the public financing program is not a contribution within the meaning of Administrative Code §3-702(8).