(1) Except as provided in subsection (2), the treasurer of a political committee shall keep a detailed and exact account of-
(a) the total of all contributions made to or for the committee;
(b) the full name and mailing address of every person making a contribution and the date and amount thereof;
(c) the total of all expenditures made by or on behalf of the committee;
(d) the full name and mailing address of every person to whom any expenditure is made, and the date and amount thereof;
(e) proof of payment, stating the particulars, for every expenditure made by or on behalf of the committee.
The treasurer shall preserve all records and accounts required by this section for a period of 2 years.