It would have to be reflected as a transfer of goods and services to the local campaign, or the candidate's campaign, if it's for the benefit of the campaign. It would have to be represented as an expense. If it's an expense for the benefit of the candidate, it would have to be represented as a transfer of goods and shown as an expense for the candidate. It would count against the cap for spending.
On August 14th, 2008. See this statement in context.