Romney is halfway to his $800m goal and Obama's student fundraising edge is dwindling in today's Capital Eye Openerhttp://bit.ly/O8Nfgj
Capital Eye Opener, Aug. 10: New York AG Takes On Nonprofits, Romney Halfway to $800 Million Goal and More
By Dan Glaun on August 10, 2012 10:42 AM
Your daily dose of what's trending in money and politics:
NEW YORK AG TURNS EYE ON SHADOW MONEY: New York Attorney General Eric Schneiderman is ramping up scrutiny on nondisclosing political nonprofits, reports theNew York Times.
501(c)(4) nonprofit groups, named as such for their section in the tax code, are tax-exempt social welfare groups that can accept unlimited donations but, unlike super PACS, do not have to disclose their donors. Such organizations may engage in political activity; however, politics cannot be their primary purpose.
Nonprofits like Karl Rove's Crossroads GPS and former Obama press official Bill Burton's Priorities USA may be pushing the envelope when it comes to the restriction on politicking, leading watchdogs to question whether they are using their nonprofit status to shield political donors from public exposure.
Schneiderman has requested records and financial documents from dozens of nonprofits, including Crossroads GPS and Priorities USA, reports the Times. While the IRS has also announced its intention to investigate political nonprofits, it is yet to publicly state what specific actions it is taking. Schneiderman, using state law which mandates financial reporting by nonprofits that do major business or fundraising in New York, could subpoena documents if groups do not comply with the request.
OpenSecrets Blog has tracked the activities of secretive political nonprofits in its Shadow Money Trail series.
NEW YORK AG TURNS EYE ON SHADOW MONEY: New York Attorney General Eric Schneiderman is ramping up scrutiny on nondisclosing political nonprofits, reports theNew York Times.501(c)(4) nonprofit groups, named as such for their section in the tax code, are tax-exempt social welfare groups that can accept unlimited donations but, unlike super PACS, do not have to disclose their donors. Such organizations may engage in political activity; however, politics cannot be their primary purpose.
Nonprofits like Karl Rove's Crossroads GPS and former Obama press official Bill Burton's Priorities USA may be pushing the envelope when it comes to the restriction on politicking, leading watchdogs to question whether they are using their nonprofit status to shield political donors from public exposure.
Schneiderman has requested records and financial documents from dozens of nonprofits, including Crossroads GPS and Priorities USA, reports the Times. While the IRS has also announced its intention to investigate political nonprofits, it is yet to publicly state what specific actions it is taking. Schneiderman, using state law which mandates financial reporting by nonprofits that do major business or fundraising in New York, could subpoena documents if groups do not comply with the request.
OpenSecrets Blog has tracked the activities of secretive political nonprofits in its Shadow Money Trail series.
ROMNEY HALFWAY TO FUNDRAISING GOAL:Presumptive Republican presidential nomineeMitt Romney set an ambitious, record-breaking fundraising goal during the primary season, and according to a report by the Hill, is now halfway there.New York Jets owner Woody Johnson, a major backer of Romney's campaign, told the Hill that Romney's joint committee had raised nearly $400 million--just about half the $800 million goal the campaign set earlier this year. If reached, that level of fundraising would break President Barack Obama's record of $750 million from his 2008 campaign.
Romney has significantly outraised Obama in recent months, but the President still holds an overall advantage, including a $75 million cash-on-hand gap between the candidates' campaign committees. The presidential race is on pace to cost $2.5 billion including outside spending, according to a Center for Responsive Politics analysis.
OBAMA'S STUDENT FUNDRAISING ADVANTAGE DWINDLES: After effectively rallying the youth vote in 2008, President Barack Obama has raised just one-third as much money from students so far for his re-election bid compared to the same point four years ago, according to data compiled by the Center for Responsive Politics.
The Obama campaign had brought in nearly $2.4 million in itemized contributions from individuals who classify themselves as students from the beginning of the 2008 election cycle through the end of June. However, students account for less than $850,000 of the president's total fundraising haul during the same period in 2012.
Mitt Romney, on the other hand, has been slightly more successful in raising funds from students than his GOP presidential nominee predecessor, Sen. John McCain (R-AZ). As of June 30, 2008, the McCain campaign had collected about $518,000 from students, while Team Romney has taken in nearly $603,000 this time around.
Overall, Obama's camp has seen the advantage over their main Republican challenger in itemized student contributions shrink from a $1.87 million gap to just $246,000 in four years.
Students are not nearly as financially active with the super PACs supporting the presidential candidates. The pro-Romney Restore Our Future has received one $2,500 check from student Nathaniel Walton of Marblehead, MA, but the Obama-backing Priorities USA has not raised a cent from any students this election cycle.
