Biden’s Campaign War Chest Swells to $187 Million: Filings

President Joe Biden had access to as much as $187.6 million in cash at the end of March, according to the most complete picture of the president’s political finances released to date.

Between April 15 and April 18, various political committees registered with the Federal Election Commission will release their quarterly and monthly disclosure filings. This will offer the public a comprehensive view of how much money federal candidates are raising and how the money is being spent.

President Biden’s political money machine includes four main pieces: his principal campaign committee, two joint fundraising committees, and an allied hybrid political action committee. According to FEC filings, those four accounts held more than $187.6 million at the end of March.

Additionally, President Biden can count on the Democratic National Committee (DNC) to contribute to his cause. According to its disclosures, the DNC had about $45.2 million on hand.

Biden For President

The president’s committee, Biden for President, holds most of the cash: $85.5 million.

During the current election cycle, covering January 2023 to the end of March 2024, Biden for President collected about $186.7 million and spent $133.6 million. In March 2024 alone, it raised $43.8 million and sent out $29.2 million.

FF PAC

The Biden campaign is receiving support from a hybrid PAC registered as FF PAC, which is also known as Future Forward PAC.

In the current election cycle, Future Forward has received large donations from a 501(c)(4) non-profit, Future Forward USA Action. 501 groups, because they do not follow the same disclosure rules as FEC-regulated entities, are often called dark money groups.

According to its FEC filings, Future Forward held about $41.5 million in cash on hand at the end of March. In the first three months of 2024, Future Forward collected about $20.4 million and spent about $2.8 million.

Biden Victory Fund and Biden Action Fund

The two joint fundraising committees contributing to the Biden campaign —Biden Victory Fund and Biden Action Fund— held about $60.5 million at the end of March.

According to their FEC filings, the two committees received about $130.7 million in donations in the first quarter of 2024 and sent out about $118.6 million.

Megadonors

The largest checks supporting President Biden’s run for another four years at the White House go to the hybrid PAC. In the first quarter of the year, Future Forward collected numerous contributions of a million or more from various individuals and organizations.

The largest single donation came from Reid Hoffman. In March, Mr. Hoffman, the founder of LinkedIn Corp., gave $6 million to the hybrid PAC.

Mr. Hoffman, now a partner at venture capital firm Greylock Partners, is a prolific political donor to Democrats. In this cycle, he is helping to bankroll the Republican Accountability PAC. That group is running a large-scale campaign against former President Donald Trump.

Future Forward also received a $3 million check from Fred Eychaner in March. Mr. Eychaner is the president of the media company NewsWeb Corp.

According to donor records compiled by the watchdog group OpenSecrets, Mr. Eychaner is also a major donor to the Democratic Party and progressive causes. The group currently ranks him as the 15th largest individual donor to the 2024 election cycle.

Along with that pair, Future Forward got a $2 million gift from Kenneth Duda in March as well. Mr. Duda is the chief technology officer at Arista Networks Inc. According to OpenSecrets’ donor records, Mr. Duda has donated millions to progressive political action committees in the past five years.

Donald Sussman, the founder, chairman, and chief investment officer at Paloma Partners Management Company, sent $1 million to Future Forward in March. Mr. Sussman, according to OpenSecrets’ records, is a consistent, multimillion-dollar donor to progressive causes.

Future Forward got a boost from an A-list celebrity, too. Family Guy creator Seth MacFarlane sent the PAC $1 million in March.

Mr. MacFarlane, who’s created multiple successful television shows and movies, is a notable donor to progressive causes, too. According to OpenSecrets, Mr. MacFarlane consistently donates to formal and unofficial Democratic Party organizations, including the DNC.

Unions also continued to pour support into Future Forward. It received contributions from The United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada; The United Food and Commercial Workers International Union; the International Brotherhood of Electrical Workers; the International Alliance of Theatrical Stage Employees; The United Food and Commercial Workers International Union; Laborers’ International Union of North America; National Air Traffic Controllers Association; and American Federation of State, County and Municipal Employees.

In the first three months of 2024, those groups sent Future Forward about $4.1 million.