By NEIL H. SIMON
Email to a Friend
Stumble It!
WASHINGTON -- As New Mexico Gov. Bill Richardson today became the fourth presidential candidate to throw in the towel, campaign donor Robert Byrne of Yorktown, Va., wondered where his contribution would go now.
“Once you make a contribution, you kiss that money goodbye,” Byrne said of the $450 he gave Richardson’s campaign over the past year.
Byrne won’t get a refund, not that he wants one.
“If I had great wealth, I would have given him much more,” he said two hours after Richardson announced the end of his presidential campaign.
Cash Conundrum
For the rare candidate with money left after he closes down his campaign, there are only a few ways to spend it legally. They can give the money to a political party, to charity or to other candidates in limited amounts, according to campaign finance law.
Campaign committees can give no more than $2,000 per election to another candidate’s committee. They can, however, give unlimited amounts to national, state, or local political parties.
For Sens. Chris Dodd, D-Conn., and Joe Biden, D-Del., and Rep. Tom Tancredo, R-Colo., there are other options, since they are current federal officeholders.
They may use leftover campaign funds to pay for expenses related to the duties of their current office, such as traveling (spouses included), making speeches or other official appearances.
The law allows federal office holders leaving office to use their campaign cash for six months after their term ends to “wind down” their office.
Pay the Party
Robert C. Waters of Arlington, Va., gave Richardson’s campaign $250 last year.
“I’d like to see it invested in the Democratic candidate, whomever it is, or in the local, Virginia politics,” said Waters, 77, an engineering management professor
Not Much Leftover
Nobody should expect a windfall, though. Some campaigns shut down because they cannot compete in the megabucks world of 2008 politics. Clinton and Barack Obama each raised more than $80 million by last October. Most dropout presidential candidates are left with debt.
Final reports for 2007 fundraising are due to the Federal Election Commission Jan. 31. Based on third-quarter filings in October, Richardson’s campaign had $5.8 million on hand, but it owed $7.5 million.
Biden had $1.9 million on hand and owed $128,210. Dodd had $3.8 million left and no debt. Tancredo had $113,129 remaining and owed $295,603.
A spokesman for the Dodd campaign declined to comment on his finances. Campaign officials for Richardson, Biden and Tancredo did not return calls.
Where the Money Can’t Go
Candidates cannot use their campaign coffers for personal use. The law specifies as unacceptable uses for campaign money: “household food,” funeral expenses in deaths unrelated to campaign activity and clothing, aside from campaign t-shirts and the like. It’s also illegal for former candidates to pay their personal mortgage, rent or utilities with campaign contributions.
(What do you think? Comment at mgwashington.com or e-mail nsimon@mediageneral.com)
“Once you make a contribution, you kiss that money goodbye,” Byrne said of the $450 he gave Richardson’s campaign over the past year.
Byrne won’t get a refund, not that he wants one.
“If I had great wealth, I would have given him much more,” he said two hours after Richardson announced the end of his presidential campaign.
Cash Conundrum
For the rare candidate with money left after he closes down his campaign, there are only a few ways to spend it legally. They can give the money to a political party, to charity or to other candidates in limited amounts, according to campaign finance law.
Campaign committees can give no more than $2,000 per election to another candidate’s committee. They can, however, give unlimited amounts to national, state, or local political parties.
For Sens. Chris Dodd, D-Conn., and Joe Biden, D-Del., and Rep. Tom Tancredo, R-Colo., there are other options, since they are current federal officeholders.
They may use leftover campaign funds to pay for expenses related to the duties of their current office, such as traveling (spouses included), making speeches or other official appearances.
The law allows federal office holders leaving office to use their campaign cash for six months after their term ends to “wind down” their office.
Pay the Party
Robert C. Waters of Arlington, Va., gave Richardson’s campaign $250 last year.
“I’d like to see it invested in the Democratic candidate, whomever it is, or in the local, Virginia politics,” said Waters, 77, an engineering management professor
Not Much Leftover
Nobody should expect a windfall, though. Some campaigns shut down because they cannot compete in the megabucks world of 2008 politics. Clinton and Barack Obama each raised more than $80 million by last October. Most dropout presidential candidates are left with debt.
Final reports for 2007 fundraising are due to the Federal Election Commission Jan. 31. Based on third-quarter filings in October, Richardson’s campaign had $5.8 million on hand, but it owed $7.5 million.
Biden had $1.9 million on hand and owed $128,210. Dodd had $3.8 million left and no debt. Tancredo had $113,129 remaining and owed $295,603.
A spokesman for the Dodd campaign declined to comment on his finances. Campaign officials for Richardson, Biden and Tancredo did not return calls.
Where the Money Can’t Go
Candidates cannot use their campaign coffers for personal use. The law specifies as unacceptable uses for campaign money: “household food,” funeral expenses in deaths unrelated to campaign activity and clothing, aside from campaign t-shirts and the like. It’s also illegal for former candidates to pay their personal mortgage, rent or utilities with campaign contributions.
(What do you think? Comment at mgwashington.com or e-mail nsimon@mediageneral.com)