The Biden campaign’s main fundraising bodies raised more than $262 million in 2023.
The rich and famous are ready to bankroll the Biden campaign, according to federal disclosures. Accounting for all of its financial mechanisms, the Biden campaign entered 2024 with more than $100 million on hand.
President Joe Biden’s reelection campaign will rely on two main fundraising political action committees: Biden For President, his principal campaign committee, and Future Forward (FF) PAC, a hybrid PAC, along with a joint fundraising committee, the Biden Victory Fund.
As a hybrid PAC, FF PAC can solicit and accept unlimited contributions from individuals, corporations, labor unions, and other political committees, according to the Federal Election Commission (FEC). It must maintain two bank accounts: one for independent expenditures on advertisements or voter drives, and another for making direct contributions to federal candidates.
Biden Victory Fund is a nonqualified joint fundraising committee. According to the agency, that means it is a political committee working together with “one or more other political committees or unregistered organizations.”
A nonqualified fund, according to the FEC, can “receive limited financial and administrative support from a sponsoring organization that is not a corporation or a labor organization, such as a partnership or an unincorporated association.”
The three funds collectively took in about $262.6 million in 2023, according to their year-end reports filed with the FEC on Jan. 31. They spent about $157.8 million and had about $107.5 million on hand at the end of the year.
In terms of spending, Biden For President focused its expenditures on media buying and production. Two firms, Media Buying & Analytics LLC and Gambit Strategies LLC, were collectively paid more than $17 million.
Biden Victory Fund, for its part, sent huge sums to Biden For President, the Democratic National Committee (DNC), and state parties. Nearly $50 million was sent to Biden For President, while the DNC got more than $17 million.
The biggest donors chipped into FF PAC possibly due to limitations on how much can be given to the other funds. However, several notable donors sent nearly $1 million to the Biden Victory Fund.
