


Kamala Harris and Donald Trump's presidential campaigns have enjoyed an influx of donor cash right through Election Day. (AP Photo)
Copyright 2024 The Associated Press. All rights reservedNew filings from Kamala Harris’ and Donald Trump’s campaigns reveal one candidate has amassed a significant lead in last-minute donations, a factor that could shape the final spending and strategies in key battleground states on Election Day and beyond.
Since Oct. 17, the vice president’s campaign has reported $29.2 million in contributions of $1,000 or more–nearly three times as much money as Donald Trump’s $9.9 million. Harris received 19,600 individual donations, compared to 4,300 for Trump.
Coincidentally, $1.4 million of each candidate’s haul originated from contributions made to joint fundraising committees over the past year, which were only recently transferred to the campaigns, according to Forbes’ analysis of reports filed with the Federal Election Commission.
Harris also outpaced the former president in each of the seven battleground states: Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin.
Campaign-finance expert Meredith McGehee, former head of the nonpartisan political reform group Issue One, wasn’t surprised that Harris had such an advantage. “Democrats have really been pushing the notion of ‘run through the tape,’” she says. “‘Don’t take anything for granted.’ It’s a joke even on ‘Saturday Night Live,’ that they keep sending out all the texts and emails relentlessly.”
These late donations are pretty consistent with the candidates’ disparity in fundraising throughout the campaign, noted Jennifer Nicoll Victor, a professor of political science at George Mason University. “The ratio of Harris receipts to Trump receipts is roughly equivalent to what they are overall, with Harris having a two-and-a-half-to-one advantage over Trump in the direct contribution department,” Victor says. “Trump makes up for some of that by having a bit more outside spending supporting funds than Harris has, but Harris is still beating him overall in campaign finances.”
Harris’ late-donation surge further extends her cash-on-hand advantage. As of Oct. 16 (the latest date campaigns had to report both what they’ve raised and spent until after the election), Harris had $118.8 million of cash on hand, while Trump had just $36.2 million. Throughout the entire election cycle, Harris has out-raised Trump in six of the seven swing states, with Trump’s only edge being Nevada $585,000.
While late donations might not seem like the most-effective way for partisans to help their campaign, they can play a crucial role picking up with last-minute expenses, according to experts in campaign finance.
Money arriving this far into a campaign can buy more advertisements (which are more expensive when purchased on short notice), fund voter-mobilization effort, retire debts and support legal challenges, according to Michael Malbin, a professor emeritus of political science at the University of Albany and the founder of the Campaign Finance Institute.
For late-stage donors, enthusiasm and peer pressure can be key motivators, says attorney Brett Kappel of Harmon Curran. “For the lawyers and lobbyists in the Washington influence industry, however, there is a business reason to donate: to be on record before the election supporting the candidate they believe will actually win regardless of which party they personally belong to,” Kappel adds.
The data comes from reports the campaigns have submitted daily over the past three weeks. For greater transparency in a campaign’s final 20 days, candidates for federal office are required to report contributions, loans or transfers of $1,000 or more to the FEC within 48 hours, rather than monthly or quarterly. For this election cycle, that meant Harris’ and Trump’s campaigns began submitting 48-hour notices on Oct. 19, covering inflows of cash made from Oct. 17 onward.
Campaigns are only allowed to accept up to $6,600 from individual donors, in contrast to super PACs, independent groups that can raise and spend unlimited sums. Those groups aren’t obliged to disclose any donors between Oct. 16 and Election Day until early December (by which time we’ll hopefully know if Harris or Trump will be our next president).