FEC Approves Matching Funds for 2004 Presidential Candidates
|For Immediate Release
January 30, 2004
FEC APPROVES MATCHING FUNDS FOR 2004 PRESIDENTIAL CANDIDATES
WASHINGTON ‑‑ The Federal Election Commission has certified $5,020,135.71 in Federal Matching Funds to six Presidential candidates for the 2004 election. The U.S. Treasury Department will make partial payments on February 2, 2004.
This raises to $20,437,489.55 the total amount of federal funds certified thus far to these six candidates who are currently eligible to receive federal primary matching funds.
By comparison, in 2000, matching fund payments during a comparable time period went to eight candidates, totaling $39,633,318.37.
The following chart lists the amount certified to each candidate, along with the cumulative amount each has been certified to date. Due to the fact that there are insufficient funds to pay these amounts, the Treasury Department will calculate a reduced amount for each campaign. The balance in the fund available for these payments is $2,326,585.27, which will result in payments of approximately 46 cents per dollar certified. Reduced payments will continue until the Fund has been replenished by future checkoff designations on 2003 tax returns, at which time each campaign will receive the amount it is due.
To be eligible to receive Federal Matching Funds, a candidate must first raise $100,000 in contributions from individuals: $5,000‑plus in 20 different states, in amounts of no more than $250 from any individual contributor. Candidates must also agree to abide by spending limits, to keep certain records, and to submit those records for audit. In addition to Howard Dean, John Kerry and President Bush have declined to participate in the Matching Fund program.
Candidates may submit requests for funds once each month. The Commission will certify an amount to be paid by the U.S. Treasury the following month. Only contributions from individuals in amounts of no more than $250 are matchable. Following the primary season, candidates may be entitled to receive additional matching funds to assist in winding down their campaigns or to retire debts.
The Commission has previously certified $14,592,000 to each of the two major political parties, for their 2004 Presidential Nominating Conventions.
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