MassGOP has $700K in the bank????

Holy cow!

According to the Globe, the party finished the cycle with $700K in the bank!

http://bostonglobe.com/metro/2…

Now a lot of the money the party gets in an election year is from donors who want to help specific candidates. But if that’s the case, what happened? If it was unrestricted, couldn’t some of it have been applied in a few races?

If it was raised for some very good purpose, well, then let’s hear about it. But it sure raises a lot of questions after such broad losses. (However, good for the party for having raised it to begin with!)

About edfactor

  • …left in his account (p. b10 in today’s, can’t find it online) and you’ve got almost a million bucks left on the table by the GOP in the Senate.

    If I have the time, I’m gonna write a post on if either the State Dem/GOP parties or the National Dem/GOP parties were businesses, who running a better business.  You know my answer and I’d have plenty of things to back up my point.  Even the Warren “deficit” was smart business…knowing they could go into the red a bit and easily raise money to pay it off (and the debt is about 1% of what they raised, so even if they lost, they’d easily raise that from the base.)

    For the party that prides itself as the party representing business  and often advocates running government like a business, the GOP runs a lousy business.  

  • At our last State Committee meeting on November 13, we were given our Treasurer’s Report by Brent Andersen.  The Profit & Loss Statement was dated October 31.

    In that P&L report we are given a fairly detailed accounting that, along with our balance sheet that was also dated October 31, is given to all State Committee members as well as on file at the State Party Headquarters.

    The number reported in the Globe is actually much less, about half, of what was reported to us at the meeting.  Of course, now is early December and many bills have been paid, most especially election related debts being taken care of well past the casting & counting of votes.  I’m not the Treasurer nor do I serve on any of the finance related Standing Committees so I’m far from an expert here.

    However, let me simply try to make sense of a few notes that I quickly scribbled while listening to the report and try to make sense of them.  I’ll certainly stand to be corrected if I’m in error.

    That having been said, it was reported that our Victory Account (Federal account) at the time had $1.57 million.  Our State Account had merely $7 thousand.  After all the dust settled we were estimated to be $200-300 thousand in the black.

    Things may have changed in the actual details of the numbers but the importance here is in the ratio of funds in the federal to state accounts.

    The short answer to your question is that there wasn’t $200,000 available to be donated to state legislative candidates but apparently no more than $7,000.  Considering that the maximum that the State Committee is legally able to give to a candidate is $3,000 then we could have additionally assisted as few as 2 candidates, fully, and 1 additional candidate.  Of course, smaller donations would have spread the wealth around a bit more.  The Candidates Committee did recommend funding, and Chairman Maginn executed, in a sum more than twice what was done in 2010 & this time around I’d say that the majority of candidates we funded were at the full $3,000 level, especially the incumbents.  

    Again, I’ll stand to be corrected by someone who is a better expert than I since I’m not intimately involved in the money matters.

    The remaining $7,000 was most likely left in the account as reserves for any last minute or expected expenses.

    Finally, it should be noted that if my understanding is correct that a great deal of our basic operating expenses and such come out of the Federal account.

    Before any conspiracy theories are hatched I would suggest that any sincere inquires be directed to Treasurer Brent Andersen via the State Party.  We will all be updated as to the financial state of the Party at our upcoming State Committee meeting in January 2013.