No Labels, the nonprofit group actively working to discipline a third party ticket for president in 2024, doubled its annual income final yr over 2021, accumulating $21 million, almost all of it from rich donors who gave $100,000 or extra.
No Labels just isn’t required to publicly disclose the names of its donors, however CNBC obtained an inventory from the group of contributions final yr that exceeded $5,000.
The listing didn’t embrace names, nevertheless it revealed that round 80% of the group’s whole income, roughly $17 million, got here from at the least 68 particular person donors who every gave the group $100,000 or extra.
The 990 tax return additionally revealed that No Labels had just one program final yr, which it known as, “citizen engagement, digital and grassroots motion constructing and poll entry.”
“We’ve got developed management networks in all 50 states to determine grassroots help amongst communities throughout the nation who share No Labels’ values,” the group wrote. The price of this effort was simply shy of $9 million.
As No Labels works to realize poll entry in all 50 states subsequent yr for a possible third occasion presidential candidate, the size of the person items counsel that No Labels has a strong base of very rich donors, folks it might doubtlessly faucet for even larger donations.
However the truth that the group depends so closely on a comparatively small variety of rich people additionally underscores the restrictions No Labels faces, because it struggles to rebrand itself as a grassroots motion, far-off from the rarified circles of Wall Avenue and Washington.
Nonetheless, with out an precise candidate on its ticket, No Labels remains to be successfully simply the concept of a 3rd occasion, and never an precise various to both Democratic President Joe Biden or Republican front-runner Donald Trump.
Ryan Clancy, the chief strategist for No Labels, defended the group’s refusal to disclose its donors.
“No Labels won’t ever run a presidential marketing campaign. No Labels’ solely job is to get a poll line,” Clancy informed CNBC. “As soon as we provide our poll line to a unity ticket, that ticket will likely be obligated to comply with all the related FEC [Federal Election Commission] legal guidelines that govern candidates and electoral politics, together with disclosing the names of their donors,” Clancy mentioned.
To date, No Labels has managed to safe a line for its candidate within the 2024 presidential election on the ballots of 12 states, in response to NBC News.
But it surely has already begun forming a committee to evaluation potential 2024 candidates for its ticket, former Senator Joe Lieberman, the founding chairman of No Labels, just lately informed Fox Information.
Outgoing Sen. Joe Manchin, D-W.Va., has lengthy been rumored to be among the many attainable candidates to high a No Labels unity ticket.
That hypothesis soared final week when Manchin introduced he wouldn’t search reelection. Manchin additionally just lately informed NBC Information he “completely” would think about working for president.
As a tax exempt nonprofit, No Labels is prohibited from instantly contributing to a political marketing campaign. But it surely has an affiliated tremendous PAC that’s permitted to take action.
That group has raised $1.4 million up to now this election cycle, in response to Federal Election Fee information.
Harlan Crow, a Texas businessman and affiliate of Supreme Courtroom Justice Clarence Thomas, gave $5,000 to the tremendous PAC earlier this yr, in response to an FEC record.
Philanthropist Wilhelmina Robertson and Mark McClain, the CEO of SailPoint Applied sciences mixed to offer $125,000 to the tremendous PAC, in response to the information.