The FF PAC, which Biden’s team elevated as the leading external group to raise money for his 2024 campaign, received an $8 million contribution from Future Forward USA Action on Dec. 29.
Future Forward USA Action does not disclose the identities of its donors, meaning the origination of the millions that will ultimately benefit Biden is unknown. Earlier this month, the nonprofit told Politico that it raised $200 million between its super PAC and nonprofit last year.
FF PAC’s latest filings claim that it raised around $25 million in contributions in 2023, signaling that most of the money going toward Biden’s campaign is likely parked in its dark money nonprofit, positioning Biden to benefit from far more funds from unidentified sources.
According to FF PAC’s year-end financial summary filed with the Federal Election Commission (FEC) on Jan. 31, the hybrid political action committee brought in $25.3 million in total receipts in 2023. Future Forward Action USA sent FF PAC about $8.3 million, or about a third of its total fundraising for the year.
Dark money and a presidential campaign
In 2020, when then-former Vice President Joe Biden was squaring off against then-incumbent President Donald Trump, Future Forward USA Action was one of the most important benefactors to FF PAC. According to FEC records, it sent FF PAC $61 million between 2019 and 2020. That’s around 40 percent of the about $151.4 million FF PAC collected in the cycle.
For the 2022 midterm cycle, Future Forward Action USA sent about $16.3 million to FF PAC. That’s around 53.4 percent of the $30.6 million FF PAC raised between 2021 and 2022.
In an election year like 2024, the FEC requires monthly disclosures of who’s giving money to these funds, how the funds are spending it, how much money the funds have in the bank, and which federal candidates the funds are spending to support or oppose.
According to its FEC filings, the Biden Victory Fund is a nonqualified joint fundraising committee. That, according to the agency, means it is a political committee working together with “one or more other political committees or unregistered organizations.”
A non-qualified 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.”
Future Forward USA Action is subject to no such requirements. Under the tax code, it doesn’t need to say who it’s getting its money from, doesn’t have a donation limit, and doesn’t need to report how much money it raised until the close of the tax year.
In effect, its spending activities in 2024 won’t be reported until the end of 2025.
In 2022, according to its tax records, Future Forward USA Action brought in about $65.7 million in total revenue, about $61.5 million in total expenses, and about $7.5 million in net assets.
It described its organizational mission as creating “a stronger American democracy and [advocating] for common sense solutions.” It spent $57.9 million on “quantitative and qualitative research on issues of national importance then ran media campaigns informed by that research.”
Learn more about corruption allegations against the president at JoeBiden.news.
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