No Labels raised millions from six-figure donors

No tagsthe non-profit group that actively works by field a third party ticket for president in 2024, doubled his annual income last year from 2021, raising $21 million, almost all of it from wealthy donors who gave $100,000 or more.

No Labels is not required to publicly disclose the names of its donors, however CNBC got a list from the group of contributions last year that exceeded $5,000.

The list did not include names, but revealed that about 80 percent of the group’s total revenue, roughly $17 million, came from at least 68 individual donors who gave the group $100,000 or more.

The 990 tax return also revealed that No Labels only had one program last year, which it called “citizen engagement, digital and grassroots movement building and ballot access.”

“We have developed leadership networks in all 50 states to build grassroots support among communities across the country that share the values ​​of No Labels,” the group wrote. The cost of this effort was just shy of $9 million.

As No Labels works to gain ballot access in all 50 states next year for a potential third-party presidential candidate, the scale of individual gifts suggests that No Labels has a strong base of very wealthy donors, people I could leverage for even bigger donations. .

But the fact that the group is so dependent on a relatively small number of wealthy individuals also underscores the limitations No Labels faces as it struggles to rebrand itself as a grassroots movement away from Wall’s rarified circles Street and Washington.

Still, without an actual candidate on its ticket, No Labels is still effectively just the brainchild of a third party, and not a real alternative to either Democratic President Joe Biden or Republican front-runner Donald Trump.

Ryan Clancy, No Labels’ chief strategist, defended the group’s refusal to disclose its donors.

“No Labels is never going to run a presidential campaign. The only job of No Labels is to get an election line,” Clancy told CNBC. “Once we offer our voting line to a unity ticket, that ticket will be required to follow all relevant FECs. [Federal Election Commission] laws governing candidates and election politics, including the disclosure of the names of their donors,” Clancy said.

So far, No Labels has managed to secure a line for its candidate in the 2024 presidential election on the ballot in 12 states, it has reported. NBC news.

But he has already begun forming a committee to vet potential 2024 candidates for his ticket, former Sen. Joe Liebermanthe founding president of No Labels, recently told Fox News.

outgoing senator Joe ManchinDW.Va., has long been rumored to be among the possible candidates to headline a No Labels unity ticket.

This speculation skyrocketed last week when Manchin announced that he would not seek re-election. Manchin also recently told NBC News that he would “absolutely” consider running for president.

As a tax-exempt nonprofit organization, No Labels is prohibited from contributing directly to a political campaign. But it has an affiliated super PAC that is allowed to do so.

That group has raised $1.4 million so far this election cycle, according to Federal Election Commission records.

Harlan Crow, a Texas businessman and associate of Supreme Court Justice Clarence Thomas, gave $5,000 to the super PAC earlier this year, according to a FEC registration.

Philanthropist Wilhelmina Robertson and SailPoint Technologies CEO Mark McClain combined to donate $125,000 to the super PAC, according to records.