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Politics : Mainstream Politics and Economics
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To: Jorj X Mckie who wrote (25354)8/28/2012 10:51:25 PM
From: Jorj X Mckie   of 85487
 
DNC Funding
en.wikipedia.org
The Democratic Party announced in February 2011 that it would not accept corporate donations to fund the convention. [41] This decision was made to increase the party's populist appeal and create distance from Bank of America and the financial industry. [42] As of June, 2012, the convention was $27 million short of its fundraising goals and consequently canceled some planned events. [43] (The last DNC raised $33 million from corporate donors.) [44]

The Obama campaign has also received less in union donations than it did in 2008. [31] [32]

Corporate sponsors can make in-kind donations such as transportation, as well as host parties. [41] They can also donate to a non-profit called "New American City, Inc.", which is run by the directors of the convention host committee. [31] New American City, incorporated on April 4, 2011, exists to "defray administrative expenses incurred by the host committee organizations". (The host committee, in turn, provides "goods, facilities, equipment and services".) [45]

Donors to this group include Bank of America, Wells Fargo and Duke Energy. [46]

The Party's convention funds are stored in a Bank of America account. [31] The convention also has a $10 million line of credit available from Duke Energy. [46]


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