Commission certifies primary matching fund payments
On December 20, 2007, the Commission certified $19,287,504.65 in federal matching funds to seven Presidential candidates for the 2008 election.(1) At this time, however, the Presidential Public Funding program lacks sufficient funds to make the payments.
Under the Presidential Primary Matching Payment Account Act, the federal government will match up to $250 of an individual's total contributions to an eligible Presidential primary candidate. A candidate must establish eligibility to receive matching payments by raising in excess of $5,000 in each of at least 20 states (i.e. over $100,000). Although an individual may contribute up to $2,300 to a primary candidate, only a maximum of $250 per individual applies toward the $5,000 threshold in each state. Candidates who receive matching payments must agree to limit their spending and submit to an audit by the Commission. 26 U.S.C. §§9033(a) and (b); 11 CFR 9033.1 and 9033.3.
Candidates may submit requests for matching funds once each month. The Commission will certify an amount to be paid by the U.S. Treasury the following month. Only contributions from individuals in amounts $250 or less are matchable. The chart below lists the amount certified to each candidate.
The U.S. Treasury Department was permitted to pay the FEC-certified amounts beginning in January 2008; however, Treasury Department regulations require that funds for the convention and general election grants be set aside before any matching fund payments are made. Information provided by the Treasury showed the balance in the fund as of December 31, 2007, was $166,339,165.55, and no funds are available for disbursement for matching funds. In June 2007, the Commission certified $16,356,000 each to the Democratic and Republican parties for their conventions. The Commission estimates that each general election nominee will be eligible for a grant of approximately $85 million. Based on historical patterns, the FEC estimates that sufficient funds may not be available for matching fund disbursement until March 2008, following early 2008 deposits from tax returns.
The Presidential public funding program is financed through the $3 checkoff that appears on individual income tax returns. The program has three elements: grants to parties to help fund their nominating conventions, grants available to nominees to pay for the general election campaign and matching payments to participating candidates during the primary campaign.
1) Please note that other candidates have declined to participate in the Matching Fund program.