What happens to leftover money from a candidates failed run for office? Do they keep it? Give it back?

Question

If you run for president, you raise millions of dollars. I bet it all doesnt get used? Do the candidates get to keep any for personal use after the election? Its funny that a surplus is never reported!

Answer 1

I will limit this discussion to federal candidates (as state candidates have their own rules which differ from state to state).

There are strict rules regarding what type of personal expenditures can be covered by campaign funds. All expenditures must be reported to the FEC.

If a candidate committee has money at the end of an election, a candidate has three basic choices: 1) the committee can hold onto the funds (presumably for a future election); 2) the committee can donate the funds to a recognized 501(c) charity; 3) the committee can donate the funds to other campaign committees.

Up until around 1990, funds could be kept until a Congressman/Senator retired (and then converted to personal use), but that provision has been repealed.

As noted in previous answers, it is very unlikely that any presidential campaign (other than the nominees) will end up in the black. Several of the candidates have already loaned their campaigns substantial sums (or have personally guaranteed loans made to the campaign). The history of campaigns over the past 40 years is that many of the candidates tend to borrow in the period just before the first set of primaries hoping that they will do well enough in those primaries to get additional contributions to keep the campaign going.

Answer 2

Most candidates end their campaigns in the red, whether they win or not.

In theory, any surplus that might exist at the end of a campaign, or when one terminates early for reasons of health or whatever, will be given to the political party and used to reduce the deficits most campaigns are left with.

It is nearly universal for some of the monies to be skimmed, but the candidates can not just walk away with all the money left over. Most of them are already quite wealthy, so it's not really that important to them to begin with.

Answer 3

What type of candidate are you looking for? Maybe one that was the former president or prime minister of a third world country. Unfortunately, there will be some on the job training for anyone that gets the job. Some more than others. You will note, four of the last five presidents were governors. The voters tend to vote for experience. It has been a long time since someone from the congressional branch was elected. fs