The Future Forward PAC, the primary external fundraising entity for Biden, received funds from its nonprofit branch, which conceals the identity of its donors.
The main super PAC supporting President Biden’s re-election campaign has reported receiving millions in new donations from undisclosed sources, as indicated by recent filings.
The Future Forward PAC, identified by Biden’s team as the primary external fundraising entity for his 2024 candidacy, reported a donation of $8 million from its associated nonprofit arm, Future Forward USA Action, on December 29, according to the latest filings with the Federal Election Commission.
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Future Forward USA Action does not reveal the identities of its donors, leaving the source of the millions that will ultimately support Biden unknown. Earlier this month, Future Forward informed Politico that they raised $200 million in the previous year, combining contributions from both its nonprofit and super PAC.
The recent filings from the super PAC indicate that it garnered approximately $25 million in contributions during 2023. This suggests that a significant portion of these funds is probably stored in its dark money nonprofit, setting the stage for Biden to receive a larger sum from undisclosed sources.
“The Joe Biden who once stated that ‘dark money erodes public trust’ is now being supported by millions in dark money,” remarked Caitlin Sutherland, the executive director of Americans for Public Trust, in a previous statement to US Newzs Digital. “It’s this kind of overt political hypocrisy that the American people find unacceptable.”
The recent filings indicate that the most recent transfer from Future Forward’s nonprofit to its super PAC constituted approximately 30 percent of the $25 million raised by the pro-Biden PAC in the latter half of the previous year. Other recent donors include hedge fund billionaire James Simons ($2.5 million), Newsweb Corporation chairman Fred Eychaner ($2 million), and film producer and former Walt Disney Studios chair Jeffrey Katzenberg ($1 million).
Future Forward has consistently transferred dark money from its nonprofit to its super PAC. US Newzs Digital had previously reported that a substantial portion of Future Forward’s nonprofit funds was routed through a network of organizations overseen by the consulting firm Arabella Advisors. Arabella Advisors manages a billion-dollar dark money network, adding another layer of secrecy that further obscures the identity of its initial supporters.
One of the dark money entities, the Impetus Fund, managed to evade detection for a considerable period. Tax documents reveal that the Impetus Fund directed the majority of its undisclosed funds, totaling $55.8 million, to Future Forward USA Action during the previous presidential election cycle.
During the period between the 2020 election and June 2023, Future Forward USA Action transferred $77 million to the Future Forward PAC. This amount constituted over 40% of the $181 million raised by the PAC during that timeframe.
Following a expenditure of $141 million on independent efforts in the last presidential cycle, senior White House adviser Anita Dunn stated that Future Forward had “truly earned its position as the leading super PAC” supporting Biden in the current election cycle.
“In 2020, when they seemingly emerged out of nowhere and began running advertisements, the Biden campaign was impressed by the effectiveness of the ads and the thorough testing that had evidently been conducted throughout the entire initiative,” Dunn previously shared with The New York Times.
As of now, Future Forward has not responded immediately to a request for comment from US Newzs Digital.