Trump's Inauguration Committee Raised a Record $106 MillionBy and
Committee plans to donate extra funds to charities named later
Total is double the record amount raised by Obama in 2009
President Donald Trump’s inaugural committee said Tuesday it raised $106.7 million for the celebration of his taking office in Washington, an amount that is roughly twice the previous record set by former President Barack Obama’s first inauguration.
“The amount of funds raised for the inaugural celebration allowed the president to give the American people, those both at home and visiting Washington, a chance to experience the incredible moment in our democracy where we witness the peaceful transition of power, a cornerstone of American democracy,” the committee’s chairman, Tom Barrack, said in a statement.
The inaugural committee said it would start winding down the organization once it submits paperwork to the Federal Election Commission. As part of that process, it plans to identify charities that will receive donations from excess money in its account. The committee didn’t disclose how much money was left over.
The official filing, which is due by the end of Thursday, had not yet appeared on the FEC website as of late Tuesday.
For many donors, the inaugural committee represented the last or only chance to get on the Trump bandwagon before he took the oath of office. Corporations, barred by federal law from donating to campaigns, can underwrite the costs of inaugural festivities. There are no federal limits on how much they can give.
While the committee’s report to the FEC will disclose its donors, the first glimpse into its spending doesn’t have to be disclosed until the spring of 2018, at the earliest, when the committee, a non-profit, files with the Internal Revenue Service.
Four years ago, Obama raised $43.7 million for his scaled-down second inauguration, which cost $40.3 million. That year, there were two official balls that were paid for by the committee. Four years before that, Obama had 10 official balls and raised more than $53 million, a record at the time. Trump’s committee held two inaugural balls.