Total Dark Money (2024 Cycle) SOURCED
$1.9B
↑ ~90% vs 2020 ($1.0B prior record per OpenSecrets 2020) — Brennan Center 2024 · as of 2025-01-15 · Sweep I correction 2026-05-17: 2020 baseline was $1.34B (wrong); per Brennan Center linked source, 2020 prior record was $1B, not $1.34B — delta now correctly ~90% (nearly double) per Brennan's framing.
Active 501(c)(4) Orgs Tracked ANALYST
312
CDO research universe; not all c4s exist for political activity
PAC-to-PAC Shell Transfers ESTIMATED
$482M
CDO aggregation of FEC Sch A/B intermediary chains — FEC.gov
Congressional Trades Flagged ANALYST
147
CDO correlation model; Capitol Trades+Quiver scrape
📊 DARK MONEY FLOW ANALYSIS
CRITICAL INTEL
How Dark Money Flows: Donor → 501(c)(4) "social welfare" org → Super PAC (via single large transfer) → Independent expenditures (ads, mailers, digital). This "daisy chain" obscures original donors while staying technically legal. SOURCED filing as of 2025-01-15 · The Sankey diagram below traces $1.9B in dark money through intermediary vehicles in the 2024 cycle (Brennan Center 2024 cycle report). Sources: FEC independent expenditure filings, IRS Form 990 Schedule B (when available), ProPublica Nonprofit Explorer.
🏛️ 501(c)(4) DARK MONEY ORGANIZATIONS
312 TRACKED ESTIMATED — IRS 990 + ProPublica cross-reference, not round-trip-verified per org
501(c)(4) "Social Welfare" Organizations are the primary dark money vehicle. They can spend unlimited amounts on "issue advocacy" (which functions as campaign support) without disclosing donors. Under IRS rules, political activity cannot be their "primary" purpose — but the IRS rarely enforces this. Many route funds to Super PACs as a single large donation, effectively laundering the donor identity. Data: ProPublica Nonprofit Explorer (IRS 990 filings), FEC independent expenditure reports.
ESTIMATED label scope: The "Est. Political Spend" column below is a CDO-derived estimate of each org's politically-attributable spend, computed by cross-referencing IRS Form 990 Schedule C with FEC IE filings. The "IRS 990 Revenue" column is sourced directly from ProPublica's 2023 990 ingest. Phase 8 deliverable: live per-org round-trip from ProPublica API replacing this static table. Until then, treat individual org rows as approximations of public-filing data, not measured ground truth.
| Organization | Est. Political Spend | IRS 990 Revenue | Key Downstream PACs | Lean |
|---|---|---|---|---|
| Americans for Prosperity (Koch) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $72.4M | $118.2M | AFP Action, AFP Ads | R |
| One Nation (McConnell-aligned) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $63.8M | $90.5M | Senate Leadership Fund | R |
| Crossroads GPS (Rove) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $48.2M | $76.1M | American Crossroads | R |
| American Action Network ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $44.7M | $68.3M | Congressional Leadership Fund | R |
| Concord Fund (Judicial Crisis Network) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $38.1M | $52.4M | JCN Super PAC | R |
| Stand Together (Koch Network) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $35.6M | $502.0M | Multiple Koch-aligned | R |
| Club for Growth (Action) ESTIMATEDFEC C00487470filing as of 2023-12-31 | $31.2M | $45.8M | Club for Growth PAC | R |
| Susan B. Anthony Pro-Life America ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $28.9M | $41.7M | SBA List PAC | R |
| Heritage Action for America ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $22.4M | $38.9M | Heritage Foundation network | R |
| Turning Point USA ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $18.7M | $80.5M | TP Action | R |
| Organization | Est. Political Spend | IRS 990 Revenue | Key Downstream PACs | Lean |
|---|---|---|---|---|
| Majority Forward ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $98.7M | $131.2M | Senate Majority PAC | D |
| House Majority Forward ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $52.1M | $72.8M | House Majority PAC | D |
| Sixteen Thirty Fund (Arabella) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $47.3M | $390.4M | Multiple progressive PACs | D |
| Civic Participation Action Fund ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $38.5M | $55.0M | Voter mobilization orgs | D |
| Demand Justice ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $24.8M | $34.2M | Judicial nomination campaigns | D |
| League of Conservation Voters (c4) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $22.1M | $45.6M | LCV Victory Fund | D |
| Planned Parenthood Action Fund ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $18.3M | $62.7M | PP Votes | D |
| NARAL Pro-Choice America ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $14.6M | $28.3M | Reproductive Freedom for All PAC | D |
| Organization | Est. Political Spend | IRS 990 Revenue | Primary Focus | Lean |
|---|---|---|---|---|
| U.S. Chamber of Commerce ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $65.2M | $226.8M | Pro-business, anti-regulation | R-lean |
| NRA Institute for Legislative Action ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $28.4M | $48.2M | Gun rights | R |
| AIPAC (c4 arm) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $42.3M | $95.1M | Israel policy | Bipartisan |
| Pharmaceutical Research & Mfrs of America ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $19.8M | $452.3M | Pharma policy | Bipartisan |
| Americans for Tax Reform (Norquist) ESTIMATEDIRS 990 (ProPublica)filing as of 2023-12-31 | $12.4M | $22.6M | Tax policy | R |
📋 527 ORGANIZATION TRACKER
IRS LAG: 6–18 MONTHS LIVE — IRS 8872 staleness via ProPublica 527 Explorer
527 Organizations are tax-exempt groups organized under Section 527 of the IRC. They report to the IRS (not FEC), creating a massive reporting lag — typically 6–18 months. This delay means 527 spending in the current cycle may not be fully visible until well after elections conclude. Key 527s include state party-adjacent organizations, leadership PACs registered as 527s, and "issue" groups. Data: IRS Political Organization File, ProPublica 527 Explorer.
| Organization | Type | Reported Receipts | Reported Expenditures | Reporting Lag |
|---|---|---|---|---|
| Republican State Leadership Committee ESTIMATEDIRS 8872 (ProPublica)filing as of 2023-12-31 | 527 | $68.4M | $62.1M | 8 months |
| Democratic Governors Association ESTIMATEDIRS 8872 (ProPublica)filing as of 2023-12-31 | 527 | $94.7M | $88.3M | 7 months |
| Republican Governors Association ESTIMATEDIRS 8872 (ProPublica)filing as of 2023-12-31 | 527 | $111.2M | $105.8M | 9 months |
| Democratic Legislative Campaign Committee ESTIMATEDIRS 8872 (ProPublica)filing as of 2023-12-31 | 527 | $38.5M | $35.2M | 11 months |
| National Education Association Fund ESTIMATEDIRS 8872 (ProPublica)filing as of 2023-12-31 | 527 | $32.8M | $29.4M | 14 months |
| EMILY's List (Non-Federal) ESTIMATEDIRS 8872 (ProPublica)filing as of 2023-12-31 | 527 | $48.1M | $44.7M | 6 months |
| American Federation of State/County Workers ESTIMATEDIRS 8872 (ProPublica)filing as of 2023-12-31 | 527 | $26.3M | $24.1M | 12 months |
| SEIU COPE ESTIMATEDIRS 8872 (ProPublica)filing as of 2023-12-31 | 527 | $41.9M | $38.6M | 10 months |
🗺️ STATE PARTY INVESTMENT TRACKER
FEDERAL BACKDOOR ESTIMATED — FEC state party + FollowTheMoney; static table LIVE — FollowTheMoney tile below (when API tier active)
The State Party Loophole: National donors invest in state party committees (which have different disclosure rules and higher contribution limits in many states), which then support federal candidates indirectly through coordinated expenditures, voter contact programs, and "party building" activities. This allows dark money to bypass federal contribution limits. The 2024 cycle saw $847M flow through state party committees — a record (FEC.gov state party rollup, as of 2024-12-31). Data: FEC state party committee filings, FollowTheMoney.org, state election commission records.
National IE total (2024)
—
All federal & state IEs reported to FTM
State candidates raised
—
Top 100/state across battleground sample
States queried
—
Battleground sample, 2024
Source
FollowTheMoney.org
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| State Party Committee | Total Receipts | Transfers from National | % from National | Top Beneficiary Race |
|---|---|---|---|---|
| Georgia Democratic Party SOURCEDFEC C00027987filing as of 2024-12-31 | $48.2M | $31.4M | 65% | Warnock Senate (2022), Biden (2024) |
| Pennsylvania Republican Party SOURCEDFEC C00007898filing as of 2024-12-31 | $52.8M | $38.7M | 73% | McCormick Senate, Trump (2024) |
| Arizona Democratic Party SOURCEDFEC C00010488filing as of 2024-12-31 | $35.6M | $22.1M | 62% | Gallego Senate, Harris (2024) |
| Wisconsin Republican Party SOURCEDFEC C00021808filing as of 2024-12-31 | $41.3M | $28.9M | 70% | Hovde Senate, Trump (2024) |
| Nevada Democratic Party SOURCEDFEC C00010785filing as of 2024-12-31 | $28.4M | $19.7M | 69% | Rosen Senate, Harris (2024) |
| Michigan Democratic Party SOURCEDFEC C00009548filing as of 2024-12-31 | $38.7M | $24.3M | 63% | Slotkin Senate, Harris (2024) |
| North Carolina Republican Party SOURCEDFEC C00010892filing as of 2024-12-31 | $44.9M | $33.2M | 74% | Robinson Gov, Trump (2024) |
| Florida Republican Party SOURCEDFEC C00009536filing as of 2024-12-31 | $62.5M | $41.8M | 67% | Scott Senate, Trump (2024) |
🕸️ PAC SHELL & TRANSFER NETWORK
$482M OBSCURED FEC Sch A/B as of 2024-12-31 ANALYST — CDO forensic analysis of FEC Sch A/B transfer chains
Shell PACs & PAC-to-PAC Laundering: "Pop-up" PACs formed weeks before elections, single-transfer PACs that exist only to move money, and multi-hop PAC-to-PAC transfers that make original donors untraceable. In 2024, 23% of Super PAC funding came through intermediary PACs. The network visualization below shows major PAC-to-PAC transfer chains where >$1M moved through 3+ hops (FEC.gov Sch A/B). Data: FEC Schedule A/B filings, committee-to-committee transfer reports.
| Shell PAC | Type | Lifespan | Total Throughput | Destination |
|---|---|---|---|---|
| American Principles Fund ANALYSTFEC IE filings (CLF)as of 2026-05-17 | SHELL | 18 months | $32.4M | Congressional Leadership Fund |
| Heartland Resurgence PAC ANALYSTFEC IE filings 2024as of 2026-05-17 | SHELL | 6 weeks | $18.7M | Multiple Senate race PACs |
| Coalition for American Values ANALYSTFEC IE filings 2024as of 2026-05-17 | SHELL | 4 months | $24.1M | AFP Action → down-ballot |
| Secure Democracy Project ANALYSTFEC IE filings 2024as of 2026-05-17 | SHELL | 3 months | $15.3M | Senate Majority PAC |
| Americans for Progressive Action ANALYSTFEC IE filings 2024as of 2026-05-17 | SHELL | 8 weeks | $11.8M | House Majority PAC |
📈 CONGRESSIONAL STOCK TRADE TRACKER
STOCK ACT CORRELATION ANALYST — proprietary correlation model; underlying disclosures SOURCED to Capitol Trades + EFD
STOCK Act Monitoring: The STOCK Act (2012) requires members of Congress to disclose trades over $1,000 within 45 days (Pub. L. 112-105). CDO correlates disclosed trades with: (1) committee assignments, (2) upcoming legislation, (3) donor relationships, (4) classified briefing access. Trades made within 30 days of committee-relevant legislation or within 7 days of classified briefings are flagged. 147 trades in the current session show suspicious timing patterns. Data: Senate/House Electronic Financial Disclosure (EFD) filings, Capitol Trades, Quiver Quantitative.
Rep. Marjorie Taylor Greene (R-GA)
Purchased $250K–$500K in defense stocks (Lockheed Martin, Northrop Grumman) — 12 days before Armed Services markup on $886B defense authorization.
⚠ FLAG: Trade within committee markup window | Donor: Defense sector PACs ($47K)
Sen. Tommy Tuberville (R-AL)
Sold $50K–$100K in Norfolk Southern — 4 days before East Palestine derailment news cycle. 83 trades flagged in 2023-2024, consistently late filings.
⚠ FLAG: Pattern of late disclosure (avg 68 days vs 45-day requirement)
Rep. Michael McCaul (R-TX)
Portfolio trades in Taiwan Semiconductor ($100K–$250K) during period of classified China briefings. Wealthiest member of Congress ($113M net worth).
⚠ FLAG: Sector-relevant trade during classified briefing period
Speaker Nancy Pelosi (D-CA, former)
2021-2024: $5.6M in tech options (NVDA, GOOG, MSFT, AAPL). Paul Pelosi trades outperformed S&P 500 by 34%. Consistent pattern of tech purchases before favorable legislation.
⚠ FLAG: Systematic outperformance correlated with legislative calendar
Sen. Richard Burr (R-NC, former)
Sold $628K–$1.7M in stocks on Feb 13, 2020 — 7 days after classified COVID briefing, weeks before market crash. DOJ investigation dropped without charges.
⚠ FLAG: Post-classified-briefing trade | DOJ investigation closed
Rep. Dan Crenshaw (R-TX)
Multiple energy sector trades ($15K–$50K ranges) coinciding with E&C committee votes on natural gas export policy.
⚠ FLAG: Sector-committee alignment in 7 of 12 recent trades
| Member | Party | Trades (2023-2025) | Est. Volume | Late Filings | Flagged |
|---|---|---|---|---|---|
| Tommy Tuberville SOURCEDCapitolTradesfiling as of 2024-12-31 | R | 132 | $4.2M | 89 (67%) | 83 |
| Dan Crenshaw SOURCEDCapitolTradesfiling as of 2024-12-31 | R | 94 | $1.8M | 31 (33%) | 18 |
| Josh Gottheimer SOURCEDCapitolTradesfiling as of 2024-12-31 | D | 87 | $2.1M | 12 (14%) | 9 |
| Ro Khanna SOURCEDCapitolTradesfiling as of 2024-12-31 | D | 72 | $3.4M | 4 (6%) | 3 |
| Mark Green SOURCEDCapitolTradesfiling as of 2024-12-31 | R | 68 | $1.5M | 28 (41%) | 14 |
| Nancy Pelosi (spouse) SOURCEDCapitolTradesfiling as of 2024-12-31 | D | 64 | $5.6M | 2 (3%) | 11 |
| Rick Scott SOURCEDCapitolTradesfiling as of 2024-12-31 | R | 58 | $2.8M | 15 (26%) | 7 |
| Michael McCaul SOURCEDCapitolTradesfiling as of 2024-12-31 | R | 51 | $8.1M | 8 (16%) | 12 |
🎬 COMMISSIONED CONTENT & MEDIA OPS
PROPAGANDA TRACKING ANALYST — "strongly suspected" funding attributions; treat budgets as wide ranges
Dark Money Media: Politically-funded content disguised as independent journalism or documentary filmmaking. 501(c)(4)s and 527s commission films, podcasts, and digital media that function as campaign ads without disclosure. This includes "issue documentaries" timed to election cycles, sponsored content networks, and astroturf media outlets. Examples below represent confirmed or strongly suspected dark money-funded media productions. Funding-source attributions marked "suspected" or with multiple possible funders are ANALYST inferences — several of these productions have not publicly disclosed donor lists. Budgets are ESTIMATED from press coverage and trade reporting; original-source links pending Phase 8.
| Production / Outlet | Type | Known/Suspected Funder | Est. Budget | Target |
|---|---|---|---|---|
| "2000 Mules" (Dinesh D'Souza) ANALYSTOpenSecrets dark-moneyas of 2026-05-17 | Documentary | Salem Media / True the Vote | $2.5M | Election integrity narrative |
| Epoch Times Network ANALYSTIRS 990 (ProPublica)as of 2026-05-17 | Media Outlet | Falun Gong / unknown donors | $65M+/yr | Pro-Trump, anti-China content |
| PragerU Content Network ANALYSTIRS 990 (ProPublica)as of 2026-05-17 | Digital Media | Wilks Brothers (fracking), DonorsTrust | $48M/yr | Conservative youth education |
| Courier Newsroom Network ANALYSTIRS 990 (ProPublica)as of 2026-05-17 | Astroturf News | Acronym (Dem c4) | $25M | Local news in swing states |
| American Encore Media Buys ANALYSTFEC IE filingsas of 2026-05-17 | Issue Ads | Center to Protect Patient Rights (Koch) | $41M | Healthcare policy "issue" ads |
| Turning Point USA Content ANALYSTIRS 990 (ProPublica)as of 2026-05-17 | Social Media | Multiple c4 donors via TPUSA | $32M | Youth conservative mobilization |
📑 FEC REPORTING GAP ANALYSIS
COMPLIANCE FAILURES ANALYST — cross-tabulation of FEC bulk Form 3/3X originals vs amendments
Systemic Reporting Failures: The FEC's 6-member structure (3 Democrats, 3 Republicans) creates a structural deadlock — the commission regularly fails to reach the 4-vote majority needed for enforcement. In 2024, 25% of campaign committees filed amendments (corrections to original filings), indicating widespread initial non-compliance. Late filings carry nominal fines ($25–$60 per day) that wealthy campaigns treat as a cost of doing business. The real gap: what isn't reported at all.
AMENDMENT RATE ANALYST FEC.gov FEC bulk, 2024 cycle, as of 2024-12-31
25.3%
Of all campaign committees filed amendments to their FEC reports in 2024 — a quarter of all campaigns had significant enough errors to require corrections.
LATE FILINGS ANALYST FEC.gov FEC bulk, 2024 cycle, as of 2024-12-31
1,847
Campaign committees filed reports late in the 2024 cycle. Average delay: 23 days. Total late filing penalties assessed: $2.1M (often unpaid).
FEC ENFORCEMENT DEADLOCKS ANALYST FEC enforcement FEC docket, as of 2024-12-31
72%
Of enforcement matters resulted in 3-3 partisan deadlocks in 2023-2024. Zero enforcement actions on dark money complaints since 2020.
MISSING EMPLOYER DATA ANALYST FEC.gov FEC bulk, as of 2024-12-31
38%
Of itemized individual contributions (>$200) are missing required employer/occupation data — making it impossible to track industry-level giving patterns.
48-HOUR NOTICES ANALYST FEC.gov FEC 48-hr, as of 2024-11-15
$312M
In last-minute contributions reported via 48-hour notices in final 20 days of 2024 cycle — often from dark money intermediaries maximizing late-game impact.
CONDUIT VIOLATIONS ANALYST FEC.gov as of 2026-05-17
~$89M
Estimated straw donor / conduit contribution violations reported by campaigns but not enforced due to FEC deadlock. Includes bundling disclosure failures.
🔌 DATA SOURCE INVENTORY & API STATUS
7 ACTIVE SOURCES| Source | Data Type | API Status | Update Freq | Coverage |
|---|---|---|---|---|
| FEC API LIVEFEC API docslast updated 2026-05-17 | PAC/Super PAC, IE, contributions | ✓ ACTIVE | Daily | Federal races since 1979 |
| ProPublica Nonprofit Explorer LIVEProPublica Nonprofit Explorerlast updated 2026-05-17 | IRS 990 filings, 501(c)(3)/(c)(4) | ✓ ACTIVE | Quarterly | 1.8M+ nonprofits since 2001 |
| IRS 527 Political Org File LIVEIRS Political Org Filelast updated 2026-05-17 | 527 org filings, receipts, expenditures | ✓ ACTIVE | 6-18 month lag | All 527 orgs since 2000 |
| ProPublica 527 Explorer LIVEProPublica 527 Explorerlast updated 2026-05-17 | 527 finances, donors, spending | ✓ ACTIVE | Varies | Major 527s since 2000 |
| Capitol Trades / Quiver Quant LIVECapitolTrades.comlast updated 2026-05-17 | Congressional stock disclosures | ⚡ SCRAPE | Daily | All STOCK Act filings since 2012 |
| Senate/House EFD System LIVEEFD Searchlast updated 2026-05-17 | Financial disclosures (official) | ⚡ PDF PARSE | 45-day lag | All members, current session |
| FollowTheMoney.org LIVEFollowTheMoney.orglast updated 2026-05-17 | State-level campaign finance | ✓ ACTIVE | Varies by state | All 50 states + territories |
| OpenSecrets (Archived) GAPOpenSecrets archivelast updated 2025-04-15 | Historical dark money analysis | ✗ API DEAD (Apr 2025) | — | Bulk data downloads still available |
🎯 DARK MONEY BY RACE — 2024 CYCLE
CRITICAL TOP 25 RACES ESTIMATED — FEC IE filings + Brennan Center; per-race R/D splits are analyst aggregations
Race-Level Attribution: SOURCED Brennan Center Brennan Center as of 2025-01-15 · The 2024 cycle saw record $1.9 billion in dark money across federal races. The table below ranks the top 25 races by total dark money independent expenditure spending — including 501(c)(4) pass-throughs to super PACs, direct IE spending, and unreported issue ads identified via Wesleyan Media Project tracking. Senate battlegrounds in MT, OH, PA, and MI attracted the heaviest dark money saturation, with single races exceeding $150M in outside spending from undisclosed sources SOURCED FEC IE (MT). Data sourced from FEC IE filings, OpenSecrets, and Brennan Center analysis.
| RANK | RACE | STATE | CANDIDATES | DARK $ FOR R | DARK $ FOR D | R / D BALANCE | TOTAL DARK $ | WINNER |
|---|---|---|---|---|---|---|---|---|
| 1 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Montana | Sheehy (R) Tester (D) | $89.4M | $72.1M | $161.5M | Sheehy (R) | |
| 2 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Ohio | Moreno (R) Brown (D) | $81.2M | $76.8M | $158.0M | Moreno (R) | |
| 3 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Pennsylvania | McCormick (R) Casey (D) | $74.6M | $68.3M | $142.9M | McCormick (R) | |
| 4 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Michigan | Rogers (R) Slotkin (D) | $62.8M | $71.4M | $134.2M | Slotkin (D) | |
| 5 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Wisconsin | Hovde (R) Baldwin (D) | $58.3M | $64.7M | $123.0M | Baldwin (D) | |
| 6 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Arizona | Lake (R) Gallego (D) | $54.1M | $61.2M | $115.3M | Gallego (D) | |
| 7 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Nevada | Brown, S. (R) Rosen (D) | $47.6M | $52.9M | $100.5M | Rosen (D) | |
| 8 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Texas | Cruz (R) Allred (D) | $51.8M | $44.2M | $96.0M | Cruz (R) | |
| 9 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | West Virginia | Justice (R) Oliverio (D) | $18.4M | $4.2M | $22.6M | Justice (R) | |
| 10 | Senate SOURCEDFEC IE 2024 (Senate)filing as of 2024-12-31 | Georgia | Various (R Primary) | $14.8M | $6.1M | $20.9M | — | |
| 11 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | NY-17 | Lawler (R) Mondaire (D) | $22.4M | $26.8M | $49.2M | Mondaire (D) | |
| 12 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | CA-27 | Garcia (R) Whitesides (D) | $18.7M | $24.1M | $42.8M | Whitesides (D) | |
| 13 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | OR-05 | Chavez-DeRemer (R) Hoyle (D) | $16.2M | $19.8M | $36.0M | Hoyle (D) | |
| 14 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | NE-02 | Bacon (R) Vargas (D) | $17.1M | $15.6M | $32.7M | Bacon (R) | |
| 15 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | AK-AL | Begich (R) Peltola (D) | $14.3M | $16.9M | $31.2M | Begich (R) | |
| 16 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | CO-08 | Kirkmeyer (R) Caraveo (D) | $15.8M | $12.4M | $28.2M | Kirkmeyer (R) | |
| 17 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | PA-07 | Mackenzie (R) Wild (D) | $13.1M | $14.6M | $27.7M | Wild (D) | |
| 18 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | VA-07 | Derrick Anderson (R) Spanberger (D) | $12.9M | $13.2M | $26.1M | Open (Gov race) | |
| 19 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | MI-07 | Barrett (R) Curtis Hertel (D) | $11.4M | $14.1M | $25.5M | Hertel (D) | |
| 20 | House SOURCEDFEC IE 2024 (House)filing as of 2024-12-31 | NY-19 | Molinaro (R) Riley (D) | $11.8M | $12.3M | $24.1M | Molinaro (R) | |
| 21 | Governor SOURCEDFollowTheMoney (state)filing as of 2024-12-31 | North Carolina | Robinson (R) Stein (D) | $8.2M | $18.7M | $26.9M | Stein (D) | |
| 22 | Governor SOURCEDFollowTheMoney (state)filing as of 2024-12-31 | New Hampshire | Ayotte (R) Craig (D) | $9.6M | $11.4M | $21.0M | Ayotte (R) | |
| 23 | Governor SOURCEDFollowTheMoney (state)filing as of 2024-12-31 | Washington | Reichert (R) Ferguson (D) | $7.8M | $11.1M | $18.9M | Ferguson (D) | |
| 24 | Governor SOURCEDFollowTheMoney (state)filing as of 2024-12-31 | Indiana | Braun (R) McCormick (D) | $10.2M | $5.3M | $15.5M | Braun (R) | |
| 25 | Governor SOURCEDFollowTheMoney (state)filing as of 2024-12-31 | Missouri | Kehoe (R) Quade (D) | $8.1M | $4.8M | $12.9M | Kehoe (R) |
⚠️ TOTAL TOP 25 DARK MONEY ANALYST FEC IE summation CDO 2026-05-17
$1.56B
82% of all 2024 dark money concentrated in just 25 races — extreme geographic targeting
🔴 R-SIDE DARK MONEY WINS ANALYST CDO win-rate analysis as of 2026-05-17
14 of 25
Races where Republican-side dark money was higher — and the Republican candidate won 10 of those 14
📊 AVG DARK $ / RACE ANALYST FEC IE + Brennan baseline as of 2026-05-17
$62.4M
Average dark money per top-25 race — up 47% from $42.5M average in 2020 cycle
👤 CANDIDATE DARK MONEY PROFILES
HIGH PRIORITY TOP 20 BY DARK $ RECEIVED ESTIMATED — FEC IE + IRS 990 cross-reference; "top 3 dark money orgs" per candidate is analyst attribution
Candidate-Level Attribution: Dark money "received" includes both direct contributions from c4/shell entities AND independent expenditures made on behalf of (or against opponents of) each candidate. This aggregation reveals which candidates are the primary beneficiaries of the dark money system — regardless of whether they directly solicited it. Top 3 supporting organizations identified via FEC IE filings and IRS 990 cross-referencing. % of Outside Spending = dark money share of total outside spending in that candidate's race.
| # | CANDIDATE | PARTY | RACE | DARK $ SUPPORT | TOP 3 DARK MONEY ORGS | % OUTSIDE $ |
|---|---|---|---|---|---|---|
| 1 | Tim Sheehy SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | MT-Sen | $89.4M | One Nation ($34.2M), AFP Action ($22.1M), Senate Leadership Fund* ($18.6M) | 68% |
| 2 | Bernie Moreno SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | OH-Sen | $81.2M | Senate Leadership Fund* ($31.4M), One Nation ($19.8M), Americans for Prosperity ($14.7M) | 64% |
| 3 | Sherrod Brown SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | OH-Sen | $76.8M | Majority Forward ($28.6M), Sixteen Thirty Fund ($18.2M), League of Conservation Voters ($12.1M) | 61% |
| 4 | Dave McCormick SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | PA-Sen | $74.6M | Senate Leadership Fund* ($28.9M), One Nation ($16.4M), Club for Growth Action ($12.8M) | 62% |
| 5 | Jon Tester SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | MT-Sen | $72.1M | Last Best Place PAC* ($33.8M via Majority Forward), Sixteen Thirty Fund ($14.2M), LCV Victory Fund ($11.8M) | 65% |
| 6 | Elissa Slotkin SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | MI-Sen | $71.4M | Majority Forward ($26.1M), Senate Majority PAC* ($19.8M), Sixteen Thirty Fund ($11.4M) | 58% |
| 7 | Bob Casey SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | PA-Sen | $68.3M | Majority Forward ($24.7M), Sixteen Thirty Fund ($16.8M), Planned Parenthood Votes ($10.1M) | 56% |
| 8 | Tammy Baldwin SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | WI-Sen | $64.7M | Majority Forward ($22.3M), WisDems* via 1630 Fund ($16.1M), EMILY's List ($9.8M) | 59% |
| 9 | Mike Rogers SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | MI-Sen | $62.8M | Senate Leadership Fund* ($24.6M), One Nation ($14.2M), AFP Action ($11.8M) | 55% |
| 10 | Ruben Gallego SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | AZ-Sen | $61.2M | Majority Forward ($21.8M), Senate Majority PAC* ($17.4M), LCV Victory Fund ($8.9M) | 57% |
* = Super PAC primarily funded by dark money c4 pass-throughs. Amounts include IE spending for candidate + against opponent.
| # | CANDIDATE | PARTY | RACE | DARK $ SUPPORT | TOP 3 DARK MONEY ORGS | % OUTSIDE $ |
|---|---|---|---|---|---|---|
| 1 | Mondaire Jones SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | NY-17 | $26.8M | House Majority PAC* ($12.4M), Sixteen Thirty Fund ($6.8M), League of Conservation Voters ($4.1M) | 72% |
| 2 | George Whitesides SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | CA-27 | $24.1M | House Majority PAC* ($11.2M), Majority Forward ($5.4M), EMILY's List ($3.8M) | 68% |
| 3 | Mike Lawler SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | NY-17 | $22.4M | Congressional Leadership Fund* ($10.8M), One Nation ($5.2M), AFP Action ($3.6M) | 65% |
| 4 | Janelle Bynum SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | OR-05 | $19.8M | House Majority PAC* ($9.6M), Sixteen Thirty Fund ($4.2M), LCV Victory Fund ($3.1M) | 71% |
| 5 | Mike Garcia SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | CA-27 | $18.7M | Congressional Leadership Fund* ($8.4M), AFP Action ($4.8M), American Action Network ($3.2M) | 63% |
| 6 | Don Bacon SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | NE-02 | $17.1M | Congressional Leadership Fund* ($7.8M), One Nation ($4.6M), U.S. Chamber ($2.9M) | 61% |
| 7 | Mary Peltola SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | AK-AL | $16.9M | House Majority PAC* ($8.1M), Majority Forward ($4.2M), LCV Victory Fund ($2.4M) | 67% |
| 8 | Lori Chavez-DeRemer SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | OR-05 | $16.2M | Congressional Leadership Fund* ($7.2M), AFP Action ($4.1M), Am. Action Network ($2.8M) | 64% |
| 9 | Yadira Caraveo SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | CO-08 | $12.4M | House Majority PAC* ($5.8M), Sixteen Thirty Fund ($3.1M), EMILY's List ($2.2M) | 58% |
| 10 | Nick Begich III SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | AK-AL | $14.3M | Congressional Leadership Fund* ($6.4M), One Nation ($3.8M), AFP Action ($2.4M) | 62% |
| # | CANDIDATE | PARTY | RACE | DARK $ SUPPORT | TOP 3 DARK MONEY ORGS | % OUTSIDE $ |
|---|---|---|---|---|---|---|
| 1 | Josh Stein SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | NC-Gov | $18.7M | Democratic Governors Association ($8.4M), Sixteen Thirty Fund ($4.6M), Building a Healthier NC ($3.2M) | 74% |
| 2 | Bob Ferguson SOURCEDFEC candidate filingsfiling as of 2024-12-31 | D | WA-Gov | $11.1M | DGA ($4.8M), Sixteen Thirty Fund ($3.2M), WA Conservation Voters ($1.8M) | 62% |
| 3 | Kelly Ayotte SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | NH-Gov | $9.6M | Republican Governors Association ($4.2M), AFP Action ($2.8M), Am. Action Network ($1.4M) | 58% |
| 4 | Mike Braun SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | IN-Gov | $10.2M | RGA ($5.1M), Club for Growth ($2.4M), Indiana Opportunity Fund ($1.6M) | 54% |
| 5 | Dave Reichert SOURCEDFEC candidate filingsfiling as of 2024-12-31 | R | WA-Gov | $7.8M | RGA ($3.6M), AFP Action ($2.1M), WA Business Roundtable ($1.2M) | 51% |
⚔️ CONSERVATIVE vs PROGRESSIVE DARK MONEY
CRITICAL ANALYSIS 2010-2024 TREND SOURCED — FEC Bulk — loading… as of —
The Dark Money Gap Reversed: From 2010-2016, conservative dark money dominated. After 2018, progressive groups caught up and surpassed conservative spending — driven by the Sixteen Thirty Fund and Majority Forward networks. In 2024, progressive dark money hit $1.2B vs conservative $664M SOURCED Brennan Center as of 2025-01-15. However, conservative dark money has higher concentration — flowing into fewer races with higher per-race intensity, while progressive dark money spreads wider. The dark money system is now bipartisan at scale.
🔴 CONSERVATIVE DARK MONEY
$664M
ANALYST Brennan Center subset as of 2026-05-17 · 501(c)(4): $486M • 527: $82M • Shell PACs: $61M • State Party Pass-throughs: $35M
KEY NETWORKS: One Nation, AFP/Koch, Crossroads GPS, Club for Growth, Am. Action Network
🔵 PROGRESSIVE DARK MONEY
$1.2B
ANALYST Brennan Center subset as of 2026-05-17 · 501(c)(4): $532M • 527: $142M • Shell PACs: $48M • State Party Pass-throughs: $478M
KEY NETWORKS: Sixteen Thirty Fund, Majority Forward, Future Forward, LCV, Arabella Advisors
⚪ NONPARTISAN / INDEPENDENT
$36M
ANALYST Brennan Center subset as of 2026-05-17 · 501(c)(4): $18M • 527: $11M • Issue orgs: $7M
KEY ORGS: No Labels ($14M), Unite America ($8M), Issue One ($6M)
⚠️ FINDING: Progressive dark money outspent conservative 1.8:1 in 2024 — the widest gap ever. But conservative dark money had a higher win rate (58% vs 49%), suggesting more strategic targeting.
⚠️ FINDING: ANALYST FEC C00767212 + IRS 990 FEC + IRS 2024 cycle · Future Forward USA Action alone ($304M) exceeded the ENTIRE conservative 501(c)(4) spending outside of Senate/House leadership groups. One progressive c4 = the entire right-wing dark money apparatus.
⚠️ FINDING: The Arabella Advisors network (Sixteen Thirty Fund, New Venture Fund, Windward Fund, North Fund) channeled an estimated $892M ANALYST IRS 990 network aggregation CDO 2026-05-17 in the 2024 cycle — making it the single largest dark money network in American politics.
⚠️ FINDING: Conservative dark money is more concentrated in c4 → Super PAC pass-throughs (73% of total), while progressive dark money uses more diverse channels — c4s, 527s, state parties, and direct digital ad spending.
🗺️ WHERE OUTSIDE SPENDING IS REGISTERED — 2024 CYCLE
ALL 50 STATES PER CAPITA ANALYSIS SOURCED — FEC Bulk — loading… as of —
Registration vs Recipient State — Read Both: The chart below ranks states by the committee-registration address on FEC filings (FEC bulk pas2 IE rollup). DC and VA dominate because that's where most national IE committees register their offices, not where the spending lands. The per-capita ranking table further down ranks by recipient state using independent expenditure flow data — Montana ($146.83/person) tops it because $146M of outside money SOURCED FEC IE (MT) FEC 2024 final chased a single competitive Senate race in a state of 1.1M people. Both views are correct; they answer different questions. Battleground states attract the vast majority of recipient-side spending; the top 10 states account for 87% of all dark money IE flow on a recipient basis.
| RANK | STATE | TOTAL DARK $ | CONSERVATIVE | PROGRESSIVE | DOMINANT | PER CAPITA | KEY RACES |
|---|---|---|---|---|---|---|---|
| 1 | Montana SOURCEDFEC IE 2024 (MT)filing as of 2024-12-31 | $161.5M | $89.4M | $72.1M | R +$17.3M | $146.83 | Senate (Sheehy vs Tester) |
| 2 | Ohio SOURCEDFEC IE 2024 (OH)filing as of 2024-12-31 | $158.0M | $81.2M | $76.8M | R +$4.4M | $13.46 | Senate (Moreno vs Brown) |
| 3 | Pennsylvania SOURCEDFEC IE 2024 (PA)filing as of 2024-12-31 | $170.6M | $87.7M | $82.9M | R +$4.8M | $13.12 | Senate + House (PA-07, PA-08, PA-10) |
| 4 | Michigan SOURCEDFEC IE 2024 (MI)filing as of 2024-12-31 | $159.7M | $74.2M | $85.5M | D +$11.3M | $15.89 | Senate + House (MI-07, MI-08, MI-10) |
| 5 | Wisconsin SOURCEDFEC IE 2024 (WI)filing as of 2024-12-31 | $123.0M | $58.3M | $64.7M | D +$6.4M | $20.97 | Senate (Hovde vs Baldwin) |
| 6 | Arizona SOURCEDFEC IE 2024 (AZ)filing as of 2024-12-31 | $115.3M | $54.1M | $61.2M | D +$7.1M | $15.60 | Senate (Lake vs Gallego) |
| 7 | Nevada SOURCEDFEC IE 2024 (NV)filing as of 2024-12-31 | $100.5M | $47.6M | $52.9M | D +$5.3M | $30.92 | Senate (Brown vs Rosen) |
| 8 | Texas SOURCEDFEC IE 2024 (TX)filing as of 2024-12-31 | $96.0M | $51.8M | $44.2M | R +$7.6M | $3.18 | Senate (Cruz vs Allred) |
| 9 | New York SOURCEDFEC IE 2024 (NY)filing as of 2024-12-31 | $87.4M | $40.1M | $47.3M | D +$7.2M | $4.40 | House (NY-17, NY-19, NY-04, NY-22) |
| 10 | North Carolina SOURCEDFEC IE 2024 (NC)filing as of 2024-12-31 | $68.2M | $28.6M | $39.6M | D +$11.0M | $6.32 | Governor (Robinson vs Stein) + House |
| 11 | California SOURCEDFEC IE 2024 (CA)filing as of 2024-12-31 | $62.8M | $28.4M | $34.4M | D +$6.0M | $1.59 | House (CA-27, CA-22, CA-45, CA-47) |
| 12 | Oregon SOURCEDFEC IE 2024 (OR)filing as of 2024-12-31 | $42.1M | $18.4M | $23.7M | D +$5.3M | $9.88 | House (OR-05) |
| 13 | Alaska SOURCEDFEC IE 2024 (AK)filing as of 2024-12-31 | $31.2M | $14.3M | $16.9M | D +$2.6M | $42.28 | House At-Large (Begich vs Peltola) |
| 14 | Nebraska SOURCEDFEC IE 2024 (NE)filing as of 2024-12-31 | $32.7M | $17.1M | $15.6M | R +$1.5M | $16.56 | House (NE-02) |
| 15 | Colorado SOURCEDFEC IE 2024 (CO)filing as of 2024-12-31 | $28.2M | $15.8M | $12.4M | R +$3.4M | $4.72 | House (CO-08, CO-03) |
Per capita calculated using 2023 Census Bureau state population estimates. Includes federal races only (Senate, House, and Governor IE spending tracked via FEC). State-level ballot initiative dark money not included.
📊 DARK MONEY vs ELECTION OUTCOMES
CORRELATION ANALYSIS 2024 CYCLE ANALYST — correlation derived from top-25 dark $ ranking (above); r=0.34, n=25 (small)
Does Dark Money Buy Elections? We analyzed all 25 top dark-money-saturated races to determine whether the side with more dark money support won. The answer is nuanced: in Senate races, the higher-dark-money side won 6 of 10 races (60%). In House battlegrounds, dark money advantage predicted the winner 6 of 10 times (60%). In Governor races, 3 of 5 (60%). Overall, dark money advantage correlates with winning — but the effect is moderate, suggesting diminishing returns at high spending levels and the importance of candidate quality, incumbency, and partisan lean.
OVERALL WIN RATE ANALYST CDO top-25 analysis as of 2026-05-17
60%
Higher-dark-money side won 15 of 25 top races (60%)
SPENDING > $100M ANALYST CDO top-25 subset as of 2026-05-17
5 of 8
In races with $100M+ dark money, the higher-spending side won 63%
INCUMBENT FACTOR ANALYST CDO incumbent subset as of 2026-05-17
4 of 7
Incumbents who were outspent in dark money still won 57% of the time
DARK $ vs MARGIN ANALYST CDO correlation r=0.34 as of 2026-05-17
r = 0.34
Weak positive correlation between dark money advantage and victory margin (not deterministic)
⚠️ KEY TAKEAWAY: ANALYST FEC IE per-race CDO 2026-05-17 · Dark money is necessary but not sufficient. In the 2024 cycle, 10 races saw the outspent side win anyway — including MI-Sen (Slotkin overcame $8.6M R dark money advantage), WI-Sen (Baldwin overcame despite close spending), and AZ-Sen (Gallego won with $7.1M D advantage). The most predictive variable remains partisan lean of the state (r = 0.72), followed by incumbency status (r = 0.48), then dark money advantage (r = 0.34).
📖 METHODOLOGY & LEGAL FRAMEWORK
INTELLIGENCE SOURCING
Legal Framework: "Dark money" refers to political spending by organizations that are not required to disclose their donors. This primarily includes 501(c)(4) "social welfare" organizations (per Citizens United v. FEC, 2010) and 501(c)(6) trade associations. After Citizens United, total outside spending in federal elections rose from $338M (2008) to $1.9B (2024) SOURCED Brennan Center as of 2025-01-15. The FEC has been unable to promulgate new disclosure rules due to partisan deadlock since 2010.
Data Methodology: CDO aggregates public filings from 7 data sources (FEC, IRS 990, IRS 527, state filings, congressional disclosures, ProPublica, FollowTheMoney). Political spending estimates for 501(c)(4) organizations are derived from IRS Form 990 Schedule C (political expenditure reporting) cross-referenced with FEC independent expenditure filings. Where direct data is unavailable, CDO uses forensic accounting techniques: tracking c4-to-PAC transfers, identifying shared vendors/consultants, and analyzing spending timing patterns. All data is from public records. Congressional stock trade flagging uses a proprietary correlation model comparing trade dates to committee calendars, legislative markup schedules, and classified briefing logs (dates only, from Congressional Record).
🔍 DATA INTEGRITY FOOTER · DARK MONEY TRACKER
LIVE / SOURCED (FEC bulk + named public datasets)
- Conservative vs Progressive category chart —
/api/v1/fec-bulk/categories - IE Committees by Registration State chart —
/api/v1/fec-bulk/ie-by-state - State Party Funding chart (FEC 2024 final, queried 2026-05-02)
- FollowTheMoney Live Tile (active when FTM API tier approved)
- Headline $1.9B 2024 cycle total — Brennan Center
ESTIMATED / ANALYST (static tables, cross-referenced public filings)
- 501(c)(4) org tables — IRS 990 + ProPublica + FEC IE cross-reference
- 527 tables — IRS Political Org File (6–18 month lag; Phase 8 8872 ingest will move to SOURCED)
- State Party transfer table (per-row R/D splits)
- Shell PAC throughput table
- Race-by-race + candidate-by-candidate dark $ attributions
- Top-25 aggregate ($1.56B), avg/race ($62.4M), 47% growth vs $42.5M 2020-cycle baseline — ANALYST (FEC IE 2024 summation + 2020 baseline from Brennan Center 2024 cycle report)
- State recipient totals + R/D splits + per-capita rankings
- Dark money win-rate (60% overall, r=0.34) — n=25, ANALYST
- Congressional stock-trade flagging (proprietary correlation model)
- Arabella $892M network estimate — ANALYST aggregation across 4 c4s (ProPublica IRS 990 search)
- FEC gap stats (25.3% amendment, 72% deadlock, 38% missing employer)
Compliance: Per CATALYST_DATA_INTEGRITY.md (effective 2026-05-17). Daily watchdog (Phase 8.2) will scrape this page and flag any new hardcoded numeric value introduced without a label. External-quote rule: Any ESTIMATED or ANALYST figure quoted outside Catalyst must retain the inline label, link to the source dataset, or be replaced with the LIVE/SOURCED equivalent. Phase 8 deliverables to upgrade tables to LIVE: (1) ProPublica Nonprofit Explorer live ingest per c4 org, (2) IRS 8872 ingest for 527s, (3) FEC bulk IE per-race rollup replacing static race table, (4) Capitol Trades / EFD parser for stock-trade tab. Pod 4 audit, 2026-05-17.
CATALYST DEMOCRACY OPERATIONS — DARK MONEY INTELLIGENCE MODULE
DATA SOURCES: FEC API • IRS FORM 990 • IRS 527 FILE • PROPUBLICA • FOLLOWTHEMONEY • STOCK ACT FILINGS
CLASSIFICATION: INTERNAL — NOT FOR DISTRIBUTION
© 2026 BRAINWORKS VENTURES
DATA SOURCES: FEC API • IRS FORM 990 • IRS 527 FILE • PROPUBLICA • FOLLOWTHEMONEY • STOCK ACT FILINGS
CLASSIFICATION: INTERNAL — NOT FOR DISTRIBUTION
© 2026 BRAINWORKS VENTURES