|Presidential campaign committees that receive federal funds are required to undergo an audit by the Federal Election Commission.|
|April 2002. FEC commissioners consider the McCain audit report.|
McCain 2000, Inc.: The audit division finished its report on the McCain campaign on March 22, 2002, making it the first of the 2000 audit reports released. The FEC approved the report unanimously, 6-0, in its April 12 public meeting with almost no discussion. "This one was a pretty clean audit," stated FEC press officer Ron Harris. The report showed the committee received approximately $28,450,000 from approximately 154,700 contributors and $14,777,748 from the U.S. Treasury in federal matching funds. Total receipts of $58,012,969 included $11.2 million in bank loans, taken out because the campaign couldn't get the money from the Treasury as quickly as needed [the committee received $12,576,435 of its total matching funds in the period March 10, 2000-Dec. 31, 2001, after McCain had suspended his campaign]. There were also $327,000 in contribution refunds, $1.3 million in offsets and $81,000 transferred to the compliance committee. The audit report concluded that the committee owned the U.S. Treasury just $99,037.
Bradley for President, Inc.: The audit division finished its report on the Bradley campaign on April 10, 2002. The FEC considered the report in its April 18 public meeting and approved it in a 5-0 vote. The report showed the committee received approximately $29,654,000 from approximately 103,100 contributors; loans totalling $6,880,235, $1,564,840 in offsets to expenditures, and $469,338 in interest and other receipts; and $12,462,047 from the U.S. Treasury in federal matching funds. Total receipts were $50,442,496; total disbursements were $49,104,335, leaving a cash balance of $1,351,631 as of May 31, 2000. The audit report concluded that the committee owned the U.S. Treasury just $14,055.
Bauer for President 2000: The audit division finished its report on the Bauer campaign on May 8, 2002. The FEC considered the report in its May 16 and May 23 public meetings. The report showed that in the period from February 4, 1999 through May 31, 2000 the committee received approximately 147,000 contributions from 59,000 contributors totaling approximately $7,510,000. as well as $5,052,748 from the U.S. Treasury in federal matching funds. Total receipts were $16,374,904; total disbursements were $16,,027,417, leaving a cash balance of $40,207. The audit report focused on several "apparent impermissible contributions," specifically that the campaign "failed to properly compensate CWF [Campaign for Working Families PAC] for a donor list, resulting in an excessive contribution by CWF of $87,409.
Philadelphia 2000: The audit division finished its report on the Philadelphia 2000 host committee on May 9, 2002. The FEC considered the report in its May 16 public meeting and approved it on a 4-0 vote, subject to an amendment. According to the report, the committee received approximately 550 contributions from individuals and local businesses totaling about $35,077,699 as well as 195 in-kind contributions totaling $28,621,483, loans totaling $3,135,000 and interest income of $41,431. Total receipts were $66,003,645; total disbursements were $59,957,331, leaving a closing cash balance of $6,046,331.