How to Read FEC Filings
Every federal candidate and political committee must file regular financial reports with the Federal Election Commission. These reports are public record, but they can be dense and technical. Here's how to make sense of them.
Types of FEC Reports
- Quarterly Reports: Filed every three months during an election year (Q1 through Q4)
- Pre-Election Reports: Filed 12 days before a primary or general election
- Post-Election Reports: Filed 30 days after a general election
- Year-End Reports: Filed in January covering the previous year
- 48-Hour Notices: Required for contributions of $1,000+ received close to an election
Key Numbers to Look For
Total Receipts: All money coming into the campaign, including individual contributions, PAC contributions, party contributions, and transfers.
Total Disbursements: All money spent by the campaign, including operating expenses, fundraising costs, and transfers to other committees.
Cash on Hand: Money remaining in the campaign account at the end of the reporting period. This is a key indicator of a campaign's financial health.
Debts and Obligations: Outstanding bills and loans. High debt relative to cash on hand can signal financial trouble.
Understanding Itemized vs. Unitemized Contributions
Contributions over $200 must be "itemized" — meaning the donor's name, address, employer, and occupation are disclosed. Contributions of $200 or less can be reported as aggregate "unitemized" totals.
A high ratio of unitemized contributions often indicates strong small-dollar grassroots support.
Schedule A: Receipts (Contributions)
Schedule A lists all itemized contributions. Each entry includes:
- Contributor name and address
- Employer and occupation
- Amount and date
- Whether it's for the primary or general election
Schedule B: Disbursements (Spending)
Schedule B lists all itemized expenditures, showing:
- Who was paid
- The amount
- The purpose of the payment
- The date
This is where you can see exactly how a campaign spends its money — on ads, consultants, travel, and more.