Although the list did not mention any names, approximately 80% of the group's total revenue, or approximately $17 million, came from at least 68 individual donors, each of whom gave more than $100,000 to the group. It became clear.
The 990 tax return also revealed that NoLabels implemented only one program last year: “Citizen Engagement, Digital and Grassroots Movement Building, and Access to the Ballot.”
“We have built a leadership network in all 50 states to establish grassroots support among communities across the country who share No Labels’ values,” the group wrote. This effort cost him just under $9 million.
No Labels is working in all 50 states to win votes for third-party presidential candidates next year, but the size of individual donations is far behind No Labels' very wealthy donors. This suggests that they have a strong foundation, and they are potentially able to obtain even larger donations. .
But the fact that the group relies heavily on a relatively small number of wealthy individuals means it has struggled to rebrand itself as a grassroots movement far removed from the rarefied circles of Wall Street and Washington. It also highlights the limitations No Labels faces.
Still, with no actual candidates on the ticket, No Labels is still essentially a third-party idea, with no real candidates for Democratic President Joe Biden or Republican front-runner Donald Trump. It's not an alternative.
Ryan Clancy, No Labels' chief strategist, defended the group's refusal to reveal its donors.
“No Labels will never run a presidential campaign. Their only job is to secure voting lines,” Clancy told CNBC. “When we provide voting lines to a unified ticket, that ticket becomes obligated to comply with all his relevant FECs. [Federal Election Commission] “The laws governing candidates and electoral politics include disclosure of donor names,” Clancy said.
So far, No Labels has been successful in securing a spot on the ballot for the 2024 presidential election in 12 states, according to NBC News.
But former Sen. Joe Lieberman, founding chairman of NoLabels, recently told Fox News:
Outgoing Sen. Joe Manchin (R-Va.) has long been rumored to be one of the top candidates for a no-label unity ticket.
That speculation spiked last week when Manchin announced he would not seek re-election. Manchin recently told NBC News he would “absolutely” consider running for president.
As a tax-exempt nonprofit organization, No Labels is prohibited from making direct contributions to political campaigns. But there are affiliated super PACs that allow that.
The group has raised $1.4 million so far this election cycle, according to Federal Election Commission records.
Harlan Crow, a Texas businessman and colleague of Supreme Court Justice Clarence Thomas, donated $5,000 to a super PAC earlier this year, according to FEC records.
Philanthropist Wilhelmina Robertson and Sailpoint Technologies CEO Mark McClain donated a combined $125,000 to the super PAC, records show.
