New Fundraising Program to Boost Small-Dollar Donors in N.Y. Races
by BoroPark24 Staff
The new statewide Public Campaign Finance Program seeks to boost small-dollar donations for political campaigns.
Launched in November, candidates and campaign treasurers are already being trained in how to take advantage of the new matching program in time to affect upcoming elections and beyond.
Those who get certified by the Public Campaign Finance Board can apply for public matching funds for small donations defined as those between $5 and $250. The match is meant to incentivize candidates and campaigns to seek out smaller contributions and a larger pool of people.
Small donors accounted for only 11% of State legislation campaign funds in 2022. But had the matching program been utilized then, small donor contributions to local candidates would have made up to 67% of the State fundraising.
Small donor contributions also increase the connection between constituents and elected officials.
The Public Campaign Finance Program is open to candidates running for state Assbly and Senate races in 2024, while candidates running for comptroller, attorney general, lieutenant governor, and governor in New York State will be able to benefit from the program starting in 2026.
According to the Gothamist, fifteen candidates have registered for the program so far. Only two of those registered are new candidates.
The board requested $114.5 million: $14.5 million for administration and $100 million for the campaign finance fund. The governor is proposing to give the board just above what it asked for administrative costs but $25 million for the fund.
Directions for applying for the program can be found here.