Helena Foulkes
Helena Foulkes

Former CVS executive Helena Buonanno Foulkes, who entered the Democratic primary election sweepstakes in October has raised nearly $1 million in the first several weeks of her campaign, far outraising all other contenders.

Foulkes, who has said she expects the campaign to cost millions, reported a fund balance of $830,896 at the deadline last night for reporting fourth-quarter finances to the state Board of Elections. The fund balance reflects money on hand after expenses. She reported contributions from individuals of $972,958, many of those contributions coming from out of Rhode Island. She also loaned her campaign$100,000 and received $2,500 from Political Action Committees.

Meanwhile, General Treasurer Seth Magaziner, who just last week said he was switching from running for governor to a campaign for U.S. House of Representatives, reported another robust fundraising quarter to end 2021 – only none of that money can be used in a campaign for federal office.

Magaziner reported raising nearly $162,000 from individuals during the fourth quarter, bringing his fund balance to $1,602,812. Gov. Daniel McKee reported a fund balance of $844,087, raising $170,980 from individuals. Secretary of State Nellie Gorbea reported raising $157,145 from individuals during the fourth quarter, leaving a fund balance of $769,604, and Munoz, who filed his report several days ago, raised $2,688 during the fourth quarter, bringing his fund balance to $3,356. Brown reported a fund balance of $38,124, raising $62,749 from individuals, but reporting expenses of more than $75,000, much of it for consultants.

State and federal laws prohibit candidates running for federal office to use funds raised for statewide races in a federal race. Candidates are also prohibited from using money raised for federal races in state races.

Magaziner had loaned himself $700,000 in a treasurer’s race, a loan still on the books. He can repay the loan, but there is a federal loan repayment cap of $250,000.

Another option for Magaziner may be to offer contributors refunds, with expectations they donate that money to the Magaziner Congressional campaign. 

Frank Prosnitz

Frank Prosnitz brings to WhatsUpNewp several years in journalism, including 10 as editor of the Providence (RI) Business News and 14 years as a reporter and bureau manager at the Providence (RI) Journal. Prosnitz began his journalism career as a sportswriter at the Asbury Park (NJ) Press, moving to The News Tribune (Woodbridge, NJ), before joining the Providence Journal. Prosnitz hosts the Morning Show on WLBQ radio (Westerly), 7 a.m. to 9 a.m. Monday through Friday, and It’s Your Business, also on WBLQ, Monday and Tuesday, 9 a.m. to 10 a.m.

Prosnitz has twice won Best in Business Awards from the national Society of American Business Editors and Writers (SABEW), twice was named Media Advocate of the Year by the Small Business Administration, won an investigative reporter’s award from the New England Press Association, and newswriting award from the Rhode Island Press Association.

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