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. 

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