(Note: This story has been updated to correct an error in the original post. Author Fergus Cullen apologizes for his mistake.)
Democratic challenger Ann McLane Kuster padded her financial advantage over incumbent Republican Charlie Bass (NH-2) in the second quarter, according to new campaign finance reports, while incumbent Republican Frank Guinta extended his financial advantage over challenger Democrat Carol Shea-Porter.
For the quarter ending June 30, Guinta raised $256,021 to Shea-Porter’s $200.853. It was Shea-Porter’s strongest financial quarter of the campaign so far and Guinta’s second best. Campaign to date, Guinta has out-raised Shea-Porter by a two-to-one margin, $1,242,060 to $612,042. Guinta leads in cash on hand by an even wider ratio, $846,191 to $312,458 – if you ignore Guinta’s debts.
Guinta carries $313,500 in outstanding loans owed to himself, after repaying himself $41,500 this cycle with funds donated to his current campaign. The loan presumably represents the balance of the contents of the mystery bank account Guinta first disclosed in July, 2010, after having “forgotten” to disclose it on not one but two previous personal financial disclosure reports that cycle. Guinta has refused to release bank statements which could prove that the funds were in his possession prior to his 2010 campaign and not, say, transferred to him as a gift by a close relative during the campaign. Such a gift could violate campaign finance rules and trigger gift taxes. A Federal Elections Commission investigation into the source of the funds has been on-going for nearly two years.
Furthermore, Guinta’s most recent personal financial disclosure report does not list the debt as an asset. That is, Guinta lists the debt on his campaign finance reports filed with the Federal Elections Commission, but does not list the money owed as a corresponding asset on his personal balance sheet filed with the Clerk of the House of Representatives.
In NH-2, Kuster also had her strongest fundraising quarter of the cycle, raising $483,572 to Bass’s $271,606. It was Bass’s second-best quarter, cycle to date. Campaign to date, Kuster has raised $1,899,624 to Bass’s $1,301,594. Despite being out-raised, Bass is in relatively better position in terms of cash on hand. By that measure, Kuster leads Bass by a more modest $1,292,811 to $912,791.
For Bass, 65% of his funds have come from PACs. Guinta has raised 42% of his money from PACs. For Shea-Porter, it’s 24% and for Kuster, 16%.
Fergus@ferguscullen.com, July 17, 2012