June 23, 2024

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No Labels raised millions from six-figure donors

2 min read

No Labels, the nonprofit group actively working to field a third party ticket for president in 2024, doubled its annual revenue last year over 2021, collecting $21 million, nearly all of it from wealthy donors who gave $100,000 or more.

No Labels is not required to publicly disclose the names of its donors, but CNBC obtained a list from the group of contributions last year that exceeded $5,000.

The list did not include names, but it revealed that around 80% of the group’s total revenue, roughly $17 million, came from at least 68 individual donors who each gave the group $100,000 or more.

The 990 tax return also revealed that No Labels had only one program last year, which it called, “citizen engagement, digital and grassroots movement building and ballot access.”

“We have developed leadership networks in all 50 states to establish grassroots support among communities across the country who share No Labels’ values,” the group wrote. The cost of this effort was just shy of $9 million.

As No Labels works to gain ballot access in all 50 states next year for a potential third party presidential candidate, the scale of the individual gifts suggest that No Labels has a solid base of very wealthy donors, people it could potentially tap for even bigger donations.

But the fact that the group relies so heavily on a relatively small number of wealthy individuals also underscores the limitations No Labels faces, as it struggles to rebrand itself as a grassroots movement, far away from the rarified circles of Wall Street and Washington.

Still, without an actual candidate on its ticket, No Labels is still effectively just the idea of a third party, and not an actual alternative to either Democratic President Joe Biden or Republican front-runner Donald Trump.

Ryan Clancy, the chief strategist for No Labels, defended the group’s refusal to reveal its donors.

“No Labels will never run a presidential campaign. No Labels’ only job is to get a ballot line,” Clancy told CNBC. “Once we offer…

2023-11-17 16:39:00

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