A group of liberal political donors led by billionaire George Soros created two entities to help distribute money to boost 2020 election efforts, the Washington Free Beacon reports.
The Democracy Alliance started the Strategic Victory Fund super PAC in March. It also set up a nonprofit. The PAC received $500,000 in start-up costs, which it will use to fund state-based initiatives and political advertisements, from the nonprofit.
Overall, the donor group has plans to spend $275 million to fight President Donald Trump’s reelection campaign, the online newspaper reports.
President of the Democracy Alliance Gara LaMarche told the Free Beacon that the super PAC and nonprofit are part of the organization's 2020 election efforts.
The nonprofit will help pay for the Organizing Together 2020 campaign, which is geared toward help Democrats gain traction in the battleground states of Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin. It has a budget ranging between $20 and $60 million.
In April the super PAC received an additional $1.9 million from its nonprofit arm, $1 million from billionaire Amy Goldman Fowler, $600,000 from Soros's Democracy PAC, and $100,000 from New York City-based philanthropist Andrew Beck, according to filings released Monday.
Members of the network pledge to donate at least $200,000 annually to liberal organizations that are recommended by the club. Members are anonymous.
© 2021 Newsmax. All rights reserved.