Bush super PAC outlines plan to return $12 million to donors
Jeb Bush's Super PAC plans to give anyone who contributed $1,000 or more at least a 10 percent refund, part of a plan to return $12 million in unused funds.
"This process will entail making over three-thousand (3,000+) contribution refunds and we anticipate starting and completing this process in May," reads a letter from treasurer Charlie Spies.
Right to Rise raised a breathtaking $118 million and spent much of that trying to prop up Bush and knock down his opponents. Bush left the race on the night of the Feb. 20 South Carolina primary.
The Tampa Bay Times obtained the letter from a donor, and it appears in full below:
Dear RTR USA Executive Committee Member,
Thank you again for your leadership in our Right to Rise USA efforts. Because we believe in transparency, we wish to update you regarding the shut-down and anticipated refund process information provided to over eleven-thousand (11,000+) Right to Rise USA donors in a letter and info-graphic dated Feb. 25, 2016.
For those of us that supported and believed in Governor Bush’s hopeful and optimistic message of conservative reform, it has not been pleasant to watch the Republican primary continue on without Jeb, but we have nonetheless had to proceed with an orderly shutdown of our super PAC’s activities. This shutdown has included terminating leases, finishing out contracts, collecting refunds for unused services and media that was not placed.
Working in conjunction with our Right to Rise USA Governance Committee, an independent audit of the PAC’s activities in 2015 was conducted, and we will again have an independent audit conducted at the end of 2016. In the coming months, as our accounting and legal team completes the comprehensive calculation of our remaining resources (including legal and FEC compliance reserves), we will begin distributing contribution refunds to our donors on a pro rata basis.
Our team is currently projecting that we will have over $12 million available to return to donors, and that we will be able to begin that process in early May, 2016. Our plan is to provide a refund of a minimum of ten-percent (10%+) of the amount contributed to all donors of $1,000 or greater. This process will entail making over three-thousand (3,000+) contribution refunds and we anticipate starting and completing this process in May.
Thank you again for your support of our friend Jeb, and we are honored that you entrusted us with this effort.
Treasurer, Right to Rise USA
CC: Mike Murphy
CEO, Right to Rise USA
Finance Director, Right to Rise USA