We’ve all felt it; inflation rose to 8% in 2022. (Ahem, Joe Biden.) In response to this, the FEC has made adjustments to contribution limits. Ahead of 2024, this is a significant change in the campaign world as individual donors can now give $3,300 per candidate per election. Previously, donors were locked in at $2,900, with the last change being in 2021.
The FEC also adjusted national party contributions, which were set at $36,500 and now tap out at $41,300.
With these changes, it should be no surprise that now is the time to adjust your campaign material to reflect these new limits. That means changing your remittance envelopes, leave-behind donor material, and donation landing pages. As more candidates announce for 2024, these changes are essential to note, so your fundraising is as lucrative as possible.
Campaigns are continually getting more expensive, and this announcement from the FEC is a slight reprieve. However, PAC donations to candidates and committees will remain at $5,000 per election since they are not considered when the FEC reviews inflation.
One last note: the changes listed above are retroactive to any announced 2024 election contributions submitted after November 9, 2022. However, these changes are only retroactive for national party committees from January 1, 2023.
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For more information on the FEC adjustments, please click here.
