The FEC Reports Tell a More Nuanced Story

Billy Mawhiney examines the latest FEC reports in South Dakota's U.S. Senate race, arguing that while campaign finance data reveal important differences between the candidates, they are only one measure of a campaign's strength.

By: Guest Columnist Billy Mawhiney

Editor's Note: This article is part of South Dakota Voices, Turn South Dakota Purple's guest opinion series. The views expressed are those of the author and do not necessarily reflect those of Turn South Dakota Purple.

After Turn SD Purple sat down with both Julian Beaudion and Brian Bengs, I said I was looking forward to seeing the second quarter FEC reports. So here we are. Campaign finance reports don’t tell us everything about a campaign, but they do tell us something. They cut through the rhetoric and provide a snapshot of where each campaign stands financially. Now that we’ve seen the reports, I don’t think they answered every question, but they certainly gave us a clearer picture of the race.

Looking strictly at the fundraising numbers, Brian Bengs raised $211,042 during the second quarter, down about $24,000 from the previous quarter. I’ve said it before: not every quarter is going to be your best quarter, and raising more than $200,000 in a single quarter is still a significant accomplishment by almost any measure. Julian Beaudion moved in the opposite direction, raising $35,373, an increase of about $5,000 over the previous quarter. He’s still got a long road ahead, but after some challenging months, that suggests the campaign may be beginning to turn a corner with his new campaign team.

Senator Rounds’ report demonstrates something different altogether. He is the incumbent in this race, and his fundraising reflects that reality. This quarter he raised more in individual contributions than Bengs and Beaudion combined before even accounting for PAC contributions. Add in those PAC donations, which totaled roughly 125% of what Bengs and Beaudion raised individually combined, and it’s easy to see why incumbents are so difficult to defeat. His campaign has spent years building relationships and a fundraising infrastructure that neither challenger has had the opportunity to build.

With only one quarterly FEC report (plus one pre-general two weeks later) due before Election Day, Senator Mike Rounds sits on roughly 50 times the cash on hand of Brian Bengs and Julian Beaudion combined. That is a mountain to climb, not a hill. But elections aren’t decided by bank balances alone. They’re decided by whether a campaign can build the organization, volunteers, and voter relationships needed to turn support into votes.

The reports also tell two very different stories about the challengers. Bengs continues to demonstrate an ability to raise money. His donor base stretches across the country, with many supporters giving repeatedly in small-dollar increments. Beaudion, on the other hand, has built a campaign that is overwhelmingly funded by South Dakotans. More than 85% of Julian’s itemized fundraising dollars and more than 83% of his identifiable donors came from South Dakota, giving him the most locally rooted donor base in the race. His donor list is much more concentrated here at home, reflecting a different strategy and a coalition.

I think many folks were hoping these reports would reveal a clear and obvious path forward behind one challenger. Instead, they showed two candidates bringing different strengths to the table. Bengs has proven he can build a fundraising operation. Beaudion has demonstrated that much of his financial support is rooted in South Dakota. Those aren’t competing facts. They are just different approaches.

The FEC reports show us viability, but they don’t determine electability. They tell the story of who can raise money, but not who can earn votes. Money allows campaigns to communicate. Grassroots organizing allows campaigns to connect. Organization, candidate quality, messaging, volunteer recruitment, voter engagement, and the political environment all matter just as much. At the end of the day, electability isn’t measured by a campaign finance report. It’s measured by whether a campaign can garner enough votes on Election Day.

The Rounds campaign also released an internal poll conducted July 6 through July 9 following the Bengs and Beaudion debate/conversation with Turn SD Purple. The poll showed Senator Rounds at 55%, Julian Beaudion at 19%, and Brian Bengs at 16% in a three-way race. As with any internal campaign poll, it’s one data point rather than the final word, but it reinforces the history we all know that the incumbent (Senator Rounds) is heading into the final stretch from a position of considerable strength, the other major party candidate (Democratic nominee Julian Beaudion) coming in second, followed by the Independent candidate (Brian Bengs). Look back at any election and you will see this same result. 

For me, my own bias has always leaned toward the path closest to home. I believe lasting political change is strongest when it’s built by the people who live here, invest here, and care deeply about South Dakota’s future. Both Beaudion and Bengs have pretty similar digital following but this is where being a part of the Democratic Party steps into play. The exposure from the state party’s increasingly digital reach, the other statewide candidate co-appearances, the all county footprint and energy. These are all ways you begin to counteract financial deficits. If Brian Bengs chooses to continue in this race he has every right to do so. However, he knowingly made a choice when he decided to run as an Independent that a three-way race was never going to benefit him and in order to succeed he would need to wow the field above and beyond leaving no room for any other option. We sit less than 4 months away and the latest poll has him in last place. 

The biggest takeaway from both the interviews and these reports is that neither challenger has found the silver bullet. There is no obvious shortcut to defeating a well-funded incumbent. If either campaign is going to make this race competitive, it won’t happen because of one great fundraising quarter.

It will happen because of grassroots organizing.

Volunteers knocking doors. Neighbors talking to neighbors. County parties growing stronger. Candidates showing up in communities over and over again. Money buys communication. Grassroots builds trust. And in South Dakota, trust has always mattered more than the size of a campaign bank account.

That, more than any spreadsheet or poll, will determine how this race ends on November 3rd.

About the Author

Billy Mawhiney is an author, speaker and enrolled citizen of the Wyandotte Nation who has called South Dakota home for nearly two decades. He writes about elections, civic engagement, and leadership with the belief that every community is still writing its story, and every citizen has a role in shaping what comes next.