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Financial Management for Political Campaigns: How to Get Started

2 min read
Emily Dexter · Oct 2, 2023

Campaign finance is an integral part of campaign management. Proper financial management allows candidates to run efficient and transparent campaigns, establishing a sense of trust with their community while funding their campaign efforts. From filing with the IRS to staying on track toward fundraising goals, Good Party is here to guide you through every part of campaign finance.

Why Campaign Finance Setup Is Essential for Campaigns

Before learning how to set up your campaign’s financial management, it is important to understand how central a role campaign finance can play on the road to election. Here are some of the main benefits of prioritizing transparent financial management in your campaign strategy:

  • Encouraging Accountability: Keeping your campaign finances in order will let voters know that you are trustworthy to serve in public office. Proving your responsibility to voters can also set the stage for you to continue working against corruption once in office.

  • Promoting Voter Engagement: Voters will be more likely to support your campaign if they know that their donations will make a real impact. Running a clean campaign can also encourage voters to have greater trust in the electoral system, making them more likely to turn out to vote and participate in the democratic process.

  • Avoiding Legal Consequences: Running afoul of campaign finance regulations can have serious consequences, including fines and penalties, legal action, and sometimes even disqualification from the race. These consequences are designed to prevent corruption and ensure that public officials are elected as fairly as possible. 

Each state has its own set of campaign finance regulations, so be sure to research the specific guidelines within your state.

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How Good Party’s AI Campaign Manager Streamlines Campaign Finance Setup

If the process of getting organized with campaign finance sounds daunting, don’t worry, because Good Party’s AI Campaign Manager is here to help. The AI Campaign Manager’s candidate dashboard includes an easy-to-follow funding checklist, designed by political experts and built to help first-time candidates navigate the world of financial management.

The AI Campaign Manager’s funding checklist walks you through the following areas of campaign finance:

  • Filing for an employer identification number (EIN) with the IRS

  • Opening a campaign checking account

  • Opening a payment processor account for online fundraising

  • Embedding a donate button on your campaign website

  • Researching and filing all necessary paperwork with the relevant campaign regulatory agency

  • Identifying campaign filing and finance deadlines relevant to your campaign

The funding checklist includes helpful links and detailed instructions to help you find your way. You can check out this video by Good Party’s political director, Jared Alper, to learn more about how the AI Campaign Manager can help you get started with campaign finance. Candidates are also always welcome to reach out to Good Party’s team of campaign experts with questions regarding fundraising and campaign finance. We’ve been through it all before, and we’re ready to help you get your campaign set up for success!

The AI Campaign Manager also goes beyond campaign finance, with capabilities supporting campaign messaging, team building, and voter outreach efforts. Best of all, these tools are completely free for independent, non-partisan, and third-party candidates. Learn more by reading about the top 10 ways candidates can make use of Good Party’s AI Campaign Manager. Or if you want to learn more about the best practices for campaign fundraising and financial management, check out these additional resources:

If you’re ready to get started with the AI Campaign Manager, reach out and book a meeting today. 

Photo Credit: Dan Dennis on Unsplash

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Take advantage of free AI tools to create compelling campaign materials
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By Emily Dexter
Emily Dexter is the content marketing coordinator at Good Party. Based in the Midwest, she brings a fresh perspective and editorial experience to the team.