Rep. Jack Kemp (R-N.Y.), whose presidential campaign was running about $200,000 in the red two months ago, held a news conference this week in New Hampshire to announce that "we're in the black and running smoothly with over $3.3 million raised."
Financial statements to be filed with the Federal Election Commission July 15 will show that between Dec. 1, 1986, and June 30 the Kemp committee raised $3.3 million from 50,000 individuals, adviser Charles Black said. It has about $600,000 cash on hand but owes some $450,000, he said. "So our net cash position is about $150,000 in the black." The campaign repaid a $50,000 bank loan it took out in May to pay direct-mail costs. At that time, the campaign was reportedly $200,000 in the red.
The campaign used direct mail to build a small-contributors list. Black said a little more than half of $3.3 million was from direct mail. But direct mail is expensive -- it cost about half of what it brought in. The average contribution was $65.
Black estimated the campaign should be eligible for about $1.8 million in federal matching funds on Jan. 1.
Meanwhile, the presidential campaign committee of former senator Paul Laxalt (R-Nev.) announced yesterday that its FEC report will show $820,000 in contributions with $615,000 cash on hand. Spokesman David Carmen said the funds came from 1,100 donors in 36 states over a six-week period. He said the campaign has not solicited funds through direct mail.