The 2024 election cycle in North Carolina highlighted stark differences in fundraising between Democrats and Republicans, with the Democratic Party relying heavily on out-of-state donors while the GOP drew more support from in-state contributors.
Over 70% of individual contributions to the North Carolina Republican Party came from within the state for the 2024 election cycle, while over 70% of the NC Democratic Party’s individual contributions came from out-of-state, according to 2024 election data from the State Board of Elections.
Democrats raised about $5.4 million from individual donors, with 78.5%, or $4.2 million, coming from outside of North Carolina. Only 21.5%, or $1 million, came from in-state donors, reflecting a heavy dependence on external fundraising.
In contrast, the Republican Party raised $3.9 million from individual donors, with 71.8%, or $2.8 million, of its fundraising coming from within North Carolina, while 28%, or $1.1 million, came from out of state. These numbers are the result of combining NC Republican Party Funds with House and Senate Caucuses. The Democratic Party does not separate out caucus funds, so caucus funds were added to the Republican total to create a more accurate comparison.
While Democrats outpaced Republicans in overall fundraising, the GOP’s stronger in-state support stands out as parties look ahead to the 2026 midterm election, explained Jim Stirling, a research fellow at the John Locke Foundation.
“The Democratic Party is very reliant on ActBlue and money from blue state mega donors across the country. The decline in in-state fundraising is very troubling for them going into the midterms in the next two years,” said Stirling. “Republicans almost in their totality raised money from in-state donors while being very limited in what they could raise from out-of-state donors. They seem to be able to keep more support and financial backing in state, indicating they are more directly connected with their donors and thus more insulated from the national political dynamics. In addition they don’t appear as reliant on a Council of State Committee to be the primary financier of their party.”
Leadership Fund
The Council of State Committee, known as the Leadership Fund, managed by Nexus Strategies partner Scott Falmlen, played a pivotal role in securing $42 million in high-profile contributions, enabling Democrats to outspend Republicans despite a smaller in-state donor base. Falmlen’s business partner is Democrat political strategist Morgan Jackson, who acted as the lead consultant for Josh Stein’s gubernatorial campaign.
Key figures like Josh Stein’s parents, who contributed approximately $570,000, and the Sall family, who gave $4.5 million, made up nearly half of the in-state individual donations. John Sall, worth an estimated $5.5 billion, is a co-founder of SAS Institute headquartered in Cary, North Carolina.
Notably, financier and international activist George Soros also donated $250,000 to North Carolina Democrats.
A major factor in the Democrats’ financial success was Josh Stein himself, who transferred $13 million to the state party, funds raised by the Leadership Fund. Of the total $42 million raised, $18 million was directed through the party, helping Democrats surpass Republicans in total funds raised. Without Stein’s contribution, the GOP would have outpaced Democrats, raising $22 million to the Democrats’ $29 million.
“The state party is incredibly reliant on Stein and leadership to be able to afford some of these key statewide and legislative races,” explained Stirling. “Donor trust definitely favors someone who has shown experience and success. The committee run by Nexus Strategies is well-established and can win their races. Donors know this and are more willing to put their money in him.”
While Democratic Party Chair Anderson Clayton has focused on building grassroots support, the gap between leadership-driven fundraising and grassroots efforts remains significant.
Democrats also funneled significant amounts to key candidates, with Supreme Court candidate Allison Riggs receiving $2 million through party channels and Sen. Terrence Everitt, D-Wake, getting $3.7 million.
On the Republican side, Lenny Peters contributed $346,000 to the state GOP, and the party’s top individual donors gave a combined $416,000 to leadership. In total, Republicans raised $2 million from individual donors and $6 million overall.
Editor’s Note: This story was corrected to reflect that Democratic NC Supreme Court candidate Allison Riggs received $2 million through party channels, not $5 million.