Indiana governor's race: McCormick gains ground in fundraising but lags behind Mike Braun

Indiana Democratic gubernatorial candidate Jennifer McCormick has made leaps in fundraising in recent months, though she still lags far behind her Republican opponent in the fall, U.S. Sen. Mike Braun .

McCormick, whose endorsed running mate got the seal of approval from Democratic delegates last weekend, is heading into the fall campaign season with about $700,000 in the bank, compared to Braun's $1.7 million, according to the latest campaign finance reports due this week. Libertarian Donald Rainwater , with $77,000 cash on hand, will also be on the ballot in November.

Though McCormick is struggling to attract the kind of high-profile donors that Braun is collecting in droves, she's ramped up her grassroots effort, collecting $650,000 in the past three months with almost entirely small donors. However, this remains short of the multiple millions party insiders speculate she'd need to defeat Braun in such a heavily Republican state. Since Democrats haven't won statewide office in over a decade, big donors are hard to come by.

More: For Indiana Democrats these days, every year is a rebuilding year

Here's a look at who has given to each gubernatorial campaign during the first half of 2024.

Mike Braun

Total raised: $6.2 million

Total spent: $8.6 million, mostly before the primary election

Cash on hand as of June 30: $1.7 million

Who donated:

• Braun has racked up high-dollar donations from CEO-types across the state, from Indianapolis Motor Speedway owner Roger Penske ($50,000), Eli Lilly CEO and past CEO David Ricks ($10,000) and John Lechleiter ($25,000) and IBJ Media CEO Nate Feltman ($20,000). Several of these large donations came in the days after the state GOP convention and a large "unity" fundraiser hosted by Braun and his new running mate, Micah Beckwith .
• Overall, nearly 1,100 individual contributions totaled about $3.8 million, for an average contribution of $3,391.
• Corporations and other LLC-type donors gave major support, totaling $1.5 million.
• Political Action Committees gave $859,000, with an especially large showing from the Indiana Realtors PAC, which gave $100,000.

Jennifer McCormick

Total raised: $782,000, mostly in the second quarter

Total spent: $291,000

Cash on hand as of June 30: $700,000

Who donated:

• McCormick's fundraising has been almost entirely grassroots. There are just two large individual donors to speak of: prominent philanthropist Ann Stack ($20,000), and John Raitt, retired partner of a Chicago investment firm ($10,000).
• Overall, she's fielded about 2,400 individual contributions totaling $346,000, for an average of $146 per contribution. That doesn't include another $140,000 in unitemized contributions, which come from donors who give less than $100 a year.
• Political Action Committees have given $273,000, most notably a $250,000 donation from IPACE, the state teachers' union.
• She's received about $13,000 from other Democratic campaign coffers.

Donald Rainwater

Total raised: $87,000

Total spent: $23,000

Cash on hand as of June 30: $77,000

Who donated:

• Rainwater has raised from almost entirely small donors, except for one large giver: California resident Chris Rufer, who gave $30,000.
• Overall, 416 individual contributions totaled about $81,400 ― taking out Rufer's outlier contribution, that leaves an average contribution of $124.
• Political Action Committees, mostly the Liberty is Essential PAC from Indianapolis, gave $5,340.

Contact IndyStar state government and politics reporter Kayla Dwyer at kdwyer@indystar.com or follow her on Twitter @kayla_dwyer17 .

This article originally appeared on Indianapolis Star: Indiana governor's race: McCormick gains ground in fundraising but lags behind Mike Braun