Obama weighing what to do with left over $29.9 Million

After shattering all previous fundraising records with a $745 million haul during the 2008 race, President-elect Obama’s campaign is now weighing what to do with the $29.9 million still left in its coffers.

The campaign will have just over $29.3 million cash on hand after paying its $590,000 in remaining debts, according to a report it filed Thursday with the Federal Election Commission (FEC).

{mosads}”We aren’t in a position to announce what the next steps for our organization are today, but are continuing a dialogue with our supporters about their vision for how we move forward,” Obama spokesman Ben LaBolt told The Hill.

“Due to the sustained commitment of our donors through the election, we are fortunate to have adequate funds available to meet our outstanding expenses and tax obligations as we wind down the campaign operation,” LaBolt said.

In fact, the campaign has had more than enough to cover its expenses: since Oct. 16, Obama for America has donated $8.5 million to 23 state Democratic parties, $6 million to the Democratic National Committee (DNC), and $500,000 each to the party’s House and Senate campaign arms, giving the entire party a $15.5 million boost.

As part of its dialogue with supporters, the Obama campaign sent an online survey to its e-mail list last month, seeking input from supporters on what the campaign’s post-election plans should be. Over 500,000 responses were submitted, according to a campaign official. The campaign is also encouraging supporters to host parties where they and others can “plan the future of the movement.” The campaign will collect feedback from party hosts, according to the e-mail sent Thursday by Campaign Manager David Plouffe telling supporters how to organize the parties with Obama for America’s help.

So what options are open to Obama for how he spends the money? Under FEC guidelines, there are many.

One is to save it for a 2012 reelection campaign, assuming Obama decides to run again, giving a $29.3 million head start to the most prolific fundraising candidate in history.

Obama also can give unlimited additional amounts to national, state, and local party committees. If Obama donates funds to other candidates, his donations will be restricted to $2,000 per campaign (or $4,000 for a primary plus a general election). If he donates to PACs, he will be limited to $5,000 per year for each PAC he supports.

Issue advocacy is another option. If the president-elect wants, for instance, to air TV, radio, or print ads supporting any of his policy initiatives, he will be able to do so without spending restrictions from the FEC. The Obama campaign declined to comment on whether using the money for issue advocacy had been discussed.

Obama also can give unlimited amounts to charity, if he so chooses. He can also invest unlimited amounts of the remaining cash, though income from investments would be taxed. Money market funds, government bonds, stocks, and certificates of deposit all appear to be fair game under a 1999 FEC advisory opinion on campaign investments.

Anything not designated by the FEC as “personal use”–such as vacation for his family, tickets to sporting events, tuition for his daughters, etc.–will be open to Obama as an option for the $29.3 million.