A Washington Free Beacon investigation discovered a $12 million disparity in the financial disclosures of President Joe Biden's preferred super PAC, prompting legal experts to call for immediate investigations into the "troubling" discrepancy.
Future Forward, which the Biden White House has endorsed as the "pre-eminent super PAC" supporting the president's reelection campaign, claimed in 2021 to have received only $3.4 million from its affiliated dark money group, as the Washington Free Beacon reported.
Future Forward USA Action, a nonprofit organization, reported in its 2021 IRS tax return that it contributed $15,3 million to the super PAC that year.
The missing $12 million is one of several errors in the organization's finances that, according to experts, warrant a federal investigation.
"The apparent numerous and blatant discrepancies in the recent filings by both the nonprofit and the super PAC are beyond troubling," said Kendra Arnold, executive director of watchdog group Foundation for Accountability and Civic Trust.
"This situation calls for an investigation," Arnold said, adding that the radical divergence in the figures reported in the groups’ financial disclosures "is a telltale sign of inaccuracies and a deeper problem."
Nonprofit attorney Jason Torchinsky echoed that call, saying an apparent failure to report millions in contributions "would be a serious matter that the Federal Election Commission would investigate."
An investigation into Future Forward could prove problematic for Biden in the 2024 election cycle. The group, led by former Obama campaign staffers, has discreetly raised nearly $400 million over the past five years to support Biden and the Democrats in swing states.
The majority of Future Forward's funding came from Future Forward USA Action, a nonprofit organization that is not required to disclose its donors.
While Biden stated in September that dark money "erodes public trust" and is a "serious problem facing our democracy," White House deputy chief of staff Jennifer O'Malley Dillon later stated that Future Forward would "play a key role" in supporting Biden's reelection campaign.
Future Forward and Future Forward USA Action did not respond to specific inquiries regarding the discrepancies in their financial disclosures.
Typically, when a super PAC discloses contributions from a dark money group, the figures will correspond to those reported by the dark money group on its IRS tax returns. But in the case of Future Forward, its disclosures to the IRS and FEC contain numerous glaring inconsistencies.
Future Forward USA Action reported providing $15,3 million to the super PAC in 2021 on its IRS tax return. Future Forward should have provided the same number to the FEC in its reports.
In contrast, the super PAC reported receiving only $3.4 million from its sister dark money organization in 2021. The remaining $12 million is entirely unaccounted for in the super PAC's filings, a discrepancy that Arnold described as "beyond troubling."