Funding
The Democratic Party announced in February 2011 that it would not accept corporate donations to fund the convention. This decision was made to increase the party's populist appeal and create distance from Bank of America and the financial industry. As of June, 2012, the convention was $27 million short of its fundraising goals and consequently canceled some planned events. (The last DNC raised $33 million from corporate donors.)
The Obama campaign has also received less in union donations than it did in 2008.
Corporate sponsors can make in-kind donations such as transportation, as well as host parties. They can also donate to a non-profit called "New American City, Inc.", which is run by the directors of the convention host committee. New American City, incorporated on April 4, 2011, exists to "defray administrative expenses incurred by the host committee organizations". (The host committee, in turn, provides "goods, facilities, equipment and services".)
Donors to this group include Bank of America, Wells Fargo and Duke Energy.
The Party's convention funds are stored in a Bank of America account. The convention also has a $10 million line of credit available from Duke Energy.
Read more about this topic: 2012 Democratic National Convention