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Nonpartisan Voter Resource May 5 · Nov 3
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Campaign Finance

Follow the Money

The money tells a story the candidates won't. Who's funding whom, who can't raise from anyone but themselves, and who's buying state senate seats from out of state.

The Dark Money Machine

Outside spending in Indiana's 2026 Republican state senate primaries

At least four national organizations are spending millions to unseat Republican state senators who voted against Trump's redistricting plan. The combined spending likely exceeds $4 million and could approach $7 million — dwarfing what state senate candidates can raise on their own by 10:1 or more.

The financial architecture is as significant as the dollar amounts. The two largest players operate through 501(c)(4) nonprofits that are legally exempt from donor disclosure. Voters in these districts cannot know who is funding the campaigns for or against their state senators.

Hoosier Leadership for America
501(c)(4) — donors secret
$3M

Run by Andrew Surabian (Trump/Vance adviser) for Sen. Jim Banks. Registered at a single-family home in Fort Wayne. Compliance handled by a Massachusetts firm. TV and radio ads in 4+ Indiana markets targeting 5 senators.

Club for Growth
Super PAC + mailers
$3M

Led by former IN Congressman David McIntosh. $425K confirmed pre-vote. One-week broadcast buy in Indianapolis market covering ~40-45% of R primary voters. McIntosh and Trump vowed to "work tirelessly together" to unseat opposition senators.

Fair Maps Indiana
501(c)(4) + super PAC
$1M+

Chaired by Marty Obst (Trump 2016/2020, Pence adviser). Team includes Chris LaCivita (Trump 2024 senior adviser). Super PAC arm reported $0 fundraising despite pledging "seven figures" — spending routed through undisclosed 501(c)(4).

Turning Point Action
National org
TBD

Pledged "congressional-level spending." Sent an out-of-state "strike team." Lt. Gov. Beckwith promoted their events. COO Tyler Bowyer called residents "Indianans" in a since-deleted post.

Why this matters

State senate campaigns typically run on $50,000-$200,000 for an entire primary cycle. A single group's spending — $3 million across seven races — averages over $400,000 per race. The challengers didn't raise this money. It flows around them, through organizations voters can't see into.

Read the full redistricting story

Congressional Fundraising

FEC data through December 31, 2025 — the last complete reporting period

The fundraising data for Indiana's nine congressional races tells three stories: the self-funding wealth barrier, the institutional money flow, and the Baird anomaly.

Rudy Yakym (R)IN-02
Raised $2.94MCash $1.49M
Jefferson Shreve (R)IN-06
Raised $2.30MCash $2.12M
$7.9M self-funded*
Frank Mrvan (D)IN-01
Raised $1.42MCash $908K
Erin Houchin (R)IN-09
Raised $1.08MCash $1.14M
Victoria Spartz (R)IN-05
Raised $1.01MCash $210K
Mark Messmer (R)IN-08
Raised $701KCash $544K
Marlin Stutzman (R)IN-03
Raised $618KCash $221K
Andre Carson (D)IN-07
Raised $573KCash $646K
Jim Baird (R)IN-04
Raised $195KCash $141K

* Cumulative self-loans across cycles. Source: FEC filings through December 31, 2025.

The Self-Funding Problem

Over $9.4 million in personal loans have been injected into these races. Shreve's $7.9M, Regnitz's $1.5M. Strip out self-funding and Shreve's "fundraising" drops from $2.3M to $296K. Regnitz's drops from $1.55M to $54K. The question that predicts viability: can the candidate attract support from people who are not the candidate?

Where PAC Money Goes

PAC money flows to safe seats, not competitive ones. Yakym received $778K in PAC contributions while holding a seat he won by 25 points. The PAC pattern reflects Washington's interest in maintaining relationships, not shaping outcomes.

The Baird Anomaly

A seven-term incumbent who raises less than $195K, carries $210K in debt, and whose PAC contributions exceed individual donors. His challenger Craig Haggard has achieved financial parity — $122K cash with zero debt. The donor class has delivered its verdict.

Notable Challengers

The candidates trying to break through

Barb Regnitz
IN-01 Republican primary
Total raised $1.55M
From others $54K
Self-loan $1.5M (96.5%)
Full profile
Craig Haggard
IN-04 Republican primary
Total raised $119K
Cash on hand $122K
Debt $0
Full profile
Beau Bayh
Secretary of State (D)
Total raised $1.8M
Source Bayh dynasty network
Full profile