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What happens to Iowa Gov. Kim Reynolds’ campaign money now that she’s not running?
Reynolds’ campaign finished 2024 with more than $3 million in cash on hand
Apr. 15, 2025 9:31 am, Updated: Apr. 15, 2025 3:30 pm
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DES MOINES — Iowa Gov. Kim Reynolds was sitting on more than $3 million in her campaign account as of the end of last year.
Reynolds raised $1.8 million last year and finished the year with more than $3 million in her campaign account, according to the most recent state campaign finance report she filed in January.
After leading the state for nearly a decade, the Republican incumbent who became Iowa’s first female governor in 2017 made a surprise announcement Friday that she will not seek a third term in 2026.
Now that she's not running for re-election, what happens to and what can she do with all that campaign money?
The Reynolds campaign did not respond to a request for comment Tuesday.
The Gazette reached out to Zach Goodrich, executive director and legal counsel for the Iowa Ethics and Campaign Disclosure Board, to understand what could happen to the current campaign's $3 million cash on hand.
Q: What does state law allow her to do with that money?
A: In addition to the uses permitted under (Iowa Code) Section 68A.302, a candidate’s committee may transfer campaign funds only in one or more of the following ways, Goodrich said:
- Contributions to charitable organizations, unless the candidate or the candidate’s spouse, child, stepchild, brother, brother-in-law, stepbrother, sister, sister-in-law, stepsister, parent, parent-in-law or stepparent is employed by the charitable organization and would receive a direct financial benefit from a contribution.
- Contributions to national, state or local political party central committees, or to partisan political committees organized to represent persons within the boundaries of a congressional district.
- Transfers to the treasurer of state for deposit in the general fund of the state, or to the appropriate treasurer for deposit in the general fund of a political subdivision of the state.
- Return of contributions to contributors on a pro rata basis, except that any contributor who contributed $5 or less may be excluded from the distribution.
- Contributions to another candidate’s committee when the candidate for whom both committees are formed is the same person. In other words, if Reynolds decides to run for office in the future, she could contribute the funds to her campaign for that office.
Q: Can Lt. Gov. Chris Cournoyer take over the campaign cash, should she decide to run for governor?
A: “No.”
Q: Can donors request or get refunds?
A: “Donors can request refunds but there is no requirement in state law that a donor's request be honored.”
Q: Could the campaign account be converted to a PAC?
A: “No.”
Q: Could she keep it open and park the money in the event she chooses to run for office in the future?
A: “Yes. Many candidates keep their committees open for various reasons long after they stop running for office. For instance, former Gov. Culver didn't dissolve his campaign committee until 2022.”
Q: What else could happen with the campaign money?
A: “She could transfer money to a political party who could then disperse it among other candidates. She is not allowed to give her campaign money directly to another campaign. If she gives the money to the Republican Party, she also is not allowed to specify how they distribute the money.”
Comments: (319) 398-8499; tom.barton@thegazette.com
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