Debt
5:14 pm
Fri February 1, 2013

DNC Host Committee Still $10 Million Short

The Charlotte host committee is still $10 million short of its fundraising goal for the convention and has had to tap a line of credit guaranteed by Duke Energy.

A new report shows the committee made little progress – barely a drop in the bucket -- with only half-a-dozen contributions in the past few months. So Duke Energy may just have to foot the bill after all.

Two years ago, DNC organizers were confident they wouldn't need to use Duke Energy's $10 million line of credit.

Here's the host committee's interim director Will Miller at the time.

"We feel very strongly that we can raise the money that's going to be required to be raised," Miller says. "And Jim Rogers - because he is heading the fundraising - felt like it would be very easy to support the effort by putting up that credit enhancement."

The DNC has come and gone. And convention organizers are still struggling to pay the bill. A report filed with the Federal Elections Commission shows that the host committee is still 10 million dollars short. They were hoping to make up some of the shortfall after the DNC, but between October and December of last year, the host committee only received $345,000 in contributions.

Duke Energy's CEO Jim Rogers has said shareholders may just have to give that money away as a contribution. He was a co-chair for the convention's host committee. Duke Energy has already taken a earnings hit -- a $10 million loss recorded in its third-quarter earnings report if the DNC host committee fails to pay off it's line of credit. 

The committee has until the end of February to find a way to pay off the $10 million loan from Duke Energy.