Indiana governor candidates have raised more than $18M. Here's who has raised the most.

The many candidates for Indiana governor collectively raised more than $18 million in 2023 for their campaigns, and they spent about $15 million on expenses ranging from television ads to high-priced consultants to opposition research.

And the heaviest part of campaign season is only just hitting.

With the primary a few months away, the Republican candidates in particular have built up millions in savings and will likely spend a record amount by the time this election cycle ends.

In terms of sheer numbers, former Commerce Secretary Brad Chambers came out on top at year's end ― with more than $8 million raised ― but absent Chambers' $5 million loan to himself, U.S. Sen. Mike Braun carries the day with the $4.4 million he raised.

Braun is no stranger to self-funding: For his 2018 Senate race, he loaned his campaign $4.5 million. In this election cycle, $900,000 came from his Senate campaign account, at the end of 2022.

Braun ended 2023 with the most money remaining in his bank, known as "cash on hand:" $4.1 million.

Chambers spent the most, about $5.4 million, mostly on ads.

Also running for governor in the Republican primary are Lt. Gov. Suzanne Crouch, who ended the year with the second-largest bank account with $3.8 million; Fort Wayne businessman Eric Doden, the earliest entrant in the race; former Attorney General Curtis Hill, who lags far behind his opponents in fundraising; and Indianapolis mother Jamie Reitenour, who reported less than $15,000 at year's end. Donald Rainwater, who is running as a Libertarian, and former schools superintendent Jennifer Mccormick, running as a Democrat, have raised far less than the Republicans with the largest war chests.

Indiana governor's race: Many candidates, little time to grab voters' interest

Below are the summaries of what each candidate raised and spent throughout 2023, spanning the campaign finance reports from both halfs of the year.

Mike Braun

Amount raised in 2023: $4.4 million

Amount spent in 2023: $3.2 million

Cash on hand as of Jan. 1: $4.1 million

Who donated:

• Nearly 1,400 individual contributions totaled about $3 million, for an average contribution of about $2,200. This doesn't include $58,000 of unitemized contributions, which accounts for people who donate less than $100.

• Braun's top individual donors include Daniel Tarr, a business executive in French Lick who gave $75,000; $50,000 from James Cornelius, former CEO of Bristol Myers Squibb; and $50,000 from Matt Miller, president of car manufacturer Newmar.

• Corporations, particularly builders, suppliers and automotive companies, gave about $235,000.

• Many businesses, like real estate developers, fall under the "other organizations" category, which can also include other people's political campaigns. Under this category, he raised $794,000.

• Political Action Committees gave $257,000, with sizable contributions from the trucking and construction industries.

What he spent money on:

• About $1.5 million on ad placement

• Roughly $735,000 on consultants, from communications to finance to polling and research

• Roughly $55,000 on media production, such as videos

Brad Chambers

Amount raised in 2023: $8.3 million, which includes a $5 million loan from himself

Amount spent in 2023: $5.4 million

Cash on hand as of Jan. 1: $2.9 million

Who donated:

• Aside from Chambers' $5 million loan, he collected about 460 individual contributions totaling $2.9 million, for an average contribution of about $6,200.

• Eleven people donated at least $100,000 to his campaign. Some notable names include real estate developer Douglas Rose, Eli Lilly CEO David Ricks, and Merchants Bank chair Michael Petrie, who is also Chambers' campaign treasurer.

• About a dozen corporations, almost all based in Central Indiana, donated $30,000.

• Other organizations, including property companies and Fishers Mayor Scott Fadness' campaign coffers, donated $53,000.

• Five Political Action Committees donated $53,000.

What he spent money on:

• About $4 million on ad placements

• About $243,000 for consultants, including digital advertising

• About $194,000 on research

• About $136,000 on media production, such as videos

• Chambers' company, Buckingham, provided about $90,000 worth of services, including office space, administrative overhead and air travel

Suzanne Crouch

Amount raised in 2023: $2.4 million

Amount spent in 2023: $1.8 million

Cash on hand as of Jan. 1: $3.8 million

Who donated:

• Nearly 830 individual contributions totaled about $1.5 million, for an average of $1,800 per contribution.

• Her top individual donor is Richard Keith Byers, an auto executive who gave $150,000.

• Corporations, including many small and medium sized businesses in Evansville, where Crouch was born and raised, gave $135,000.

• Other organizations gave about $519,000, including the campaign coffers of several state and federal lawmakers as well as a $50,000 donation from Circle City ABA, an autism therapy clinic.

• Political Action Committees, including some unions, gave $185,000.

What she spent money on:

• About $480,000 on digital advertising

• About $565,000 on consultants

• About $318,000 on video production

• About $59,000 on polling

Eric Doden

Amount raised in 2023: $2.2 million

Amount spent in 2023: $4 million

Cash on hand as of Jan. 1: $1 million

Who donated:

• About 250 individual contributions totaled more than $1.6 million, for an average of about $6,500 per contribution.

• Doden's father, Daryle Doden, CEO of investment company Ambassador Enterprises, donated $600,000 to the campaign.

• Corporations donated about $41,500.

• Other organizations, like investment firms in Fort Wayne, donated about $544,000.

What he spent money on:

• About $2.6 million on ad placements

• About $355,000 on consultants

• About $116,000 on research

• About $44,000 on media production

Curtis Hill

Amount raised in 2023: $374,000

Amount spent in 2023: $271,000

Cash on hand as of Jan. 1: $123,000

Who donated:

• About 190 individual contributions totaled $296,000, for an average of $1,600 per contribution.

• Four corporations donated about $10,000.

• Other organizations donated $63,000, about half coming from out of state.

What he spent money on:

Most of his spending went toward consultants, whose services included digital advertising.

Jamie Reitenour

Amount raised in 2023: $28,500

Amount spent in 2023: $17,500

Cash on hand as of Jan. 1: $14,700

Who donated:

• Eight individual contributions totaled $23,300, for an average of $2,900 per contribution.

Donald Rainwater

Amount raised in 2023: $17,000

Amount spent in 2023: $4,500

Cash on hand as of Jan. 1: $13,000

Who donated: About 140 individual contributions totaled about $5,100, for an average of under $40 per contribution.

Jennifer McCormick

Amount raised in 2023: $444,000

Amount spent in 2023: $285,000

Cash on hand as of Jan. 1: $201,000

Who donated:

• About 1,000 individual contributions totaled $233,000, for an average of $233 per contribution. This doesn't include about $90,000 of unitemized contributions, which accounts for people who donate less than $100.

• Political Action Committees, mostly those of unions, gave about 40,000.

• Her top donor was the Teamsters Indianapolis local's PAC, which donated $25,000.

Contact IndyStar state government and politics reporter Kayla Dwyer at [email protected] or follow her on Twitter@kayla_dwyer17.

This article originally appeared on Indianapolis Star: Indiana governor's race draws $18M into campaign coffers in 2023