At the website for former Alaska governor and erstwhile Vice Presidential candidate Sarah Palin's political action committee, Sarah PAC, donors are assured that funds they give to the PAC will be "dedicated to building America’s future by supporting fresh ideas and candidates who share our vision for reform and innovation.” According to Politico, however, those funds are currently doing nothing of the sort.

The committee's Wednesday FEC filing, says that Sarah PAC raised $388,000 between January and March and spent $418,000 over the same time period, most of it on further fundraising and a bevy of political consultants, as well as a down payment on building space in Tampa, Florida near the site this summer's Republican National Convention.

None of the funds have been spent on candidates or donations to other conservative causes, but the PAC paid $19,000 to an independent video production company to put out a two-minute video clip purporting to correct the unflattering portrayal of Palin in the HBO film "Game Change," a depiction of the 2008 election.

The Palin team put down a down payment of $4,500 to reserve space in the Channelside district of Tampa, close to the site of the 2012 RNC, but also separate enough to suggest that Palin, in the words of Politico, "plans to have an independent presence at the event separate from the formal proceedings."

Sarah PAC spent a whopping $255,000 on fundraising and a coterie of Beltway political advisers, even as the former governor would appear to be stepping away from the 2012 race and foregoing the spotlight in order to support presumptive Republican nominee, Gov. Mitt Romney (R-MA). Recently, she urged Romney to "go rogue" and choose Florida Congressman Allen West (R-Ft. Lauderdale) as his running mate.

The PAC finished March with $983,000 in its coffers, and treasurer Tim Crawford insists that, while the committee has yet to donate to any 2012 candidates, they will start giving once the election season gets further underway.

“Sarah PAC has given to many candidates in the past and will continue to do so," he said.