On Wednesday, Axios reported that Pete Snyder, a Republican businessman and political consultant running for governor of Virginia, gave a completely different number to the Internal Revenue Service than the amount he is boasting he raised for his COVID-19 relief charity.
In fact, he would ultimately say he raised more than 56 times the amount he told the IRS he was expecting to raise for the charitable venture, which was set up to issue forgivable loans to businesses affected by the pandemic.
"The Virginia 30 Day Fund's mission is central to Snyder's political brand. It's a calling card for the Republican in a crowded primary in a bellwether off-year race," reported Lachlan Markay. "But early, apparently erroneous disclosures to the IRS allowed the group to shield from public view key information about its operators, operations and finances."
"The IRS filing, submitted under penalty of perjury, certified the group had not raised, and did not expect to raise, more than $50,000 per year during its first three years," said the report. However, "Days before the filing, on April 6, Snyder told The Washington Post he and his wife had put up $100,000 in seed money for the group. And on April 8, Snyder told Richmond's NBC affiliate the group had already 'raised over a quarter of (a) million dollars' ... By mid-June, the Virginia 30 Day Fund had raised nearly $2.8 million, according to Snyder, who in January stepped down from his position with the group and announced his run for governor."
According to the report, "Nonprofits that bring in more than $50,000 per year are required to provide far more granular information to the IRS, including details about executive compensation, conflict of interest policies, vendor contracts and business relationships among the groups' directors."
Snyder is one of a number of Republicans who has expressed interest in the Virginia governorship, which has been in Democratic hands since 2014. Among the other GOP candidates are Amanda Chase, a state senator who has suggested the pro-Trump attack on the U.S. Capitol was justified, and former state House Speaker Kirk Cox. Several Democrats are running as well, including former governor Terry McAuliffe who is hoping for another term.