The following is a very important report to you from 80-20. 80-20 is proud of how much money it has received from you; how it has spent it; and how it has used the money to create a small amount of political clout for the community. Rome was not built in one day. We still have a long way to go. Thank you.
- - - - - - - - - - - - - - - - - -
Contact Person: Yu-Chi HO
For Immediate Release
Subject: Audit and Expenditure Report on 80-20
The 80-20 PAC is proud to announce that it invited the most stringent audit upon itself, and received a clean bill of health. There are 3 different levels of audit. The most stringent level involves the independent verification of receipts and disbursements. The audit was done by O'Brein, Fitzgerald, Taylor, and Keaveney Accounting firm, located in Waltham, MA. The standard report from the firm is posted on 80-20's web site: www.80-20initiative.net.
Yu-Chi Ho, 80-20's Treasurer and a Harvard professor, said: "80-20 is aware of its immense responsibility to our community. We want to demonstrate to our community that an APA organization can be deeply involved in politics and yet be in complete compliance with the law of the land. Our community knows that 80-20 has the courage and political know-how to fight for our community. But 80-20 is clearly aware thst it is but a servant of our community. Our people gave us the money; we want to report to them our expenditures."
The 80-20 raised about $400K and spent about $300K. Detailed receipts and expenditures are available at the Federal Election Commission in 324 pages at a nominal cost. A breakdown of 80-20's expenditures since its inception is:
TV, radio, and newspaper ads 25%
e-mailing cost 8%
Office expenses & equipment (computers, fax, stamps) 6%
Fundraising expenses in SF(1 event) & LA(2) 20%
LA Chapter Development 3%
Prof. Ho used 80-20's expenditure to illustrate 80-20’s structure and operation. "Our expenditure explains the strengths of 80-20 as a cyber space organization. There is no office rental, we only need computers. Salary is only 38% of our expenditure, although we currently have two full-time staff, one each in SF and LA. Most organizations spend 70% or more of its money on people. Note that our Steering Committee members, some working hundreds of hours per month for 80-20, are not paid."
"Our expenditure also shows how 80-20 focuses its resources on its primary objectives -- generating a bloc vote to empower our community. Hundreds of TV and radio ads were broadcast in SF and LA in Chinese, Vietnamese and Korean languages. They were on and off the air for a period of about 8 weeks prior to the presidential election of 2000. The first wave of ads told viewers what 80-20 was all about. The second wave urged APAs to vote as a bloc for Gore. 80-20 also leased an exclusive T1 phone line year-round for e-mailing. Even then it took 72 hours to finish e-mailing one SINGLE message to all of its 430,000 supporters. The combined power of our e-mails and political ads produced a historic bloc vote of 70 to 28 in CA for the Asian Am. community, that was verified by a national survey of the APA community, partially funded by The National Science Foundation. These two items consumed 32% of 80-20's financial resources, not counting the staff cost. At least 75% of our staff time was devoted directly to the historic creation of a bloc vote."
Prof. Ho also said, "About 3/5 of our war chest was raised through e-mail which has practically no overhead. Traditional fundraisers generate political momentum above and beyond the dollars raised, but unfortunately have large overhead."
Prof. Ho also announced that The 80-20 PAC has been incorporated with Delaware as a non-stock and non-profit corporation. He is looking for a volunteer in MA to assist him in bookkeeping for 80-20.
* * * * * * * * * * *
80-20 is a national nonpartisan Political Action Committee dedicated to winning equality and justice for all Asian Pacific Americans through a swing bloc-vote. For more details, visit http://www.80-20initiative.net