Trump's 'unlimited' wealth may not be enough to fund his campaign

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Trump campaign ramps up fundraising

LONDON, June 23 (Reuters) - New York real estate developer Donald Trump says he has "unlimited" personal wealth to fund his White House run, but a Reuters review of his financial disclosures suggests he does not have enough cash to see his campaign through to Election Day.

Trump this week dismissed concerns about his campaign finances after electoral filings showed he raised just $3 million in individual contributions in May and had a war chest of only $1 million at the end of the month. His Democratic rival, Hillary Clinton, raised $26 million and ended May with a war chest of $42 million.

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Trump, the presumptive Republican nominee who says he is worth about $10 billion, said in a statement on Tuesday that "if need be, there could be unlimited 'cash on hand' as I would put up my own money."

Trump had cash and other liquid investments - money in funds, equities and cash - worth $60 million to $180 million in May, according to his filings with the Office of Government Ethics. The form does not require candidates to give precise values for their assets, only ranges.

If President Barack Obama's spending in his successful re-election bid in 2012 election is any guide, then Trump is a few hundred million dollars short. Obama spent almost $600 million between June and November 2012, according to Federal Election Commission filings.

Trump's campaign declined to comment for this story but referred to his earlier statement, in which he said his White House bid costs less than a traditional one because it is "leaner and more efficient."

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A masked supporter dances before Republican U.S. presidential candidate Donald Trump arrives at a campaign town hall event in Wausau, Wisconsin April 2, 2016. REUTERS/Ben Brewer
U.S. Republican presidential candidate Donald Trump greets supporters at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters cheer for U.S. Republican presidential candidate Donald Trump at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
People say the pledge of allegiance before listening to U.S. Republican presidential candidate Donald Trump speak at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters wait for U.S. Republican presidential candidate Donald Trump to speak at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters cheer for U.S. Republican presidential candidate Donald Trump as he speaks at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters (L-R) Annalisa Wales, 12, Scarlett Wales, 9, Barbara Wales, 68, and Katherine Wales, 10, wait for U.S. Republican presidential candidate Donald Trump to speak at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters cheer for U.S. Republican presidential candidate Donald Trump at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
U.S. Republican presidential candidate Donald Trump greets supporters at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
U.S. Republican presidential candidate Donald Trump greets supporters at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
U.S. Republican presidential candidate Donald Trump greets supporters at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
People listen to U.S. Republican presidential candidate Donald Trump speak at a campaign rally in Sacramento, California, U.S. June 1, 2016. REUTERS/Lucy Nicholson
A man carries a sign for Republican U.S. presidential candidate Donald Trump at the Rolling Thunder motorcycle rally to highlight POW-MIA issues on Memorial Day weekend in Washington, U.S. May 29, 2016. REUTERS/Jonathan Ernst
People watch Republican U.S. presidential candidate Donald Trump address the Rolling Thunder motorcycle rally to highlight POW-MIA issues on Memorial Day weekend in Washington, U.S. May 29, 2016. REUTERS/Jonathan Ernst
Supporters attend a rally with Republican U.S. presidential candidate Donald Trump in San Diego, California, U.S. May 27, 2016. REUTERS/Jonathan Ernst
Marcos Spence solicits volunteers to work for the campaign of Republican U.S. presidential candidate Donald Trump as they stand in line before the start of his rally in Albuquerque, New Mexico, U.S. May 24, 2016. REUTERS/Jonathan Ernst
A supporter holds a sign as Republican U.S. presidential candidate Donald Trump holds a rally in Anaheim, California, U.S. May 25, 2016. REUTERS/Jonathan Ernst
Supporters line up to enter a convention center where U.S. Republican presidential candidate Donald Trump holds a campaign rally in Anaheim, California, United States May 25, 2016. REUTERS/Mike Blake
Supporters of Republican U.S. Presidential candidate Donald Trump arrive before Trump speaks at a campaign event in Anaheim, California U.S. May 25, 2016. REUTERS/Mike Blake
A supporter of Republican U.S. Presidential candidate Donald Trump holds a sign before Trump speaks at a campaign event in Anaheim, California U.S. May 25, 2016. REUTERS/Mike Blake
Supporters of Republican U.S. Presidential candidate Donald Trump arrive before Trump speaks at a campaign event in Anaheim, California U.S. May 25, 2016. REUTERS/Mike Blake
Supporters of Republican U.S. presidential candidate Donald Trump stand in line before the start of his rally in Albuquerque, New Mexico, U.S. May 24, 2016. REUTERS/Jonathan Ernst FOR EDITORIAL USE ONLY. NO RESALES. NO ARCHIVES.
A supporter of Republican U.S. presidential candidate Donald Trump attends a Trump campaign rally at the Verizon Wireless Arena in Manchester, New Hampshire, February 8, 2016. REUTERS/Rick Wilking
A supporter of Republican U.S. presidential candidate Donald Trump wearing a "Trump for President '16" t-shirt listens to the candidate speak at a campaign rally at the airport in Hagerstown, Maryland, U.S. On April 24, 2016. REUTERS/Jim Bourg/File Photo
Activists of Hindu Sena, a Hindu right-wing group, perform a special prayer to ensure a victory of Republican U.S. presidential candidate Donald Trump in the upcoming elections, according to a media release, in New Delhi, India May 11, 2016. REUTERS/Anindito Mukherjee
Supporters hold signs as Republican U.S. presidential candidate Donald Trump speaks during a campaign rally in Lynden, Washington, U.S., May 7, 2016. REUTERS/Jim Urquhart
Supporters cheer as Republican U.S. presidential candidate Donald Trump speaks during a campaign rally in Lynden, Washington, U.S., May 7, 2016. REUTERS/Jim Urquhart
Supporters hold signs as Republican U.S. presidential candidate Donald Trump speaks during a campaign rally in Lynden, Washington, U.S., May 7, 2016. REUTERS/Jim Urquhart
A supporter of Republican presidential candidate Donald Trump holds a sign during a rally in Spokane, Wash., Saturday, May 7, 2016. (AP Photo/Ted S. Warren)
Delegate Douglas Marshall in the Donald Trump booth during the second day of the Republican Party of Texas state convention on May 13, 2016 in Dallas. (Paul Moseley/Fort Worth Star-Telegram/TNS via Getty Images)
Supporters look on as Republican presidential candidate Donald Trump speaks at a rally Saturday, May 7, 2016, in Lynden, Wash. (AP Photo/Elaine Thompson)
A supporter of U.S. Republican presidential candidate Donald Trump holds a sign during a campaign event at Grumman Studios in Bethpage, New York April 6, 2016. REUTERS/Shannon Stapleton
A supporter of U.S. Republican presidential candidate Donald Trump takes a photo during a campaign event at Grumman Studios in Bethpage, New York April 6, 2016. REUTERS/Shannon Stapleton
Republican U.S. presidential candidate Donald Trump supporters Josh (R), and his father Jeff Schimek (L), wait for him to speaks during a Town Hall at the Racine Civic Centre Memorial Hall April 2, 2016. REUTERS/Kamil Krzaczynski EDITORIAL USE ONLY. NO RESALES. NO ARCHIVE
Supporters (L) of Republican U.S. presidential candidate Donald Trump point and scream at an anti-Trump demonstrator (R) holding a sign reading "More Like Make America Racist Again" sign during a Trump campaign rally in Fountain Hills, Arizona March 19, 2016. REUTERS/Ricardo Arduengo TPX IMAGES OF THE DAY
A supporter of U.S. Republican presidential candidate Donald Trump attends a campaign rally in De Pere, Wisconsin, United States, March 30, 2016. REUTERS/Jim Young
Bob Bolus, a supporter of U.S. Republican presidential candidate Donald Trump, gives the thumbs up to drivers as they pass by on Super Tuesday in Middleburg Heights, Ohio March 15, 2016. REUTERS/Aaron Josefczyk
Rosemary Harder wears a hat supporting Republican U.S. presidential candidate Donald Trump during a news conference, after the Florida, Ohio, North Carolina, Illinois and Missouri primary elections, held at his Mar-A-Lago Club, in Palm Beach, Florida March 15, 2016. REUTERS/Joe Skipper
Supporter of U.S. Republican presidential candidate Donald Trump Alex Stypik joins Trump (L) on stage at a campaign rally in Bloomington, Illinois March 13, 2016. REUTERS/Jim Young
A Trump supporter (R) yells at a demonstrator (L) after Republican U.S. presidential candidate Donald Trump cancelled his rally at the University of Illinois at Chicago March 11, 2016. REUTERS/Kamil Krzaczynski TPX IMAGES OF THE DAY
Supporters of Republican U.S. presidential candidate Donald Trump cheer on their candidate at a Trump campaign rally in New Orleans, Louisiana March 4, 2016. REUTERS/Layne Murdoch Jr.
A supporter of U.S. Republican presidential candidate Donald Trump attends a campaign rally in Cadillac, Michigan, March 4, 2016. REUTERS/Jim Young
A supporter of Republican U.S. presidential candidate Donald Trump holds up a sign at a campaign rally at Valdosta State University in Valdosta, Georgia February 29, 2016. REUTERS/ Philip Sears
A supporter of Republican U.S. presidential candidate Donald Trump celebrates with a cigar at Trump's 2016 South Carolina presidential primary night rally in Spartanburg, South Carolina February 20, 2016. REUTERS/Jonathan Ernst
A campaign volunteer for U.S. Republican presidential candidate Donald Trump wears a hat signed by Trump during a rally with supporters in Gaffney, South Carolina February 18, 2016. REUTERS/Jonathan Ernst
Freda Green, of Louisiana, wears a hat in support of Republican U.S. presidential candidate Donald Trump before a rally in Baton Rouge, Louisiana February 11, 2016. REUTERS/Jonathan Bachman
A veteran of both the Korean and the Vietnam War, C.J. Dauzt wears a sticker in support of Republican U.S. presidential candidate Donald Trump before a rally in Baton Rouge, Louisiana in Baton Rouge, Louisiana February 11, 2016. REUTERS/Jonathan Bachman
10-year-old Ian Linden, of New Orleans, holds a sign in support of Republican U.S. presidential candidate Donald Trump before a rally in Baton Rouge, Louisiana February 11, 2016. REUTERS/Jonathan Bachman
Supporter of U.S. Republican presidential candidate Donald Trump wait for the start of his campaign rally in Plymouth, New Hampshire February 7, 2016. REUTERS/Jim Bourg
Anne-Sophie Marquis cradles her doll Clare, wearing a button supporting U.S. Republican presidential candidate Donald Trump, at a Trump campaign rally in Plymouth, New Hampshire February 7, 2016. REUTERS/Rick Wilking
Young supporters of Republican U.S. presidential candidate businessman Donald Trump wait for Trump to speak at a veteran's rally in Des Moines, Iowa January 28, 2016. REUTERS/Aaron P. Bernstein
Mark Palzer shows his support for U.S. Republican presidential candidate Donald Trump before a campaign rally at Oral Roberts University in Tulsa, Oklahoma January 20, 2016. REUTERS/Nick Oxford
Barbara Tomasino shows her support for U.S. Republican presidential candidate Donald Trump before a campaign rally at Oral Roberts University in Tulsa, Oklahoma, January 20, 2016. REUTERS/Nick Oxford
Supporters of U.S. Republican presidential candidate Donald Trump attend a campaign rally at Oral Roberts University in Tulsa, Oklahoma, January 20, 2016. REUTERS/Nick Oxford
Liberty University students and supporters of Republican presidential candidate Donald Trump wear letters spelling his name before his speech at Liberty University in Lynchburg, Virginia, January 18, 2016. REUTERS/Joshua Roberts
A supporter of U.S. Republican presidential candidate Donald Trump wears a National Rifle Association shirt before his speech at Liberty University in Lynchburg, Virginia, January 18, 2016. REUTERS/Joshua Roberts
Trump supporters Joshua Smith (from Left) and Seth Stephens, both of Aiken, South Carolina and Rona Bartolomucci of Hilton Head Island, wait along the front buffer before a rally for U.S. Republican presidential candidate Donald Trump at the Westin Hilton Head Island Resort and Spa in Hilton Head Island, South Carolina, December 30, 2015. REUTERS/Randall Hill
FOUNTAIN HILLS, AZ - MARCH 19: Supporters of Republican presidential candidate Donald Trump look on during Fountain Park during a campaign rally on March 19, 2016 in Fountain Hills, Arizona. Trumps visit to Arizona is the second time in three months as he looks to gain the GOP nomination for President. (Photo by Ralph Freso/Getty Images)
SALT LAKE CITY, UT - MARCH 18: A supporter waits for Republican presidential candidate Donald Trump speak at a campaign rally on March 18, 2016 in Salt Lake City, Utah. The Republican and Democratic caucuses are March 22. (Photo by George Frey/Getty Images)
A supporter of Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, wears campaign stickers on her sandals before a town hall event at the Tampa Convention Center in Tampa, Florida, U.S., on Monday, March 14, 2016. As protesters shadow campaign appearances by Trump, the billionaire has shifted a planned Monday-night rally in south Florida to Ohio, where polls show Governor John Kasich may be pulling ahead days before the states primary election. Photographer: Andrew Harrer/Bloomberg via Getty Images
Trump supporters pass out signs prior to a rally for Republican presidential candidate Donald Trump on March 13, 2016 in Boca Raton, Florida. Primary voters head to the polls on March 15th in Florida. / AFP / RHONA WISE (Photo credit should read RHONA WISE/AFP/Getty Images)
Attendees wait for the start of a campaign event with Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, not pictured, in Bloomington, Illinois, U.S., on Sunday, March 13, 2016. After violent protests prompted Donald Trump to cancel a rally in Chicago on Friday night, the Republican presidential front-runner blamed the activist group MoveOn.Org and supporters of Senator Bernie Sanders for the chaos, while defending his own harassed supporters. Photographer: Daniel Acker/Bloomberg via Getty Images
Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, left, stands with a man he called onto the stage from the crowd because of the 'Legal Immigrant For Trump' t-shirt he was wearing, during a campaign event in Bloomington, Illinois, U.S., on Sunday, March 13, 2016. After violent protests prompted Donald Trump to cancel a rally in Chicago on Friday night, the Republican presidential front-runner blamed the activist group MoveOn.Org and supporters of Senator Bernie Sanders for the chaos, while defending his own harassed supporters. Photographer: Daniel Acker/Bloomberg via Getty Images
CHICAGO, IL - MARCH 11: A supporter exists the University of Illinois at Chicago Pavilion where Republican presidential candidate Donald Trump cancelled a campaign rally over safety concerns March 11, 2016 in Chicago, Illinois. The Illinois Republican presidential primary will be held March 15. (Photo by Jonathan Gibby/Getty Images)
Supporters of Republican Presidential candidate Donald Trump gather prior to a Trump Rally at the Peabody Opera House on March 11, 2016 in St. Louis, Missouri. / AFP / Michael B. Thomas (Photo credit should read MICHAEL B. THOMAS/AFP/Getty Images)
Supporters of Republican Presidential candidate Donald Trump gather prior to a Trump Rally at the Peabody Opera House on March 11, 2016 in St. Louis, Missouri. / AFP / Michael B. Thomas (Photo credit should read MICHAEL B. THOMAS/AFP/Getty Images)
RADFORD, VA - FEBRUARY 29: A campaign rally for Donald J. Trump, candidate for the Republican presidential nomination, at the Radford University Dedmon Arena in Radford, Virginia, on Monday, February 29, 2016. (Photo by Benjamin Lowy/Getty Images Reportage)
A woman reacts as U.S. Republican presidential candidate Donald Trump works the crowd following a campaign event in an airplane hanger in Rome, New York April 12, 2016. REUTERS/Carlo Allegri
A woman reacts as U.S. Republican presidential candidate Donald Trump works the crowd following a campaign event in an airplane hanger in Rome, New York April 12, 2016. REUTERS/Carlo Allegri
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If Trump did decide to self-finance his campaign, he could, in theory, tap the hundreds of millions dollars of revenue he says is generated annually by his businesses.

But it's not clear how much of this revenue he could use. Business owners can take money out of a business only after deducting operating costs and taxes. Even then, much of an entrepreneur's corporate earnings are often used to invest in building their businesses and maintaining their property assets.

Trump's liquid assets stood at $80 million to $230 million in July last year, according to an earlier electoral filing. Using the midpoint of the ranges, Trump's liquid assets have fallen $35 million in the past year.

The drop shows his campaign spending so far has already been funded in part by dipping into savings, rather than solely from his income.

"There is a real question about how much he has in terms of liquid assets," said Norman Einstein, a political scholar and expert in political finance at the American Enterprise Institute, a conservative think tank in Washington, citing the regulatory filings, which do not give a precise picture of Trump's wealth.

"It's quite possible that he doesn't have anywhere near what he suggests he has and what he does have is tied up in real estate, and selling that is no easy task," he said.

As a result, a more likely scenario would be Trump trying to borrow the funds, which could be probably done more quickly than trying to sell one of his buildings, he added.

Jan Barani, a former general counsel with the Republican National Committee, said Trump may not need as much money as people think.

"He's breaking the mold on everything ... he has proven that spending large sums of money does not guarantee success," Barani said, referring to how Trump defeated well-funded Republican rivals such as former Florida Governor Job Bush in the early nominating contests, or primaries.

If Trump does not use his own money, he can seek donations, the traditional fund-raising route. Individual donors can contribute $2,700 each to his general election campaign.

Trump has also signed a joint fundraising agreement with the Republican National Committee. The NRC currently has $20 million in cash, money that will be used to help elect Trump and Republican lawmakers across the country.

Trump could also benefit if external groups like Super PACs raise money to campaign on his behalf. However, Trump has not yet blessed a Super PAC.

THE GROUND GAME

Trump has spent around $63 million so far in his presidential bid, including $46 million in loans he made to his campaign, FERC data shows.

Typically, television advertising and creating infrastructure at a state and local level to mobilize voters are the most expensive aspects of a U.S. presidential campaign. TV networks charge high fees for prime time slots and many ground troops needed to bring out the voters must be paid.

So far Trump has not needed to spend much on television advertising - his fiery rhetoric on illegal immigrants and what he says are the security risks posed by refugees from the Middle East have guaranteed him blanket media coverage.

Daniel Weiner, a campaign finance expert at New York University's Brennan Center for Justice said you can get only so far with free media in an election.

"TV advertising has been decreasing in importance for a long time, but the get-out-the vote stuff is crucial, particularly in an election that people perceive as being more about motivating their core voters, as opposed to winning over swing voters. And what we call 'the ground game' is quite expensive," he said.

Trump has said he plans to outsource some of that ground game to the NRC, for example relying on their field staff in battleground states to help get out the vote.

BANKING ON BUILDINGS

Trump has significant real estate holdings, which he says have low debt on them. With Election Day on Nov. 8 now just four months away, some real estate experts say selling them to generate cash would be a challenge.

But several bankers say Trump could conceivably borrow hundreds of millions against them, despite his history of business bankruptcies and litigation with lenders.

Exactly how much he could borrow, how easily and at what interest rates depends on how much Trump owns of the buildings that he cites as his own and how much debt he has.

"You have years of prosperity and you have all of these alternative lenders and you have banks that are hungry for loans," said one veteran banking executive, who was not permitted to speak on the record."

If Trump needs to borrow tens of millions of dollars, he probably can, the executive said. "If it is hundreds of millions, that's another matter." (Additional reporting by David Henry and Grant Smith in New York, Ginger Gibson in Washington; Editing by Ross Colvin)

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