The campaign for Indiana secretary of state is drawing significant financial contributions, including millions from within the state and over a million dollars from out-of-state donors. These large sums have fueled an expensive contest and sparked controversies over various donations as Election Day on November 3 approaches. Republican candidate Max Engling and Democratic candidate Beau Bayh, in particular, face scrutiny regarding deposits into their campaign accounts, leading to public sparring over their financial backing.
Beau Bayh has garnered substantial out-of-state funding, with more than $1 million coming from outside Indiana. Some of his largest contributors have long-standing connections to his father, former U.S. Sen. Evan Bayh. For example, Connecticut billionaire Robert Johnson, who provided Bayh with $300,000 last year and an additional $100,000 in September, has ties to Evan Bayh, who joined the board of one of Johnson’s businesses, RJL Lodging Trust, after leaving the Senate in 2011. Another significant contribution of $100,000 originated from Andrew Bursky, co-founder of Connecticut-based private equity firm Atlas Holdings. Bursky serves on the board of No Labels, a centrist political group where Evan Bayh was a former co-national chair. Beau Bayh attributed many of his out-of-state contributions to "people that have known me my whole life" through his father, stating these individuals "hopefully would believe in you." Bayh also asserts that he has achieved "the most fundraising success of any candidate in this race with in-state money," claiming contributors from all 92 counties. His total fundraising is projected to exceed $4 million when the next state campaign finance reports are due October 16, including a $1 million contribution from the state Democratic Party. Bayh's fundraising success has enabled the most active advertising campaign by any statewide Democratic candidate in several election cycles.
Max Engling has also accumulated over $2 million in fundraising since he entered the race in May, after defeating current Secretary of State Diego Morales for the Republican nomination. His campaign received a $1 million infusion from the state Republican Party and Gov. Mike Braun’s campaign fund. Engling, who previously worked as an aide to former U.S. House Speaker Kevin McCarthy in Washington for about four years, received $50,000 from McCarthy’s federal campaign fund. McCarthy, who represented California, expressed his support, stating "it’s very important that we have the very best people that are willing to run and serve." Engling acknowledged this as "outside money" but justified it by his direct work with McCarthy, who "understands what I bring to the equation." Engling, currently on leave from his position with Republican U.S. Sen. Jim Banks, also secured $55,000 from a political group associated with GOP Sen. Todd Young.
Both candidates have faced criticism over specific donations. Democrats have denounced Engling for accepting a $50,000 contribution last month from Noblesville businessman Michael Sherfick. Sherfick pleaded guilty to federal bribery charges in 2010 and served 14 months in prison. Engling defended the donation, noting Sherfick "is legally allowed to make a donation" and "has paid that penalty," having been a "contributing member of society" for over a decade. Beau Bayh, in an online video, directly criticized Engling's donors, saying, "His top two donors right now are Kevin McCarthy, king of the D.C. swamp, and a guy who spent time in the federal pen for bribery." Separately, Engling also received criticism for an alleged improper $60,000 contribution from a dark money group linked to Senator Banks, which Engling’s campaign states was refunded in July.
Bayh himself faced intra-party scrutiny after accepting a $25,000 contribution from Marc Rowan, CEO of New York-based private equity firm Apollo Global Management, where Evan Bayh became a senior adviser in 2011. Engling criticized Bayh for keeping Rowan’s contribution due to Rowan's documented communications with late sex offender Jeffrey Epstein between 2013 and 2016, as released in Department of Justice documents. Apollo Global Management stated in February that Rowan did not have any "business or personal relationship" with Epstein, and Rowan has not been accused of wrongdoing.
Beyond specific donations, Engling criticized Bayh’s campaign advertising for addressing issues like tax cuts and data center regulations, which Engling claims "have nothing to do with the secretary of state’s race." Engling suggested Bayh "is clearly running for governor through this race," positioning himself for a different office. The candidates have also reportedly sparred over their time in Indiana, raising questions about "who’s a real Hoosier."
Lincoln Party candidate Greg Ballard and Libertarian Lauri Shillings lag significantly behind Bayh and Engling in fundraising. Ballard, the former Republican mayor of Indianapolis, spent nearly $800,000 through June to gather petition signatures for ballot access, leaving him with approximately $25,000 cash. However, he has since received support, including $150,000 from John Lechleiter, former chairman and CEO of Eli Lilly and Co. A September fundraiser also collected $165,000 for Ballard, who expects to have television advertising before Election Day. Ballard declined to criticize the fundraising tactics of others, stating, "If it’s legal, I’m not going to say anything." Shillings’ largest contribution has been $10,000 from the Libertarian National Committee.
