Trump shatters fundraising record with $107 million for inauguration

By Theodore Schleifer CNN

WASHINGTON (CNN) -- Corporations and wealthy Americans poured nearly $107 million into the festivities surrounding Donald Trump's ascension to the presidency, doubling the previous inaugural fundraising record set eight years ago.

Organizers announced the total on Tuesday, two days before the 58th Presidential Inaugural Committee must disclose its donors to the Federal Election Commission. The money paid for 20 events during the extravaganza, but produced excess cash that will be donated in the future to a charity, organizers said. They declined to share the details of the gift or the recipient.

"The amount of funds raised for the inaugural celebration allowed the President to give the American people, those both at home and visiting Washington, a chance to experience the incredible moment in our democracy where we witness the peaceful transition of power, a cornerstone of American democracy," said Tom Barrack, a close friend of Trump's who oversaw the ceremony.

Barack Obama's historic first inauguration collected a net of $53 million in 2009; Obama's team took in $44 million in 2013.

Trump struggled to raise large sums of money for much of the campaign, though a number of traditional donors and companies in recent months have funded the efforts of either his transition team or inauguration.

As of Tuesday late afternoon, the FEC had not yet posted the inaugural committee's filing.

TM & © 2017 Cable News Network, Inc., a Time Warner Company. All rights reserved.