EXCLUSIVE: Young Republicans Under Independent Audit Over Chairman Rick Loughery’s Dark Money Power Grab
The Young Republican National Federation (YRNF) has been thrown into shambles because of the organization’s Chairman Rick Loughery using a dark money slush fund to usurp power over the lawful board.
Now, the YRNF Auditor is speaking out Loughery’s illicit power grab. She issued a letter to Chairman Loughery on Aug. 27 demanding answers regarding credible allegations regarding the misallocation of funds.
“Over the last several months, I have become aware of accusations of mismanagement of YRNF funds, and further, the potential commingling of funds with a recently–established 501(c)(4) named YRs Run,” said Jessica Fernandez, YRNF Auditor, in her letter.
Loughery and his cronies established YRs Run, a dark money front group with zero accountability, as a way to syphon power from the YRNF’s name and well-established brand. This has caused widespread anger throughout the organization.
“To my knowledge, the National Committee has not adopted a budget because one has never been presented to them. As conservatives, we strictly abide by this standard because we firmly believe in living within our means. Budgets are also tools to ensure the highest standards of fund management,” Fernandez said.
“Article VII, Section 7.03 of the YRNF Bylaws requires disbursements of less than $1200.00 to be approved by the Executive Director, and disbursements in excess of $5000.00 may only be made at the National Board’s discretion. YRLC is a massive undertaking and certainly requires disbursements of these sizes, yet the National Board never considered their approval. I am concerned this lends credence to the accusation that the operation of YRLC was handled by YRs Run, not YRNF,” she continued.
“As Auditor, I am calling for an independent audit of YRNF’s records for the last twelve months to show unequivocally that YRNF has operated above board while YRs Run has been in existence,” Fernandez added.
Fernandez is “requesting access to all documents and records pertaining to the operation of the YRNF, including: bank statements, invoices, receipts, or other financial documents…no later than September 3, 2022.”
Big League Politics broke the story of Loughery’s YRs Run front group usurping power unlawfully over the national Young Republicans:
“Young Republicans National Federation (YRNF) chairman Rick Loughery founded a dark money 501c4 organization that is aggressively usurping the legitimate functions of the YRNF without approval from its membership.
Loughery with help from the YRNF general counsel, Ross Wolfe, founded YRs Run, a nonprofit organization based out of Pennsylvania, in order to exert authority over the Young Republicans without having to follow the YRNF’s bylaws or reporting requirements.