Save America has donated just $350,500 to candidates since July. That’s less than the $838,000 the PAC has spent on event staging and related expenses in January.

Trump has wide latitude on how he spends the PAC’s money. The federal law that bars candidates from spending campaign money on personal expenses doesn’t apply to money raised for a political action committee. Trump could use the war chest to hold rallies, purchase air time and fund organizations that promote his agenda.

One thing Trump can’t spend the money on is a 2024 presidential race. If he became a candidate, Save America would be limited to giving his campaign $5,000 per election. Unable to use the PAC’s millions to pay its expenses, a new Trump presidential effort would have to start raising money from scratch.