No Labels launched IFPA in 2021 with a $2.4 million donation. IFPA nonetheless told the Internal Revenue Service that it had no related entities, though it listed No Labels’ Washington, D.C., headquarters on Connecticut Ave. as its address. The group changed its name to No Labels Ballot Access, Inc. in July of 2022, but continued to submit IRS filings under the IFPA name. At the end of 2022, it had raised just $190,800 from 36 donors. No Labels Ballot Access Inc. did not respond to a request for comment.

The group’s strategy has been as much of a muddle as its finances, and even its chief strategist, Ryan Clancy, has said he has little clue how an independent bid would impact the presidential race. “To sit where we are and say we know exactly how an independent ticket would impact a race, it’s cherry-picking,” he told NBC News last month.

Since then, the group has dialed back its ambitions.

[Embarrassing. A commitment from Joe Manchin would perhaps stoke some fundraising, but hardly enough to seriously contend in 2024 — or even get on the ballot. To gain ballot access for the general election, the party would need to be operating on all cylinders quickly, and it may already be too late to start the process in some states. This is a PR campaign, not a political campaign. — Ed]