Most of Obama’s drop is attributable to a decline in contributions of more than $500, which fell by more than $9 million. Many of Obama’s top donors have already hit the legal $2500 maximum to the campaign, which — along with an apparent failure to recruit a new cadre of wealthy supporters — may account for the decline.

By contrast, Mitt Romney’s presidential campaign took in $11.7 million on a $40 million haul raised in conjunction with the Republican National Committee — with the average contribution over $525.