Financial Statement of the Socialist Party of Iceland: Inexpensive Election Campaign

According to the annual accounts of the Socialist Party of Iceland, the party's income last year was just over 6.2 million ISK, while expenses were just under 3.6 million ISK. There was therefore a surplus of about 2.6 million ISK from the party's operations. 2018 was the party's first full year of operation, as it was founded on May 1, 2017. That year, income was just over 2.1 million ISK.andexpenses were just under 2.0million ISKand a surplus of about 150 thousand ISK.

The party's income last year was just under 2.8 million ISK in membership fees and about 2.3 million ISK in other donations from individuals, including voluntary contributions at party meetings. In connection with the municipal elections, the party received a contribution from one legal entity, an independent pest exterminator. Subsequently, the Socialist Party of Iceland received a grant from the city treasury of just over 900 thousand ISK.

It was decided at a membership meeting to use that grant to establish Maístjarnan (the May Star), a support fund that assists the less fortunate in building and running their advocacy in organized groups, associations, and organizations. In addition to contributions to the Socialist Party of Iceland, contributions were sought from individuals for Maístjarnan. By the end of 2018, there was therefore about 1,470 thousand ISK in Maístjarnan. Maístjarnan has supported the struggle of Leigjendasamtökin (the Tenants' Association), the Association of Tenants at Félagsbústaðir, protests by refugees and asylum seekers, and other protests.

The expenses of the Socialist Party of Iceland in 2018 were related to municipal elections, as the party ran in Reykjavík and Kópavogur, and to the work of policy groups and other internal party activities. In total, these costs amounted to about 3.6 million ISK. Of this, just over 1.0 million ISK went to the policy groups, and in connection with the policy work, conferences and many meetings of randomly selected members are held. Costs for collecting membership fees and other bank charges were just under 0.5 million ISK. Other costs amounted to about 2.1 million ISK, and about 2.0 million ISK can be attributed to the elections, with these costs divided into meetings and advertisements, mostly on radio and social media. The Socialist Party of Iceland ran its election campaign mostly with volunteers and the activity of general members. No party member is on the party's payroll or has been paid for their work contribution.

At year-end, the cash on hand of the Socialist Party of Iceland was just over 1.1 million ISK.

At the Socialist Congress (Sósíalistaþing) 2019, it will be proposed that membership fees remain unchanged from the previous year, at 5 thousand ISK. Membership fees are optional, and just over 1/3 of members pay them. As can be seen from this overview of the party's operations, membership fees and member support through regular contributions cover regular operations, i.e., excluding elections and similar campaign projects.