The Socialist Party of Iceland's Financial Statement: An Inexpensive Election Campaign

According to the Socialist Party's annual financial statement, the party's revenue last year was just over ISK 6.2 million, while expenses were just under ISK 3.6 million. The party's operations therefore resulted in a surplus of approximately ISK 2.6 million. 2018 was the party's first full year of operation, as it was founded on May 1, 2017. That year, revenues were just over ISK 2.1 million.ógexpenses just under 2.0million ISKand a surplus of about 150 thousand ISK.

The party's revenue last year included nearly ISK 2.8 million in membership fees and about ISK 2.3 million 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. The Socialist Party then received a grant from the city treasury of just over ISK 900,000.

It was decided at a membership meeting to use that grant to establish Maístjarnan, a support fund that assists the less fortunate in building and operating their advocacy in organized groups, associations, and organizations. In addition to the contribution to the Socialist Party, contributions from individuals were sought for Maístjarnan. By the end of 2018, there was approximately ISK 1,470,000 in Maístjarnan. Maístjarnan has supported the struggles of the Tenants' Association (Leigjendasamtökin), the Association of Tenants at Félagsbústaðir, protest actions by refugees and asylum seekers, and other protests.

The Socialist Party's expenses in 2018 were related to the municipal elections, as the party ran in Reykjavík and Kópavogur, and to the work of policy groups and other internal party activities. The total cost was approximately ISK 3.6 million. Of this, just over ISK 1.0 million went to the policy groups, and in connection with the policy work, conferences and many meetings of randomly selected members are held. The cost of collecting membership fees and other bank charges was nearly ISK 0.5 million. Other costs amounted to approximately ISK 2.1 million, of which about ISK 2.0 million can be attributed to the elections, and these costs were divided into meetings and advertisements, mostly on radio and social media. The Socialist Party 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 the end of the year, the Socialist Party's cash on hand was just over ISK 1.1 million.

At the Socialist Congress (Sósíalistaþing) 2019, it will be proposed that membership fees remain unchanged from the previous year, at ISK 5,000. 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 support payments cover regular operations, i.e., excluding elections and similar campaign projects.