Obama raising money to fund presidential transition

KISSIMMEE, Fla. — The Obama campaign has opened a new fund-raising front, I’ve learned, creating a nonprofit entity to bankroll Barack Obama’s presidential transition operation, quietly in business for months.

The organization is called the “Obama Transition Project.” The money is being raised from individual donors — no Internet, direct mail or events — with a $5,000 donation cap. Under self-imposed rules, lobbyists will not be allowed to contribute.

Though Obama has raised more than $600 million for his White House bid, legally it is for the election only. The first disclosure report does not have to be filed until Nov. 15

The Obama campaign, which has made transparency a centerpiece, is not making any voluntary early disclosures.

Federal money kicks in to bankroll a transition–staff and offices, etc.–once there is a vice president-elect.

The money Obama is raising is pay to for costs to deal with a potential transition during the ongoing campaign.