DNC had $56 million on hand heading into May, a record for this point in any year

Democratic presidential candidate and former Vice President Joe Biden smiles during an event to announce his plans to combat racial inequality in Wilmington, Delaware, July 28, 2020.

Jonathan Ernst | Reuters

The Democratic National Committee went into May with over $56 million on hand, the most the committee says it has ever had in its war chest at this point in any year.

The DNC finished the month of April raising $15.6. million, according to figures first shared with CNBC by a committee spokesperson. The DNC plans to release more details of its fundraising haul in Federal Election Commission filings later on Thursday.

"The DNC will report $15.6 million raised in April, the highest off-year April fundraising ever. The DNC has $56.3 million cash on hand, the most the DNC has had at this point in any year," the committee representative said in a statement.

The Republican National Committee, by comparison, raised over $13 million in April. Yet while the DNC raised more than the RNC last month, the GOP campaign arm went into May with significantly more cash on hand, FEC records show. The RNC had over $90 million on hand going into the month, according to the records.

Former President Donald Trump has also been fundraising off his leadership PAC, Save America, while large parts of the Republican Party continue to seek his approval as he considers running in 2024. He has also continued to falsely claim that the 2020 election was rigged against him.

The DNC's haul shows that Biden and the Democratic are in a position to be well-prepared for the fight to advance the president's agenda and for next year's midterm elections.

Biden has said he intends to run for reelection in 2024. Continued success from the DNC would give the president solid financial resources to get his campaign off the ground.

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