Way Back PAC moved $6,430,160.86 through the 2026 Wyoming primary period. $43,000 of it — six tenths of one percent — went to thirteen named Wyoming candidates. The rest left the state as a single line reading NON-WY EXPENDITURES. Five thousand five hundred dollars reached three Teton County commission candidates, all three of whom won, two of them thirteen days before the vote. One Sheridan 501(c)(4) funded the committee, the state committee, the endorsing organization, the donor network and the advocacy group. The capital at the head of the map belongs to a Swiss national who lives in Teton County, and in 2025 the Wyoming Legislature passed a statute barring foreign nationals from funding Wyoming ballot campaigns through intermediaries. Those two facts, and the vote on that statute, are set out under The pass-through. Each entity opens its filings, dollar flows and sources.
Sorted by amount. Column headers re-sort the table. DOC = read off a primary filing · SEC = from a transcription of a filing not opened directly · INF = a structural relationship with no traceable dollar.
| From | To | Amount | Period | Conf. | Source |
|---|
The capital at the head of this map belongs to Hansjörg Wyss, a Swiss citizen who lives in Wilson, Teton County, Wyoming. His political vehicle is the Berger Action Fund, a 501(c)(4) with $387.6 million in net assets as of FY2024. Berger itemises every organisation it gives money to and no person who gives money to it. Since Rev. Proc. 2018-38, 501(c)(4) organisations no longer report donor names to the IRS at all, so the first link in the chain — Wyss to Berger — leaves no public trace by operation of the rules.
His status is not in dispute, because he conceded it. In FEC MUR 7904, closed in August 2022, Wyss acknowledged that he is a foreign national within the meaning of 52 U.S.C. § 30121(b) — the federal provision barring a foreign national from spending in connection with any federal, state or local election. The Commission dismissed the registration counts 6–0. On the foreign-national and straw-donor counts it deadlocked 3–3 and closed the file. There was no penalty, no finding and no adjudication, which leaves the underlying practice neither approved nor prohibited.
Federal law does not reach ballot measures. The Federal Election Campaign Act applies to candidate elections; the Supreme Court has treated referenda as votes on issues rather than on candidates. Foreign spending on a ballot campaign is therefore governed by state law, and until 2025 Wyoming had no such law.
Way Back PAC gave $43,000 to thirteen Wyoming candidates and moved $6,387,160.86 everywhere else. The Wyoming money is de minimis, and that is not a flaw in the design — it is the design. The committee is a pass-through, and the handful of small Wyoming checks are what make it a Wyoming filer.
The committee files in two places, and each report itemizes precisely what the other conceals.
| Wyoming Secretary of State | FEC Form 3X | |
|---|---|---|
| Wyoming spending | Itemized — 13 candidates by name, $43,000 | essentially absent |
| Everything else | One line: "NON-WY EXPENDITURES · FEDERAL PAC – NON-WYOMING EXPENSE" · $6,387,160.86 | itemized across 309 rows |
| What a reader of that report alone concludes | "a small Wyoming PAC" | "nothing to do with Wyoming" |
Neither document is false. Neither regulator is being deceived. No rule requires either filing to show both halves — and no voter has ever been shown both at once.
Read off Western Futures Fund’s own Forms 990 for 2022, 2023 and 2024 — fifty grants, $11,229,750, every single one described as “GENERAL PURPOSE.” Its Wyoming portfolio reaches the committee, the state committee, the endorsing organization, the donor network and both arms of the advocacy group.
| Grantee | EIN · type | Amount | Year | Role in this race |
|---|---|---|---|---|
| Way Back PAC | 88-4022005 · 527 | $200,000 | 2022+2023+2024 | $50k, $50k, $100k. Separately $2,075,000 reported to Wyoming in 2026 |
| Wyoming Way PAC | 88-3465340 · 527 | $210,000 | 2022 + 2024 | Its only funding ever. Paid Yellow Tree $29,500 and Mountain Movement $47,805 |
| SHELTER JH | 81-4453887 · 501(c)(4) | $70,000 | 2023 | Endorsed Chin and Dunford, recommended Propst |
| Wyoming Donor Alliance | 88-2031141 · 501(c)(4) PO Box 3462, Jackson | $75,000 | 2024 | Nikki Kaufman was its executive director while chairing Shelter JH |
| Better Wyoming | 47-3490919 · 501(c)(3) | $20,000 | 2022 | The same EIN the Storer Foundation funds with $1,231,000 |
| Better Wyoming Action and Research | 99-0790892 · 501(c)(4) same PO box | $30,000 | 2024 | The c4 twin at PO Box 1443, Laramie |
| Western States Strategies, Portland OR | 93-1316666 · 501(c)(4) | $23,500 | 2022 + 2024 | Appears as a $0.01 amend-add in the Wyoming Way filings |
The four largest grants, for scale: Institute for Responsive Government Action, Chicago — $1,950,000 (2024) · Your Community PAC, Wilmington DE — $1,500,000 (2024) · Keep Country First Policy Action, Washington DC — $1,100,000 (2022) · Retire Career Politicians, Washington DC — $970,000 (2024). Grants by year: 2022, 14 grants, $2,972,750 · 2023, 14 grants, $1,487,000 · 2024, 22 grants, $6,770,000.
Not adjacent to it. Inside it. Four boards, and the money on three of them comes from the two funders on this map.
| Organization | His role | Who funds it | Amount |
|---|---|---|---|
| Sonoran Institute | Founder 1991; executive director through 2012 | Wyss Foundation | $1,982,000 documented 2008–2012; listed as a funder from 2004 |
| Conservation Lands Foundation | Board seat, per his own Sonoran-era biography | Wyss Foundation | $4.5M 2011–2013; $1M+ a year 2010–2014 |
| Outdoor Alliance | Director | George B. Storer Foundation | $875,000+ across ten years |
| George B. Storer Foundation | Trustee | — | $49.2M in assets; his wife is its President & CEO |
None of that is improper. Conservation professionals sit on conservation boards, and in the American West these are the boards. What it establishes is proximity — three decades of it, to the same two funders. In 2026 a political committee funded by that network’s 501(c)(4) layer gave him $1,500, thirteen days before his primary.
Two corrections. His campaign biography says “Board Chair, Outdoor Alliance”; the organization’s own page and its Form 990 both name Katherine Tsai as chair, and list Propst as a director. The same page still describes him as seeking re-election in 2022 — it has not been updated in two cycles.
Propst sits on the county half of the body that fills the Jackson Hole Travel & Tourism Board’s seats — the same seat held, as Secretary, by the owner of the public-relations firm whose post-office box appears on Western Futures Fund’s 2022 tax return as the address of Wyoming Way PAC.
The mechanism is on the record: the County Commission and the Town Council interview candidates jointly, recess into executive session under the state’s public-officer appointment exception, then return to open session and pass separate motions. Seven seats, six-year terms, a majority reserved for the travel and tourism industry, and a budget drawn from lodging tax — $1.9 million to MMGY Origin Outside and $50,000 to Campstories in the most recent agency round. Neither May nor his firm appears in those contracts.
What this is: a documented appointer-and-appointee relationship between a sitting commissioner and the holder of a post-office box that turns up, once, on a 501(c)(4)’s tax return next to a political committee’s name. What it is not: evidence that either man did anything with the other. The record that bears on it is the Wyoming Secretary of State’s entity record for Wyoming Way PAC — its organizer and registered agent.
The Storer Foundation and the Wyss/Arabella pipeline run separately down most of this map. They touch in three places, and all three are on filings.
Western Futures Fund’s 2022 Form 990, Schedule I Part II, gives Wyoming Way PAC’s address as PO Box 4202, Jackson, WY 83001.
That box belongs to Sinclair Communications, a public-relations and marketing consultancy founded by Mike May, which publishes exactly that address on its own contact page along with 307-690-6939 and mike@sinclaircommunications.net. Its described work is outdoor-industry PR — CRKT and WorkSharp Tools currently, Gerber, Old Town Canoe, Timberland and YETI before that. Nothing on its site describes political or campaign work.
| Document | Wyoming Way PAC address as filed |
|---|---|
| WFF Form 990, TY2022, Schedule I | PO Box 4202, JACKSON, WY 83001 |
| WY Secretary of State, 2022 Primary Report | P.O. Box 42, Lingle, WY 82223 |
| WY Secretary of State, 2022 General Report | P.O. Box 42, Lingle, WY 82223 |
| WFF Form 990, TY2024, Schedule I | PO Box 42, Lingle, WY 82223 |
The Jackson box appears in one document out of four, and it appears in the year the committee spent $40,298.62 on print, $20,230.25 on Meta advertising and $29,500 on a Jackson political consultant — an advertising operation, run out of a Jackson advertising firm’s mailbox. What the firm’s role was, if any, is settled by no filing yet read.
Sinclair’s owner holds public office, and it is relevant for a reason that has nothing to do with the post-office box. Mike May is Secretary of the Jackson Hole Travel & Tourism Joint Powers Board, listed on the board’s own roster as “Mike May (Secretary) — PR Consultant.” The board holds seven seats on six-year terms, a majority of which must represent the travel and tourism industry, and it allocates lodging-tax revenue — $1.9 million to MMGY Origin Outside and $50,000 to Campstories in its most recent agency round.
Those seats are filled by joint vote of the Teton County Board of County Commissioners and the Jackson Town Council, which interview candidates together, recess into executive session under the state’s public-officer appointment exception, and then pass separate motions. Luther Propst sits on the commission half of that vote. It is an appointer-and-appointee relationship, on the record.
Two things searched for and not found: no public source connects Mike May to Skye Schell, and neither May nor Sinclair Communications appears in the tourism board’s own agency contracts — those went to MMGY Origin Outside and Campstories. Nothing places him in a campaign filing, on a Storer, Conservation Alliance or Shelter JH board, or anywhere in the 2022 Wyoming Way expenditure schedule.
A second Jackson box appears on the same fund’s 2024 return, and it is a different one: the Wyoming Donor Alliance at PO Box 3462. Two independent nonprofit directories index that EIN, 88-2031141, under the name Wyoming Investor Network, which the returns themselves do not show.
Across the 2022, 2024 and 2026 cycles the committee's federal schedule names 123 separate givers. Eight individuals or households account for $2,252,450 of it. Six live in California, New York, Texas or New Mexico; none of the eight lives in Wyoming. Employer and occupation are reproduced exactly as filed.
| Donor | City | Employer / occupation as filed | Total |
|---|---|---|---|
| Michael Moritz | San Francisco | Sequoia Capital — reported to Wyoming only | $500,000 |
| Django Bonderman · Cale Bonderman · Laurie Michaels | Fort Worth TX | self-employed, philanthropist · not employed | $409,450 |
| Debra Ann Efroymson | Albuquerque NM | not employed · retired | $268,000 |
| Rory John Gates | Washington DC | Afghan War Commission · analyst | $250,000 |
| James Pigott | — | — | $225,000 |
| Michael Novogratz | New York NY | Galaxy Digital · CEO | $200,000 |
| Samuel R. Walton | Larkspur CA | Restoration Works LLC · owner | $200,000 |
| Regan Pritzker | San Francisco CA | Tao Capital Partners LLC · director of impact investing | $200,000 |
| Noah D. Stein | New York NY | self-employed · lawyer | $155,000 |
| Anthony Davis | New York NY | Inherent Group · CEO & CIO | $150,000 |
| Michelle M. Boyers | Woodside CA | Give Forward Foundation · CEO | $100,000 |
| Lisa Mennet | Seattle WA | Cooper House · therapist | $100,000 |
| Brian Jacobson | Hunts Point WA | Valve Corporation · programmer | $50,000 |
| Annette Cumming | Jackson WY | Cumming Foundation · board member | $50,000 |
| Charles Maggelet | Park City UT | not employed · retired | $25,000 |
| Lynde B. Uihlein | Milwaukee WI | self-employed · philanthropist | $25,000 |
| Glen Tullman | Chicago IL | Transcarent · CEO | $25,000 |
| Mary Ann Stein | Bethesda MD | self-employed · philanthropist | $25,000 |
Six Wyoming residents appear anywhere on the schedule. Together they gave $58,250: Annette Cumming of Jackson, $50,000; James Harris of Teton Village, $5,000; Maggie Hunt, Carly Christopher and Annette Osnos of Jackson, $1,000 each; and Anne-Marie Resor of Wilson, $250. That is nine tenths of one percent of what the committee raised.
A hybrid PAC runs two accounts. The contribution account is capped at $5,000 a person a year and its donors are itemized on FEC Schedule A with employer and occupation attached. The non-contribution account takes unlimited money and lands on Line 17, "Other Receipts," where no individual name is attached in the itemized file. Set the two records side by side and the structure shows up in a single column.
| Donor | FEC Schedule A | Wyoming report | Soft remainder |
|---|---|---|---|
| Rory John Gates, Washington DC | $5,000 | $250,000 | $245,000 |
| Michelle M. Boyers, Woodside CA | $5,000 | $100,000 | $95,000 |
| Lisa Mennet, Seattle | $5,000 | $100,000 | $95,000 |
| Noah D. Stein, New York | $5,000 | $80,000 | $75,000 |
| Debra Ann Efroymson, Albuquerque | $5,000 | $68,000 | $63,000 |
| Annette Cumming, JACKSON WY | $5,000 | $50,000 | $45,000 |
| Brian Jacobson, Hunts Point WA | $5,000 | $50,000 | $45,000 |
| Charles Maggelet, Park City UT | $5,000 | $25,000 | $20,000 |
| William E. Bloomfield Jr., Park City UT | $5,000 | $15,000 | $10,000 |
| Nine donors | $45,000 | $738,000 | $693,000 — 94% |
Every one of them lands on exactly $5,000 in the federal individual file, because $5,000 is the annual maximum to a PAC's contribution account. Ninety-four percent of what these nine people gave went to the other wallet. The paired entries on the Wyoming report — $5,000 and $45,000 to Annette Cumming on the same day, $245,000 and $5,000 to Rory Gates on the same day — are the two legs of one gift, and only the small leg carries a donor's name into the federal record.
| Cycle | Committee | Firm | Amount | Funded by |
|---|---|---|---|---|
| 2022 | Wyoming Way PAC | Yellow Tree Strategy, Jackson | $29,500 | Western Futures Fund $110,000 |
| 2024 | Wyoming Way PAC | Mountain Movement Strategies, Cheyenne | $47,805 | Western Futures Fund $100,000 |
| 2026 | the candidates themselves | Mountain Movement Strategies | ≈$17,064 | Way Back PAC $5,500 → Western Futures Fund $2,075,000 |
Skye Schell founded Yellow Tree Strategy in early 2022, months after leaving the Jackson Hole Conservation Alliance executive directorship, and founded Mountain Movement Strategies in January 2023 with Karyn Chin. He co-founded Shelter JH in 2016 and appears as its treasurer on the FY2022 Form 990. Same funder, same committee, same consultant lineage, three consecutive cycles.
| Payee | 2022 total | Share |
|---|---|---|
| First Impression Print Solutions, Englewood CO | $40,298.62 | 38.9% |
| Yellow Tree Strategy, Jackson WY | $29,500.00 | 28.5% |
| Meta Platforms | $20,230.25 | 19.5% |
| Winning Connections, Washington DC | $7,999.72 | 7.7% |
| Godfrey & Kahn S.C., Milwaukee WI | $4,474.00 | 4.3% |
| Reverbal Communications, Madison WI | $3,637.50 | 3.5% |
| Sharp Eye Deer, Wilson WY | $1,550.00 | 1.5% |
| Bank of Jackson Hole | $70.00 | 0.1% |
| Less the $4,191.36 removed by Amendment 1 to the Primary Report — the one document in the series still unread. The arithmetic fixes its size exactly. | ||