(CNN) – President Barack Obama's re-election team increased their war chest by roughly $20 million in March, bringing the incumbent Democrat's cash on hand funds to just over $104 million, more than ten times the amount his likely Republican challenger Mitt Romney declared in federal filings Friday.
The financial disclosure from Obama's campaign comes after the announcement Monday his team had raised $53 million in the month of March, an increase of $8 million from the month before. $35 million was raised by Obama's campaign, and the remainder was brought in by the Democratic National Committee.
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In filings with the Federal Election Commission on Friday, Obama for America also recorded spending over $15.5 million in March. Romney's campaign filings show the GOP candidate's organization spent $10.3 million.
The money raised goes to the Obama Victory Fund, which is divided between the Obama re-election campaign, the Democratic National Committee and affiliated committees. Obama broke all records by raising nearly $750 million during his 2008 campaign for the presidency.
Earlier Friday, Romney announced he had raised $12.6 million in primary funds in March, bringing the total amount of primary funds raised by the Republican candidate over the past year to $87 million.
Romney's campaign noted they have $10.1 million cash on hand, and that the former Massachusetts governor, who has an estimated net worth of $190 million, had not made any personal loans to his campaign.
In their release, the Romney campaign said that 84% of all donations received through the end of last month were $250 or less. Monday the Obama campaign announced that 97% of their donations in March were for $250 or less.
Donations made to Romney's campaign in March came amid major shifts in the race for the 2012 GOP nomination. Romney entered the month in a fierce competition for delegates with former Pennsylvania Sen. Rick Santorum. After winning contests on Super Tuesday, as well as taking Illinois' primary on March 20, Romney emerged as the candidate most likely to clinch the GOP nomination.
Santorum ended his presidential bid April 10. Filings for the month of April, which will be filed with the FEC in mid-May, will better reflect a general election contest between Romney and Obama.