[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/01/29/art.romney.7.gi.jpg caption="Mitt Romney's political action committee raised almost $3 million in 2009."](CNN) - Mitt Romney's political action committee raised just under $3 million in 2009, according to a statement released by the former Republican presidential candidate's Free and Strong PAC.
The PAC also reports donating just under $121,000 to Republican state and federal candidates, as well as Republican causes, in 2009 - an off-year election cycle.
Romney's PAC begins the new year with over $1.1 cash on hand, a total the committee calls a "substantial war chest to help finance Republican candidates in the important 2010 cycle."
Earlier Friday a source told CNN that Minnesota Gov. Tim Pawlenty will report raising more than $1.2 million in the final quarter of 2009. Romney and Pawlenty may be potential opponents for the GOP presidential nomination in 2012.