(CNN)-Minnesota Rep. Michele Bachmann may have announced her bid for the 2012 GOP nomination for president well into the second fundraising quarter, but she still managed to outpace competitors.
Bachmann will report $4.2 million in contributions to the Federal Election Commission for the second quarter, according to a Friday release. Reports for the second quarter were due to be filed Friday.
Almost half the amount to be reported by Bachmann, $2 million dollars, was transferred from her congressional account. The rest was raised in more than 88,000 contributions that averaged $48.00 each. Funds raised for federal campaigns can be transferred from one federal account to another according to FEC guidelines. Funds raised by political action committees, or PACs, cannot be transferred to campaign coffers.
Bachmann, a tea party darling who's recently faced both acclaim and criticism, has $3.6 million in cash to spend on her presidential campaign efforts.
But she didn't manage to catch up with frontrunner Mitt Romney, who is well ahead in the money race. He reported $18.25 million in campaign contributions for the second quarter.
Fundraising reports aren't so positive for former House Speaker Newt Gingrich.
While more GOP candidates have announced at least $1 million in fundraising, Gingrich reported that his campaign is $1 million dollars in debt.
Almost half of his debt can be attributed to traveling by private plane since Gingrich racked up a $451,946 bill to an air charter company also used by the Republican National Committee.
Though his campaign faced early hurdles including the departure of 16 staff members reportedly over differences with their candidate, Gingrich still reported $2 million in donations for the second quarter.
He has cash on hand to continue pursuing a presidential bid –$322,222, according to Federal Election Commission filings.
CNN's Kevin Bohn contributed to this report.