As a super PAC the organization could raise unlimited sums of money from corporations, unions and other groups, as well as wealthy individuals.

[4][5] Speaking in character, Colbert said the money would be raised not only for political ads, but also "normal administrative expenses, including but not limited to, luxury hotel stays, private jet travel, and PAC mementos from Saks Fifth Avenue and Neiman Marcus.

[8] In April 2012, Colbert received a Peabody Award for his show's series of parody reporting about his super PAC as an "innovative means of teaching American viewers about the landmark court decision".

Immediately following this, however he stated that a group called "The Ham Rove Memorial Foundation" had received an anonymous donation of $773,704.83, which it will use to support various charities.

[11] On March 30, Colbert hosted former Federal Election Commission (FEC) Chairman Trevor Potter on the program to help him fill out the paperwork for the PAC.

Therefore, he helped Colbert set up in Delaware a 501(c)(4) shell corporation to which donations can be given anonymously without limit and used for political purposes, similar to American Crossroads.

"[20] Colbert was the sole board member of the shell corporation and initially served as president, secretary, and treasurer of his organization, whose stated purpose was to educate the public.

[21][22] According to experts, Colbert's actions were perfectly legal and shine a light on how the financing of elections has dramatically changed since the Citizens United ruling.

[18][19] Speaking in 2014, Trevor Potter said: [Colbert] was able to show America the loopholes (or "loop-chasms" as he called them) in the laws designed to regulate coordination between candidates and supposedly "independent" groups.

[23]Potter called Colbert's ability to not only quickly understand complicated financial and legal concepts but to also make them funny "pure genius".

As you know, when we began Colbert Super PAC, we had a simple dream; to use the Supreme Court's Citizens United ruling to fashion a massive money cannon that would make all those who seek the White House quake with fear and beg our allegiance ... in strict accordance with federal election law.

The filing also listed donors who gave more than $200 to the Super PAC, including Lieutenant Governor of California Gavin Newsom ($500), actor Bradley Whitford ($250), and actress Laura San Giacomo ($250).

[34] Immediately after this legal block was removed, Colbert announced his decision to form an exploratory committee for his run for "President of the United States of South Carolina".

[36] In a press release, the new PAC president, Jon Stewart, denied that he and Colbert would secretly coordinate their efforts: "Stephen and I have in no way have worked out a series of Morse-code blinks to convey information with each other on our respective shows.

Also included was a treasure map, which allowed students who started their own Super PAC to begin a scavenger hunt with a personal appearance by Colbert himself as the prize.

[48] In April 2012, a Peabody Award was bestowed upon Stephen Colbert for his Super PAC parody as an "innovative means of teaching American viewers about the landmark court decision".

[49][50] Additionally, a 2012 election interview ascertained that viewing The Colbert Report increased knowledge and perception of super PACs and "501(c)(4) groups."