The Truth About Stefany

Her words. The records.
The questions she hasn't answered.

Stefany Shaheen was paid $921,731 by a Manchester nonprofit funded overwhelmingly by taxpayers, while her mother, a U.S. senator, championed its federal funding. The family's explanation of where that money came from has changed six times. Here is what the public record shows.

“I was paid from a private foundation.” Stefany Shaheen, NHPR debate, Oct. 6, 2026 · Watch at 14:54
$921,731
Paid to her by ARMI, 2018–2024, per ARMI's tax returns
$0
Donations ARMI recorded in any year she was paid
$3.3M
ARMI's total private research money, 2018–2024. She claims "over $6 million"
$148.6M
Federal awards ARMI received over the same years
Her own words

What she said vs. what the records show

At the Oct. 6 NHPR debate, the moderator asked about the nearly $1 million she was paid and whether voters see it as nepotism. She repeated her claims at a Rotary talk on Oct. 8 and on WMUR's CloseUp on Oct. 18. Here are her answers, line by line, next to ARMI's own audited books and tax filings.

She said
“I raised many millions of dollars — over $6 million — from private foundations, not a dime of federal money.”
▶ Watch at 14:14
The record

ARMI's audits record $3.3 million in private research money from 2018 through 2024, about half her figure. It was booked as research contracts with "private organizations," not donations. The audits show no donations in any year, and every one states ARMI held no donor-restricted funds.

Source: ARMI audited financial statements, 2018–2024

She said
“I was paid from a private foundation.”
▶ Watch at 14:54
The record

ARMI's tax returns list her as ARMI's own contractor every year from 2018 to 2024. Her financial disclosures, certified to Congress, name ARMI as the source of the income. No record shows a foundation paying her. The one foundation she has named, Breakthrough T1D, does not mention her anywhere in its tax returns.

Source: ARMI Form 990s; Stefany Shaheen House financial disclosures; Breakthrough T1D Form 990s, 2018–2025

She said · WMUR, Oct. 18
“Over $6 million came into the institute as a nonprofit from foundations … And it was all disclosed, and made very clear.”
▶ Watch from 3:40
The record

If it came into the institute, it would be on ARMI's books. ARMI's audits show $3.3 million in private research money through 2024. The one foundation she has named, Breakthrough T1D, reports giving ARMI $3.2 million, all of it for diabetes research.

No disclosure, filing or statement has named any other foundation or shown $6 million.

Source: ARMI audits, 2018–2024; Breakthrough T1D Form 990, Schedule I

She was asked · WMUR, Oct. 18
“Was it, like, a nine to five? Sit behind a desk here in the mill yard? What was the work?”
▶ Watch from 3:40
Her answer

She said she worked "over a decade," was "often here in Manchester," and went to labs "to secure intellectual property." She did not say how many hours she worked, whether it was full-time, or what she personally delivered.

ARMI paid her as an outside contractor, $120,000 to $153,489 a year.

Source: WMUR CloseUp; ARMI Form 990s

She said · Rotary talk, Oct. 8
“I raised many millions of dollars from private foundations that have funded the research that is happening in Manchester right now. It’s creating jobs. We have created over 100 jobs in Manchester as a result.”
▶ Read SeacoastOnline
The record

ARMI did employ 101 people in 2024, up from 18 in 2018. But its 2024 payroll was $10.2 million. Its private research money that year was $695,289, and its federal awards were $38.8 million.

The jobs were paid for overwhelmingly with federal money, not foundation money.

Source: ARMI Form 990s, 2018 and 2024 (Part I, line 5: people employed during the year, including part-year; line 15: payroll); ARMI 2024 audit

She said
“I was honored to do work for that nonprofit for over 10 years.”
▶ Watch at 14:11
The record

ARMI was incorporated on July 22, 2016, "to serve as the lead organization and recipient of the … award from the United States Department of Defense." Her campaign says her work ended in December 2025. Earlier reporting from tax records described her as a paid consultant "since 2018."

If she was there from the start, what was her role while ARMI was competing for Pentagon money her mother was lobbying for?

Source: ARMI Articles of Agreement (NH Secretary of State); APM Reports, Nov. 2023

Her mother certified · April 5, 2023
“I certify that neither I nor my immediate family has a pecuniary interest in any of the congressionally directed spending items that I have requested.”
▶ Read the signed letter
The record

Sen. Jeanne Shaheen's requests for the Fiscal Year 2024 Commerce-Justice-Science bill, written by the subcommittee she chaired, included $1.2 million for ARMI.

ARMI paid her daughter $146,242 in 2023, the year she signed, and $153,489 in 2024, the year the money was approved.

Source: Shaheen certification, April 5, 2023; Shaheen FY2024 project list, May 3, 2024; ARMI Form 990s. Her office says Senate Ethics staff found no rule violation.

A changing story

Six explanations in three years

Asked who paid her, the answer keeps shifting. Only the latest version names a foundation, and that foundation's own records show about half of what she claims.

Follow the money

Where ARMI's money came from

ARMI is not a charity. It is a 501(c)(6) business league created to receive a Pentagon award. Its own audits show what came in, year by year.

Federal awards
$148.6M
Private research contracts
$3.3M
Donations
$0
YearPaid to Stefany ShaheenFederal awardsPrivate research contractsDonations
2018$120,000$2,675,942$0$0
2019$120,000$9,243,043$0$0
2020$120,000$22,317,074$87,845$0
2021$120,000$24,373,712$888,432$0
2022$142,000$27,207,838$1,148,678$0
2023$146,242$23,981,837$505,030$0
2024$153,489$38,802,037$695,289$0
Total$921,731$148,601,483$3,325,274$0

Sources: ARMI Form 990s (payments to Stefany Shaheen); ARMI audited Statements of Activities (revenue). ARMI also received membership dues and in-kind contributions from member companies; more than half the dues came from companies tied to ARMI's own board members.

Her first two years had no private money at all. In 2018 and 2019, ARMI's audits record no private research money and no donations, and ARMI paid her $240,000. ARMI's own audit dates its first private research award to 2020. If she was paid from money she raised, what money was it?
The foundation she named

Breakthrough T1D: $3.2 million, not $6 million

On WMUR she named one foundation, Breakthrough T1D (formerly JDRF). Its tax returns list every grant it makes. Here is everything it reported giving ARMI.

Breakthrough T1D fiscal yearGrants to ARMIPurpose listed
July 2017 – June 2018$0—
July 2018 – June 2019$0—
July 2019 – June 2020$1,279,011Beta cell replacement
July 2020 – June 2021$719,852Beta cell
July 2021 – June 2022$0—
July 2022 – June 2023$823,255Beta cell replacement
July 2023 – June 2024$418,000T1D research
July 2024 – June 2025$0—
Total$3,240,118

Source: Breakthrough T1D Form 990, Schedule I (grants over $5,000), fiscal years 2018–2025. Stefany Shaheen does not appear anywhere in these returns.

She sat on the foundation's board while ARMI was paying her. In May 2024, Breakthrough T1D's own website introduced her as ARMI's "Chief Strategy Officer" and said she "is currently a member of the Greater New England Chapter Community Board" and "served on the Advocacy Committee of the International Board." That year, Breakthrough T1D gave ARMI $418,000. She now says her pay came from foundation money she raised. Did she disclose that she was on both sides?
The family connection

Her mother, the Senate, and ARMI's money

Sen. Jeanne Shaheen has backed ARMI's federal funding from the day it was formed.

The federal money she championed, and what ARMI paid her daughter

DateFederal awardSen. Shaheen's roleARMI paid Stefany that year
Dec. 2016About $80 million, Defense Department, to ARMIWrote the Defense Secretary backing the bid; announced the award—
2022About $44 million, Commerce "Build Back Better," to a City of Manchester–led coalition that includes ARMICommerce Secretary credited her advocacy$142,000
FY2024$1.2 million earmark for ARMIRequested it; certified no family financial interest$146,242 (2023) · $153,489 (2024)
July 2024About $44 million, Commerce Tech Hubs, to the ReGen Valley consortium led by ARMIAnnounced and applauded the award$153,489

Sources: Shaheen press releases (Dec. 21, 2016; May 3, 2024; July 2024); U.S. Economic Development Administration; Boston Globe, July 15, 2023; Shaheen certification, April 5, 2023; ARMI Form 990s.

ARMI's own conflict-of-interest policy covers "new employees or officers." ARMI paid her as a contractor, while her disclosures call her an officer. Either the policy covered her, and she should say whether she disclosed her mother's role, or ARMI's chief strategy officer sat outside its own conflict rules.
Outside money

$8.4 million in outside money to elect her

Outside groups have spent about $8.4 million supporting Stefany Shaheen or attacking her opponents, according to FEC reports. The largest is New Leadership PAC, a super PAC based in Foxboro, Massachusetts. Most of its money went to knocking out her Democratic primary rival. See all FEC reports for her race.

WhenWhat New Leadership PAC spent onTargetAmount
Aug. 26 – Sept. 4TV, digital and mail adsAgainst Maura Sullivan, Democratic primary rival$2,723,527
Sept. 2 – 24Phone banking and TV adsSupporting Stefany Shaheen$326,016
Sept. 15 – 24TV adsAgainst Anthony DiLorenzo$400,950
TotalNH-01$3,450,493

Source: FEC independent expenditure reports, New Leadership PAC, through Sept. 24, 2026. Ads reported in both 24-hour notices and monthly reports are counted once.

Where the money came from. As the anti-Sullivan ads began, a DC super PAC, New Engagement PAC, sent New Leadership PAC $3 million (Aug. 25 and 31). New Engagement PAC's largest donor was LinkedIn co-founder Reid Hoffman: $1 million on Aug. 13. It also took $870,000 on Aug. 27 from New Engagement Fund, a group that does not report its donors to the FEC.

Sources: Hoffman contribution · New Engagement PAC transfers (FEC)

The second-largest: Article One PAC, $2.1 million. A Washington, DC super PAC formed in December 2025 spent $2,110,578 supporting her from June through the primary, its biggest single race so far. Most of its money, about $3.9 million of $4.9 million raised, came from three groups that don't report their own donors to the FEC: Article One Action Fund, Opportunity Forward Alliance and the Guzman Foundation. Its individual donors include Illinois Gov. JB Pritzker ($100,000), Amos Hostetter ($100,000), Glen Tullman ($175,000) and Laurence Tosi ($25,000). Each of the four also gave her campaign the legal maximum of $7,000. The records don't show which donors' money paid for the ads supporting her.

Sources: Article One PAC donors · Article One PAC spending · her campaign's donors (FEC)

Not yet disclosed: American Democracy Committee, $752,401. A DC super PAC registered in May 2026 spent $752,401 supporting her on Sept. 1–3, days before the primary. Its last report, through Aug. 31, showed no money raised. Who paid for those ads won't be public until its next FEC report. (FEC)
She has called her opponent a “MAGA mega-donor.” Her own race is being lifted by millions from an out-of-state super PAC, with a billionaire’s $1 million behind its biggest donor. (Washington Times, Oct. 8, 2026)

Super PACs are legal and must operate independently of the candidate. Nothing here suggests the Shaheen campaign coordinated with them. New Leadership PAC and Article One PAC also spend in other races. Outside groups have also spent for DiLorenzo, including America PAC and MAGA Inc., far less than has been spent for her. Totals count each ad once, through mid-October 2026.

Still waiting

Questions Stefany Shaheen hasn't answered

Each of these can be settled with a single document. None has been released.

  1. Which private foundations gave the "over $6 million," how much did each give, and in what years? UnansweredARMI's audited books show $3.3 million in private research money, and no donations. Breakthrough T1D, the only foundation she has named, reports $3.2 million.
  2. You said it was "all disclosed, and made very clear." Where? UnansweredHer disclosures to Congress name ARMI, not any foundation.
  3. While ARMI paid you, you sat on a Breakthrough T1D board. Did you disclose that to ARMI, or ARMI's payments to Breakthrough T1D? Unanswered
  4. WMUR asked whether it was a nine-to-five job. How many hours a week did you work for ARMI, and what did you personally deliver? Unanswered
  5. If a private foundation paid you, why do ARMI's tax returns and your own disclosures to Congress say ARMI paid you? Unanswered
  6. What paid you in 2018 and 2019, when ARMI recorded no private research money and no donations? Unanswered
  7. You say you worked for ARMI "for over 10 years." What was your role in 2016 and 2017, and did you work on the Pentagon bid your mother was lobbying for? Unanswered
  8. Your mother certified that no family member had a financial stake in her $1.2 million earmark for ARMI. ARMI was paying you at the time. Was that certification accurate? Unanswered
  9. Did you ever disclose your mother's role under ARMI's conflict-of-interest policy? Unanswered
  10. Your disclosures call you "Chief Strategy Officer." ARMI's tax filings call you a contractor. Which were you, and what did you do? Unanswered
  11. Will you release the contracts or records showing who paid you and where the $6 million came from? Unanswered

What the records don't show

  • That there was no foundation money. Breakthrough T1D gave ARMI about $3.2 million for diabetes research, starting in 2020.
  • That she directed Breakthrough T1D's grants. Its tax returns don't list her as a director, and chapter community boards don't award research grants.
  • That federal money paid her fee. ARMI's records don't say which account paid her.
  • That she worked on ARMI's Pentagon bid. Only her own "over 10 years" remark places her there.
  • Money received in 2025. ARMI has not yet filed its 2025 audit or tax return, so some foundation money may appear there.
  • That Sen. Shaheen's certification was false. Her office says Senate Ethics staff found no rule violation; what they were told is not public.
Check it yourself

Sources

  1. NHPR debate, Oct. 6, 2026 (C-SPAN): full ARMI exchange from 13:38
  2. SeacoastOnline, Oct. 9, 2026, on her Oct. 8 Rotary talk: article
  3. WMUR CloseUp interview, Oct. 18, 2026: WMUR · YouTube, from 3:40
  4. Breakthrough T1D Form 990 tax returns, fiscal years 2018–2025, Schedule I and Part VII: ProPublica Nonprofit Explorer
  5. Breakthrough T1D Greater New England, May 4, 2024, on her board and committee roles: chapter page
  6. ARMI audited financial statements and Single Audits, 2017–2024, Federal Audit Clearinghouse (EIN 81-3327581): 2024 report
  7. ARMI Form 990 tax returns, 2018–2024: ProPublica Nonprofit Explorer
  8. ARMI Articles of Agreement, July 22, 2016: NH Secretary of State, business ID 748215
  9. Stefany Shaheen House financial disclosures: Sept. 2025, May 2026
  10. Sen. Shaheen FY2024 earmark certification, April 5, 2023: Senate Appropriations
  11. Sen. Shaheen, FY2024 projects including $1.2 million for ARMI, May 3, 2024: press release
  12. Boston Globe, July 15, 2023, on the $44 million Commerce award and the senator's response (copy hosted by ARMI): article
  13. U.S. Economic Development Administration, Build Back Better award to the City of Manchester coalition: EDA
  14. U.S. Economic Development Administration, ReGen Valley Tech Hub award, July 2, 2024: press release
  15. Sen. Shaheen on the $44 million ReGen Valley award: press release
  16. Sen. Shaheen announcing the Pentagon award, Dec. 21, 2016: press release
  17. New Leadership PAC independent expenditures, 2026: FEC
  18. Reid Hoffman's $1 million to New Engagement PAC, Aug. 13, 2026: FEC; New Engagement PAC's $3 million to New Leadership PAC: FEC
  19. Washington Times, Oct. 8, 2026: race coverage
  20. APM Reports, Nov. 19, 2023: investigation of ARMI's finances
  21. Politico, Feb. 10, 2026: report
  22. The Dartmouth, April 10, 2026: interview
  23. InDepthNH, Sept. 29, 2026: campaign statement