By comparison, the party had $61m on hand one year out from the 2020 presidential election, and $20m at the same period in the 2016 cycle.
Donations from both wealthy and small-dollar donors are down significantly in recent years, GOP sources told The Washington Post.
Some donors have expressed reluctance due to fears it will help Mr Trump’s re-election, people familiar with the party’s finances told the Post.
The Democratic National Committee raised $13.1m in October, nearly double the RNC’s tally of $7.1m, and had $17.7m on hand at the end of October, FEC filings show.
The RNC did not immediately respond to a request for comment by The Independent.
RNC chairwoman Ronna McDaniel brushed off concerns about the party’s finances in an interview with the Post.
She told the newspaper that the monetary drop was typical for this period in the election cycle, as donors preferred giving to individual presidential candidates.
“I think there’s more donors just fully committed to their candidate right now, saying I am all in, and once the nominee is set, I’ll be there. That’s what I hear more than anything,” Ms McDaniel told the Post.
“There’s nothing unusual about this, because they know that once their candidate gets in that we will merge and that we’ll be working together to win the White House.”
The RNC has already sent staff to 15 swing states as part of voter outreach efforts, has filed 70 lawsuits aimed at protecting election integrity, and established a permanent Election Integrity Department, she said.
Mr Trump, who has a nearly 50-point lead over Mr DeSantis in national polling, has attacked the RNC for funding presidential debates that he has refused to attend.
“RNC must save money on lowest ever ratings debates. Use it against the Democrats to STOP THE STEAL! If not, REVAMP THE RNC, NOW!!!” Mr Trump wrote on Truth Social last week.
Mr Trump has continued to support Ms McDaniel, despite growing uneasiness at the party’s run of poor results since she was elected to the chairperson’s role in 2017.
Mr Trump had $37.5m on hand at the end of October, while Mr DeSantis had $12.5m and Nikki Haley $11.5m.
Tennessee GOP executive committee member Oscar Brock told the Post the party had employed its usual fundraising methods of donor meetings, retreats, digital advertising and direct mail to solicit money.
Despite this, donations are “much lower this year”, Mr Brock told the publication, and the RNC has cut expenses to “keep the party from going into the red”.