Genuine and sham enterprises can be distinguished based on the experience of the management, the way the enterprise is planned and run, and the results. What you describe is that you have no experience in political fund raising and expect that ‘expenses’ will consume almost all the contributions. Under scrutiny, you would be put in the awkward position of saying that you are incapable but not crooked.
Small businesses frequently lose money in their first year or so. Nobody claims the management are crooks.
Why should anybody expect a non-profit enterprise to have net earnings immediately ? There are start-up costs that take time to recoup and processes to learn and fine-tune.
What is the the typical percentage of contributions to a PAC that eventually goes to a candidate’s or issues’ own campaign coffers ? After putting out ads and information itself, I don’t think a PAC would necessarily have anything “left over”.