I'm no lawyer either and find this whole thing arcane. I think this article answers your question:
http://www.politifact.com/punditfact/statements/2016/may/05/george-clooney/george-clooney-decries-big-money-politics-says-mos/
The way the donations are divided is explained at the bottom of the Hillary Victory Fund page on the Clinton website. The first $2,700 goes to Clinton, the next $33,400 goes to the DNC and the rest goes to state parties.
How does this translate into total donations for each group?
If you look at the money going out, which is available through campaign finance reports, it looks like Clinton is getting most of the money.
The Clinton campaign gets the lion's share of the money collected by the Victory Fund, said Clinton spokesman Josh Schwerin, because most of the donors give much smaller amounts, and everything up to $2,700 per person is earmarked to go to Hillary for America first.
It's when a donor exceeds that limit that the excess spills over to benefit the national and state Democratic committees.
Or — in the case of the state parties — that's how it appears on paper.
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Federal Election Commission records show that in most cases, the money given to the state parties has been immediately redirected to the DNC. The money isn't staying with the states at all.
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The Hillary Victory Fund sent $214,100 to Minnesota, for example, and that state party didn't keep a dime. It was routed to the DNC, which otherwise wouldn’t have been able to accept the money "since it came from donors who had mostly had already maxed out to the national party committee," Politico reported.
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So if money is going back to the DNC, what’s it being spent on?
The overarching response of both the Clinton campaign and the DNC was that the money being diverted to the DNC was, in fact, being used to help local Democrats get elected. Those candidates need voter information, research, media monitoring, organizing capacity and other infrastructure services provided by the DNC to run a successful campaign, and that's how the money was being used.
However, such services also benefit the Clinton campaign.
I think what is going on is that most donors don't donate more than $2700. All of that money goes to Clinton's campaign. When big donations come in, everything over $36,100 goes to the states and they send the money back to the DNC to cover costs of services that they would have to do anyway. This pays for a central office that handles administrative tasks common to all campaigns and cuts overhead for each state because everybody pays for a central office. Of course, Hillary comes up the big winner in all of this. At least that's how I understand what's supposed to happen. Does it? Well from reading those e-mails, probably not. Still, I'll wait and see if any state campaigns start squealing over this.