The bulk of that money — $71.9 million — was split about in half between Democratic candidates and affiliated organizations, and Republican candidates and their affiliated groups.

The analysis challenges the narratives both sides have been telling about the other.

It found that most of the out-of-state money — and most of the big-dollar contributions — have gone to Republican candidates and allied groups, while donations to Democrats and unions’ political action committees have come overwhelmingly from within Wisconsin.

Katherine Cramer Walsh, a UW-Madison associate professor of political science, said the relative parity in fundraising was surprising, especially in light of a provision in state law that allows the targets of a recall to raise unlimited money between the time a recall drive is initiated and the time an election is called. That provision helped Walker raise millions more than he could otherwise. Through April, his campaign had raised at least $22.8 million, smothering his Democratic rivals.

“The perception out there is that the Republicans are much more flush with cash, and that isn’t supported here,” Cramer Walsh said.