Gov. Scott Walker and Democratic challenger Mary Burke are both boasting that their most recent campaign finance reports show that most of their contributions come from small donors, true believers who coughed up $25 or $50 to support a candidate they believe in.

Burke’s campaign said 95 percent of its contributions had been for $100 or less. The Walker campaign attempted to go one better by proudly pointing out that 76 percent of its donations were for no more than $75.

The statements are accurate, but misleading. While the campaigns tout these numbers to prove that they are financed by the grassroots, the figures actually demonstrate how dependent both campaigns are on a small class of large contributors.

Of the $8.2 million the governor raised in the first six months of the year, only $1.3 million – less than one sixth – came from such donors giving $75 or less. Nearly as much came from the 106 donors who gave him the maximum contribution of $10,000, and nearly twice as much – $2.47 million – came from donors who gave at least $5,000. Most of Walker’s money, $4.7 million, came from those who gave at least $1,000.

So far, Burke’s campaign is not as dependent on large donors, although the candidate herself is expected to spend a significant amount of her own money before the race is over.