The Pueblo Chieftain offers this report (h/t Jim Bopp). If anyone has a link to the Colorado Sec. of State report, please send it along and I will link.

UPDATE:  More about the Secretary of State’s analysis at the Denver Post:

At first glance, the findings support Gessler’s argument.

Last year, small donor committees received $528,653 yet were fined $169,650, which amounted to 10 percent of the total fines imposed.

Well-organized 527 committees received $9.9 million, about 26 percent of the contributions reported in 2010, but just $13,150 — about 1 percent — in fines were imposed on them.

Yet of the 1,312 penalties issued in 2010, the overwhelming majority resulted from a simple failure to file required reports in a timely manner, a task that seemingly doesn’t require the attorneys and accountants Gessler cites as a major reason for the disparity.

“There are very few difficult questions in campaign-finance law here in Colorado,” said Luis Toro, director of Colorado Ethics Watch. “As can be seen, the vast majority of penalties are when committees simply miss their filing. It has nothing to do with complexity and having or not having lawyers and analysts to look over stuff.”