Romney's PAC Gives Less Than 12% Of Monies To Candidates

The Boston Globe reports that Mitt Romney's PAC has spent only 12% of the money they've raised on supporting candidates.
After leaving the Presidential race, Romney started a PAC and told donors that he wanted their money to support Republican candidates and help build a political infrastructure. While it is common for PACs to spend a lot of money on fundraising, travel expenses, etc., it is unusual to find only 12% of donations disbursed to candidates. It would seem likely that Romney is instead trying to stockpile early money for a 2012 campaign under guise of raising money to help other candidates.