As U.S. Senate candidate Al Franken knows, it's important to have somebody with some financial smarts handling the money. So the Minneapolis Saint Paul 2008 Host Committee — which is raising money and volunteers for the 2008 Republican National Convention — just named Robert Wood (Woody) Johnson IV to serve as National Finance chair.

He's the owner of the New York Jets and an heir to the Johnson & Johnson fortune. And his mother has a family home in White Bear Lake.

The host committee reports:

"We are very pleased to have someone of Woody's caliber to lead our national fundraising effort as we approach the goal line of the 2008 Republican National Convention," said Doug Leatherdale, Chairman of the Board of the Minneapolis Saint Paul 2008 Host Committee. "Money raised by the Host Committee relieves the burden that would otherwise fall on government and taxpayers. Woody's leadership in the coming weeks will be extremely valuable as we prepare for this historic event."

Having made their goal of raising $39 million for the convention — the amount they'd promised the Republicans they'd have by July 15 — the committee now hopes to raise an additional $19 million. The money is needed to rent the Xcel Energy Center and RiverCentre, produce CivicFest, pay insurance, handle parking and transportation, etc.

The committee announcement continues:

"I'm honored to have been asked to serve as the National Finance Chair for the Host Committee," Johnson said. "Ensuring the presidential nominating convention has the funds it needs to put on the best convention in history is critical to Minneapolis Saint Paul. People will be pleasantly surprised by what the cities have to offer. The Xcel Energy Center is a tremendous site for nominating a candidate to be the next President of the United States."

The money raised and spent by the Host Committee will be fully detailed following the convention in a report to the Federal Elections Commission and the IRS, as required by law. In addition, Host Committees for Minneapolis Saint Paul and Denver will be audited by the FEC, which also is required by law. — Joe Kimball