Obama Center's $470M Endowment Holds Just $1M
The Obama Foundation pledged a $470 million reserve (endowment) as part of its 2018 agreement with the City of Chicago to build the Obama Presidential Center on 19.3 acres of Jackson Park, but the foundation's tax filing shows it has deposited only $1 million — a sum that has not increased since 2021. With project costs cited as rising from an early $330 million estimate to about $850 million and the foundation holding the park lease for $10 under a 99‑year deal, critics and legal scholars say Chicago taxpayers could be exposed if the project faces budget shortfalls.
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Obama Presidential Center deposits just $1M into $470M reserve fund aimed to protect taxpayers
New information:
- The foundation pledged a $470,000,000 reserve fund but has deposited only $1,000,000 (≈0.21%).
- The City of Chicago transferred control of 19.3 acres of Jackson Park to the foundation under a 99‑year lease for $10 in 2018.
- Project cost estimates have risen from about $330 million to at least $850 million while the promised endowment remains largely unfunded; the $1M deposit was made in 2021 and Fox reports it has not increased since.