The Obama Foundation has deposited just $1 million into a reserve fund originally projected at $470 million, latest filings reveal.
The fund was a condition for turning over control of 19.3 acres in Jackson Park to the Foundation. Yet, despite years passing and rising project costs, the promised endowment remains nearly untouched.
Costs for the presidential center have surged—from an initial estimate of $330 million to over $850 million—and the Foundation now carries hundreds of millions in outstanding construction obligations. Meanwhile, about $116.5 million in cash remained at the end of 2024, down from previous levels.
Critics warn that without a fully funded endowment, taxpayers could be exposed if the project falters. Legal and financial scholars suggest the city’s compliance mechanism may have been lax, allowing the Foundation to proceed with minimal accountability.
The Obama Foundation says it plans “significant investments” into the fund in coming years and maintains the center is fully financed and on track to open in spring 2026.