Donations from big-ticket donors are flooding in to help fund former President Barack Hussein Obama’s foundation. Enacting a fundraising policy that’s modeled after those used by major museums and cultural institutions, The Obama Foundation released a list Friday that shows millions of dollars are rolling in.
The Obama Foundation is focused on raising mega-contributions from corporations. At least 8 donors have donated over $1 million dollars each, including pledges from Microsoft corporation and Chicago based Exelon.
No longer stymied by the presidency, Obama’s new foundation can accept large dollar amounts with no limits.
An Obama Foundation representative told the Chicago Sun-Times that the foundation’s self-imposed “restrictions” on donation amounts would no longer be necessary. However, he clarified, “The Obama Foundation will continue to vet and publicly disclose all large contributions.”
The Obama Foundation has plans to develop the Obama Center, which includes Obama’s presidential library, a museum, event space and offices. The project is estimated to cost $500 million. Located in Chicago’s Jackson Park, the idea was announced in January and designs for the building were unveiled in May. The center is scheduled to be completed by 2021
The Obama Foundation believes the center will benefit the neighborhood by attracting visitors and creating jobs. “It will be more than a library or museum, it will be a living, working center for citizenship,” President Obama said in January.
Longtime Obama family friend Marty Nesbitt runs the Obama Foundation, along with former White House political director David Simas.
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