The Obama Foundation experienced a remarkable increase in fundraising in 2022, marking its most successful year since its establishment in 2014, as disclosed in its latest financial report. The report reveals that the foundation raised a staggering $311,359,611 in contributions and grants last year, compared to $159,660,416 in 2021. This impressive achievement can be attributed to the support of two major donors: Brian Chesky, the CEO and co-founder of Airbnb, who contributed $125 million, and Jeff Bezos, the founder of Amazon, who donated $100 million. These substantial contributions allowed the foundation to reach a cumulative fundraising total of $1.1 billion since its inception.
The Obama Foundation has evolved into a multifaceted organization, with programs extending beyond Chicago to encompass a global network that spans 152 countries and territories worldwide. Its primary focus is the construction of the Obama Presidential Center, located in Jackson Park. The center, currently under development, will consist of four buildings spread across 19.3 acres. The funding received from Jeff Bezos will be allocated towards the construction of this monumental complex.
Brian Chesky’s contribution has been specifically earmarked for the Obama-Chesky Voyager scholarship for public service, which will provide generous financial support to deserving students. Recipients of the Voyager scholarships, which debuted in 2022, receive up to $50,000 during their junior year of college, along with a $10,000 stipend and complimentary Airbnb accommodations for a summer work-travel project. Additionally, $25 million of Chesky’s donation can be used at the foundation’s discretion for the Obama Center’s construction.
In terms of compensation, Valerie Jarrett, the Chief Executive Officer of the Obama Foundation and a trusted confidante of former President Barack Obama and First Lady Michelle Obama, saw her annual pay package increase to $754,064 in 2022, up from $592,905 in the previous year. Jarrett, who served in the Obama White House for the entirety of the eight-year presidential term, assumed the position of CEO in 2021. David Simas, the foundation’s president, received a compensation package of $695,712 in 2022, compared to $584,888 in 2021. It is noteworthy that Simas resigned from his role at the foundation this year.
The foundation’s operating expenses experienced a notable surge, totaling $65 million in 2022, as opposed to $41.38 million in 2021. Fundraising efforts accounted for a significant portion of these expenses, reaching $13.564 million in 2022, up from $9 million the previous year. Despite the increased expenditures, the foundation’s net assets witnessed growth, reaching $925.3 million in 2022, compared to $680 million in 2021.
With regard to the construction of the Obama Presidential Center, the annual report states that $222,237,463 had been spent on the project as of 2022. However, there were no updates available on the projected timeline or the anticipated total cost of the center. Construction on the vast complex commenced in April 2021, with a ceremonial groundbreaking event held on September 28th of the same year. The foundation has implemented various programs aimed at providing employment opportunities within the construction sector for marginalized communities on the South and West sides of Chicago. Notably, $1.35 million has been allocated to train 536 new pre-apprentices from these communities, aiming to prepare individuals for jobs in the trades.
The Obama Presidential Center, expected to open its doors in 2025, will incorporate a Chicago Public Library branch but will not have an official federal Obama Presidential Library. Currently, the official library is housed in a former furniture showroom located in the northwest suburban area of Hoffman Estates.
In addition to the financial report, the Obama Foundation released a list of donors, although specific contribution amounts were not disclosed. Major contributors in 2022 included Comcast NBC Universal, the Bank of America, and Bill and Melinda Gates. These generous donations further reflect the significant support garnered by the foundation.
Overall, the Obama Foundation’s extraordinary fundraising success in 2022 and the notable increase in executive compensation have propelled the organization’s mission forward. With the Obama Presidential Center at the heart of their initiatives, the foundation continues to enhance its global reach while making a positive impact on local communities.
