Obama Foundation

Last updated
The Barack Obama Foundation
Formation2014;10 years ago (2014)
Founders
Type Non-operating private foundation
EIN 46-4950751 [1]
Legal status 501(c)(3) organization
Headquarters Hyde Park, Chicago, Illinois
CEO
Valerie Jarrett
Revenue
$143,158,266 (2019) [2]
Endowment $429,545,259 (2019) [2]
Website www.obama.org

The Barack Obama Foundation is a Chicago-based nonprofit organization founded in 2014. It oversees the creation of the Barack Obama Presidential Center, runs the My Brother's Keeper Alliance (a program Barack Obama began while he was president), and operates a scholarship program through the University of Chicago's Harris School of Public Policy.

Contents

History

The foundation held its inaugural summit on October 31, 2017, in Chicago. According to Barack Obama, he intends for his foundation to be central to many of his post-presidential activities, which he sees as having the potential to be more consequential than his time in the White House. [3]

The foundation's first president was Adewale Adeyemo, an economist and former Deputy National Security Adviser for International Economic Affairs who joined in August 2019. [4] In 2020, President-elect Joe Biden selected Adeyemo to serve as Deputy Secretary of the Treasury, and he was replaced by Valerie Jarrett. [5] Jarrett has been CEO of the Foundation since 2021 [6]

The Foundation raised $232.6 million in 2017 and $164.8 million in 2018. [7] [8] In 2022, all contributions and in-kind gifts totaled $311 million. It has net assets of $925 million and has raised $1.1 billion since 2017. [9]

Barack Obama Presidential Center

The foundation's major project as of March 2018 is to oversee the creation of the planned presidential library of former president Obama. In May 2015, the foundation, along with Chicago mayor Rahm Emanuel, announced the development of the center and its location in the Jackson Park neighborhood of Chicago's South Side. [10] The planning process met with criticism from some local leaders who questioned the benefit for the surrounding area and did not feel the community was sufficiently involved. [11] [12] On February 26, 2019, Chicago residents voted to require a community benefits agreement in order to make the Center official, something to which the Obama Foundation has objected. [13] [14]

Updated plans were released in 2019, with some changes based on feedback. The complex includes four buildings, with a museum, public space, public library branch, and athletic center. It was designed by the architectural firm Tod Williams Billie Tsien. [15]

Construction on the 19.3 acre campus is expected to top out in April 2024, and be completed in October 2025. [16]

My Brother's Keeper Alliance

The My Brother's Keeper Alliance (MBK Alliance) is a program inspired by President Obama's My Brother's Keeper Challenge that he started through the White House in 2014. Its purpose is to address challenges and opportunity gaps that boys and young men of color face, providing support through mentoring, education, job training, and other activities. [17] [18] In 2017, MBK Alliance was moved into the Obama Foundation. [19]

Scholarships

In February 2018 the foundation announced it had begun a scholarship program at the University of Chicago. The scholarships are awarded to 25 American and international master's students in the Harris School of Public Policy in an effort to cultivate leadership through the Presidential Center. It covers the students' tuition and living expenses while they work with the foundation and take classes. [20] [21] It also began sponsoring fellowships called Obama Foundation Scholars at Columbia University, Obama's alma mater. In its first year, 2018, the non-degree-granting program paid the expenses and provided a stipend for 12 international students. [22]

In May 2022, The Obama Foundation announced a $100 million gift from Airbnb co-founder and CEO Brian Chesky. The gift was to launch a new scholarship program for students pursuing careers in public services. The Voyager Scholarship aka The Obama-Chesky Scholarship for Public Service aims to support students in their junior and senior years of college with up to $50,000 in financial aid, a $10,000 stipend and free Airbnb housing to pursue a summer work-travel experience between their junior and senior years of college; a $2,000 travel credit every year for 10 years following graduation; an annual summit; and a network of mentors. [23] On September 12, 2022, the inaugural cohort of 100 "Voyagers" was announced. The inaugural cohort represents 36 US states and territories as well as 70 US colleges and universities. [24] Barack Obama and Brian Chesky surprised the 2022 cohort via Zoom call to share insights into their public service journeys and to congratulate the students on their selection. [25]

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References

  1. ↑ "Ways to Give – Obama Foundation". www.obama.org. Archived from the original on 2020-11-15. Retrieved 2020-11-14.
  2. 1 2 "2019 Annual Report – Financials" (PDF). www.obama.org. Archived (PDF) from the original on 2020-10-30. Retrieved 2020-11-14.
  3. ↑ "Obama, opening his foundation's first summit, calls for fixing civic culture". Politico. October 31, 2017. Archived from the original on June 25, 2018. Retrieved March 10, 2018.
  4. ↑ Archived 2019-08-08 at the Wayback Machine
  5. ↑ Sweet, Lynn (2020-12-07). "Valerie Jarrett to lead Obama Foundation; Obama Presidential Center groundbreaking set for 2021". Chicago Sun-Times. Archived from the original on 2021-01-06. Retrieved 2021-02-26.
  6. ↑ "Obama Foundation, fueled by two mega-donors, has record fundraising year in 2022". Chicago Sun-Times. 2023-08-09. Retrieved 2024-05-08.
  7. ↑ Sweet, Lynn (June 28, 2019). "Obama Foundation fundraising down in 2018, pay for top staffers went up". Chicago Sun-Times. Archived from the original on July 2, 2019. Retrieved July 2, 2019.
  8. ↑ Bowean, Lolly. "Obama Foundation raised $165M last year toward Chicago presidential center, a drop from kickoff year". Chicago Tribune . Archived from the original on 2019-07-01. Retrieved 2019-07-02.
  9. ↑ "Obama Foundation has its best fundraising year yet, with assets near $1 billion". Chicago Tribune . 2023-08-08. Retrieved 2024-05-08.
  10. ↑ Bosman, Julie; Smith, Mitch (May 12, 2015). "Chicago Wins Bid to Host Obama Library". The New York Times . Archived from the original on April 25, 2017. Retrieved January 10, 2018.
  11. ↑ Bowean, Lolly. "Obama Foundation delays presidential center groundbreaking until next year". Chicago Tribune . Archived from the original on 2021-02-26. Retrieved 2021-02-26.
  12. ↑ "Professors Join Chorus of Opposition to Obama Foundation and Presidential Library". Non Profit News | Nonprofit Quarterly. 2018-01-12. Archived from the original on 2021-01-26. Retrieved 2021-02-26.
  13. ↑ Rachel Hinton (March 1, 2019). "A rare election-night loss for Obama: Voters back benefits pact for presidential center". Chicago Sun Times. Archived from the original on March 2, 2019. Retrieved March 1, 2019.
  14. ↑ "South Side Voters Tell City Officials The Obama Center Needs A Community Benefits Agreement". Block Club Chicago. 27 February 2019. Archived from the original on 2 March 2019. Retrieved 2 March 2019.
  15. ↑ Nelson, Tim (29 October 2019). "The Obama Foundation Has Just Unveiled a New Set of Renderings of the Presidential Center". Architectural Digest. Archived from the original on 2020-11-28. Retrieved 2021-02-26.
  16. ↑ Sweet, Lynn (13 October 2023). "Halfway built, the Obama Presidential Center is already a South Side landmark". Chicago Sun-Times .
  17. ↑ Capehart, Jonathan (October 3, 2017). "My Brother's Keeper forges ahead with Obama and despite Trump". The Washington Post . Archived from the original on May 15, 2018. Retrieved March 10, 2018.
  18. ↑ Horsley, Scott (December 26, 2016). "Obama's Post-White House Plans Include My Brother's Keeper Effort". All Things Considered . NPR. Archived from the original on May 15, 2018. Retrieved March 10, 2018.
  19. ↑ Holly, Danielle (September 7, 2017). "My Brother's Keeper Merges with Obama Foundation". Nonprofit Quarterly. Archived from the original on May 15, 2018. Retrieved March 10, 2018.
  20. ↑ Bowan, Lolly (February 28, 2018). "Obama Foundation announces new scholarships to groom leaders". Chicago Tribune . Archived from the original on March 11, 2018. Retrieved March 10, 2018.
  21. ↑ Sweet, Lynn (February 28, 2018). "Obama Foundation: U. of Chicago scholars program; $4 million to cut youth crime". Chicago Sun-Times. Archived from the original on March 15, 2018. Retrieved March 10, 2018.
  22. ↑ Chen, David W. (2018-06-28). "Coming to Columbia This Fall, Obama Foundation Scholars (Published 2018)". The New York Times . ISSN   0362-4331. Archived from the original on 2020-11-09. Retrieved 2021-02-26.
  23. ↑ "Obama Foundation, Brian Chesky launch $100 million scholarship program". Philanthropy News Digest. 17 May 2022. Retrieved 17 May 2022.
  24. ↑ "Meet the Inaugural Cohort of Voyager Scholarship Recipients!". obama.org. 12 September 2022.
  25. ↑ CBS Mornings (12 September 2022). "Obama-Chesky Scholarship for Public Service" . Retrieved 18 September 2022.

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