Obama Foundation's daunting task: Raising money for his libraryBreaking News
tags: Obama, Obama library
After turning over the White House next month to a successor who aims to scuttle some of his key initiatives, President Barack Obama and his foundation will embark on an epic endeavor — racing for mega-donors who can rocket-launch their fund drive for a presidential library and museum on Chicago's South Side.
The scale is daunting: While Obama's library planners decline to provide a cost estimate, the George W. Bush library and endowment broke records at more than $500 million, the latest example of skyrocketing costs. Adding to the pressure, the Obama project is the first to be built under sharply increased federal requirements for a sustaining endowment. Obama chose to add another hurdle by pledging not to personally raise money for the project during his term in office.
So, the not-for-profit Obama Foundation faces a steep climb.
And a wild card hovers: What will the election of Republican Donald Trump mean for the fundraising campaign?
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