OBAMAS PLEDGE $1M TO FOUNDATION
WASHINGTON — Former President Barack Obama and former first lady Michelle, whose various post-presidency activities have proved lucrative, pledged to donate at least $1 million to their Obama Foundation, according to contribution disclosures posted on Wednesday.
This marks the first time the Obamas have donated to their Chicago-based foundation.
Since leaving the White House, the former first couple has landed a development deal with Netflix and their new production company, Higher Ground Productions, though the value of that deal is not known.
They both signed hefty book contracts, with several news reports estimating Penguin Random House gave them a $65 million advance for their memoirs.
Michelle Obama’s memoir, “Becoming,” became an international best seller.
The foundation released an updated list of names of contributors — literally only the names, no other identifiers — and only the general range of contributions pledged or already delivered. NBA legend Charles Barkley pledged a donation between $10,000 and $100,000. As the Obama Foundation matures, some donors, such as Nike, are giving restricted gifts. On Tuesday, the Chicago Sun-Times reported Nike’s $5 million gift earmarked for the construction of the combined athletic and event center that is planed for the complex on 19.3 acres in Jackson Park. Other contributors may want to underwrite programs around the globe but not pay for the Obama complex in Chicago. There is no date for groundbreaking. The city won a federal lawsuit seeking to block building the center in Jackson Park; that decision is on appeal. Before groundbreaking, a federal review must also be completed.
A draft of a revised assessment of the Obama Center’s impact will be released by the city on Thursday.