Obama Foundation Raises $5.4 Million From 11 Donors In One Year

U.S. President Barack Obama’s library foundation raised $5.4 million in one year. A tax form released Monday gave details about the Barack Obama Foundation, which for Obama’s presidential library in Chicago.

The raised amount came from only 11 donors. Several of the donors are known to be longtime Obama admirers. The library is going to be located on the South Side of Chicago.

It is believed that the foundation will eventually raise more than $500 million for the library. Fred Eychaner is the largest donor of the foundation. The Chicago publisher donated $1 million. The Democratic donor is the founder of Newsweb Corp.

Michael and Cari Sacks were the second-largest donors, with $666,666. The Joyce Foundation was listed to have donated $1 million to the foundation, but it was later discovered that only one-third of the amount had actually been transferred in 2014.

According a foundation official, the original amount was in fact a pledge revealed for tax purposes. Fox News reports that the foundation will donate the rest of the amount in two equal parts in 2015 and in 2016 consecutively.

The Obama foundation reported around $2 million as its expenses.

According to foundation officials, the funds for building the library will not be raised until Obama leaves office in 2017.

Seattle-based philanthropists Tom and Sonya Campion donated $500,000. Other donors include Cambridge Ian Simmons. The Massachusetts-based philanthropist, who is married to Liesel Anne Pritzker of Chicago's Pritzker family, donated $500,000.

James Simons, a New York hedge fund manager, along with Marilyn Simons donated $340,000. Denver-based philanthropists Scott Miller and Tim Gill are also among the donors. The gay rights advocates donated $432,876. Mark Gallogly and his wife, Lise Strickler, donated $340,000.

Contact the writer: s.mukhopadhyay@ibtimes.com.au