The Obama Foundation Is Ramping Up. Who’s on Board and Where Is Funding Heading So Far?

Former president barack obama. Evan El-Amin/shutterstock

The roots of the presidential library system can be traced to 1939, when President Franklin Roosevelt donated his personal and presidential papers to the federal government. Roosevelt also pledged a portion of his estate at Hyde Park, and friends formed a nonprofit to raise funds for the construction of a library and museum building.

Today, presidential foundations are the norm, not that the general public necessarily thinks about them. But then the 2016 election saw the Trump and Clinton Foundations in the spotlight in a way that such institutions have never been. When the dust settled, the Trump Foundation (which predated President Donald Trump’s term) was shut down for decades-long malfeasance, while much of the breathless reporting about the Clinton Foundation did not yield any real dirt.

The growing awareness of presidential foundations is part of a much larger story about how entwined philanthropy is with politics and public policy these days. And going forward, it’s clear that both average citizens and the media need to better understand these presidential vehicles, and how they should (and shouldn’t) operate.

One such foundation with a growing public profile is that of former President Barack Obama. In 2017, he and First Lady Michelle Obama launched their Obama Foundation. Its flagship project, the $830 million Obama Presidential Center, is still under construction in Jackson Park on the South Side of Chicago — where a young Barack Obama got his start as a community organizer.

At the groundbreaking ceremony in 2021, Michelle Obama said, “I am a First Lady from the South Side of Chicago, and that is why this project is so incredibly important to me and my husband. It allows us to live out one of those values we learned, right here, and that is to give back something big and important and meaningful to the community that has given us so much.” The foundation is raising $1.6 billion, which, in addition to the center, will be used to run a growing suite of programming, including My Brother’s Keeper Alliance, Girls Opportunity Alliance, and Voyager Scholarship, the Obama-Chesky scholarship for public service, which brings together the Obama Foundation and Airbnb billionaire Brian Chesky.

It’s not too surprising that the Obama Foundation is building such a big philanthropic presence, considering Barack Obama’s background in organizing, his talent for fundraising, and his emphasis on service during his presidency. But just who is funding all this work? What does leadership at the foundation look like? And what do we expect from the foundation of America’s first Black president down the line? Here’s a closer look at the Obama Foundation.

Raising funds

Back in 2008, the young senator from Illinois raised some $750 million for his presidential campaign — a record amount at the time. Today, the nascent Obama Foundation has a goal of raising $1.6 billion, with $470 million going toward an endowment, $320 million for foundation global programming, and the rest — $830 million — supporting the center.

That’s a lot of money for a presidential foundation, and it says a lot about the Obamas’ ambitions post-presidency. For comparison, the Clinton Foundation reported an endowment of about $221 million and posted total assets of around $328 million in the 2020 fiscal year.

The Obama Foundation raised $160 million last year, per its 2021 annual report. Around $76 million came from foundations and corporations and about $84 million from individuals. Some of the foundation’s top donors include supporters and friends of the Obamas, including high-ranking figures from tech, business and entertainment. It’s not unlike the powerful coalition Obama tapped during his historic presidential run.

Billionaires Steve and Connie Ballmer have given at least $25 million. While there is no record of the Ballmers giving money to the Obama campaign, Steve Ballmer has supported Rahm Emanuel.

Morningstar billionaire Joe Mansueto, meanwhile, a stalwart Democratic supporter, backed Obama in the lead-up to the 2012 election. He and his wife Rika have also given the Obama Foundation at least $25 million and are among the founding donors supporting the Chicago Campaign — a $400 million fundraising effort in the Midwest.

Other top flight supporters include: Marc and Lynne Benioff, Jeff Bezos, George Lucas and Mellody Hobson, Glenn Hutchins, Shonda Rhimes (a 2008 and 2012 Obama supporter), Oprah Winfrey, the Wunderkinder Foundation of Kate Capshaw and Steven Spielberg, and his Airness himself, Michael Jordan.

Some of these figures are also on the board of directors of the Obama Foundation.

Building out a board

The Obama Foundation board, composed of 17 members, also mixes leaders from a range of sectors. Some of these figures include:

John W. Rogers Jr. — The son of a judge, this African-American investor and Chicago native is the founder of Ariel Investments, the first minority-owned mutual fund company. Mellody Hobson serves as president and co-CEO of Ariel. IP has been tracking his growing philanthropy for a while. The Princeton grad has been especially supportive of University of Chicago and its Laboratory Schools. Rogers gave $10.5 million to support a scholarship fund for Lab Schools students and establish a professional development program to help students pursue finance careers. Rogers has also shown an interest in improving financial literacy for under-resourced youth.
Connie Ballmer — Like Rogers, billionaire Connie Ballmer’s philanthropy has also supported children and youth. Steve and Connie Ballmer helped launch Blue Meridian Partners, a collaborative effort of major funders to support disadvantaged children and youth. Their Ballmer Group, meanwhile, focuses on improving economic mobility for youth and families. One other interesting effort the Ballmers are into is government transparency via USAFacts.
Valerie Jarrett — The former senior advisor to President Barack Obama, Jarrett has long been linked to the Obama family and serves as CEO of the Obama Foundation. In the White House, she oversaw the offices of Public Engagement and Intergovernmental Affairs and chaired the White House Council on Women and Girls.
Sean Parker — One of a handful of tech guys in Obama’s orbit, billionaire Sean Parker of Napster and Facebook fame prioritizes science, global health and civic engagement through his Parker Foundation, which he runs with his wife Alexandra. The Parkers pledged $24 million to create the Sean N. Parker Center for Allergy Research at Stanford (Parker himself suffers from severe nut allergies), and one of his big early gifts directed $250 million to advance cancer immunotherapy.
Demond Martin — Another Black financier, Martin joined the board of directors of the Obama Foundation in 2020. A partner at Adage Capital Management in Boston, Martin and his wife Kia’s foundation focuses on education, health equity, and the arts.
Thelma Golden — The veteran museum curator and Smith College graduate has been chief curator at the Studio Museum in Harlem since 2000. Golden has a history of championing young Black artists, and in her role at the foundation, will help spearhead the Barack Obama Presidential Library.
Marty Nesbitt — Obama’s close friend from Chicago, Nesbitt serves as board chair of the foundation and was Obama’s national campaign treasurer. He is the co-founder and co-CEO of private equity firm the Vistria Group, and serves on the boards of the Norfolk Southern Corp.; Jones Lang LaSalle, a Chicago-based global real estate company; and American Airlines Group.

Nascent work

The Obama Foundation states that its mission “is to inspire, empower and connect people to change their world.” Recently, foundation work has touched Chicago, but has also traveled as far and wide as Africa and Asia.

One local grantee, Chicago Community Loan Fund, founded in 1991, works to provide loans and grants to community development organizations engaged in affordable housing, social service and economic development initiatives in the Chicago area. Its president, Calvin L. Holmes, was once appointed chair of the Community Development Advisory Board-CDFI Fund by President Obama.

The foundation recently launched Obama Foundation Futures Series — a collaboration with Hyde Park Academy, a public high school located across the street from the foundation — which invites adults to share their professional and personal journeys with students. Speakers have included John Rogers and his mentee Myles Gage, Founder of Rapunzl, who spoke with students about finance; and Elle Ramel, director of GET (Gender Equality in Tech) Chicago, who moderated a women-led panel on entrepreneurship.

Beyond their backyard of Chicago, the foundation’s Obama Leaders aims to empower young leaders ages 24 to 45 in Africa, Europe and Asia-Pacific, and create lasting change in their communities. Javnyuy Joybert, 2019 Obama Foundation Africa Leader, established Community Skills Development Foundation Group, a Cameroon-based social enterprise.

Former First Lady Michelle Obama helps spearhead the foundation’s focus on women and girls. Through the Girls Opportunity Alliance Fund, the foundation has supported more than 50 projects from organizations in 20 countries, including the Milaan Foundation, a nonprofit that empowers adolescent girls from low-income communities across three states in India.

Meanwhile, Obama Foundation grantee My Brother’s Keeper Alliance, founded on the heels of Trayvon Martin’s death, continues to focus on young men of color. The foundation’s Reimagining Policing Report explores how to change the ways in which police interact with residents and communities. The program also supports the Liberty Hill Foundation, a social justice organization in Los Angeles.

The foundation also joined Local Lunchbox, an initiative focused on delivering healthy food started by the Shah Family Foundation. Wayfair billionaire Niraj Shah and his wife Jill have long focused on this area. “We’re already seeing the results. Kids more ready to learn. Waste way down. And kids much more engaged in the classroom.” Jill Shah once told me.

A museum, and looking ahead

The Obama Presidential Center states that “far more than a museum, we are creating a living, breathing center of civic engagement where different people with different points of view can come together to discuss, debate, and find the common ground they need to create change.”

The center, slated to open in 2025, will name key spaces after historic figures, including John Lewis, Eleanor Roosevelt, Mae Jemison, Elie Wiesel, Harold Washington, Chicago’s first black mayor, and Timuel Black, who helped desegregate Chicago Public Schools and housing in the 1960s.

“We are inspired to see so many leaders here in Chicago — but also around the country — who believe in the work we’re doing to move toward a more inclusive economy on Chicago’s South Side and create the next generation of leaders,” said Obama Foundation CEO Valerie Jarrett in an announcement about the center. “Many of these contributions reflect an appreciation for the shoulders on which we stand as we prepare the next generation of leaders to move our country and the world forward.”

The Obama Foundation’s story is just beginning. For now, the figures involved in the foundation and its early work suggest that it may evolve into the kind of multipronged powerhouse that the Clinton Foundation is. It also seems to be, in some ways, picking up where the Obama presidency left off, both in its donor base and its mission. Themes of civil rights, public service, and finding common ground are all carrying over from his time in the White House.

It will be interesting to see the kinds of figures the Obama Foundation continues to draw. One area to look for going forward is athletes, given Obama’s well-known passion and connection to hoops. As athletes speak up and speak out on a range of issues, including social justice and racial equity, perhaps Obama can tap into that power through his philanthropy.

Obama himself is no ordinary former president, and his continuing ability to galvanize and inspire people to get involved with his post-presidency projects should not be forgotten, either. Brian Chesky and his two co-founders went to the 2008 Democratic Convention as young entrepreneurs, and now, in 2022, Chesky is an Obama Foundation donor. As millennials continue to age and amass wealth, they may remember fondly the first presidential ballot they cast, tied to that historic moment, for the rest of their lives.

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