Former President Joe Biden faces significant challenges in funding his presidential library, according to recent filings from his library foundation. The foundation currently holds only $4 million, a figure that falls short of the typical costs associated with such institutions. The report indicates that the foundation has not raised any new funds in 2024, the last year of Biden’s presidency.
The library foundation’s financial status, detailed in filings with the Internal Revenue Service, reveals that the available funds consist of leftover money from Biden’s inauguration in 2021. Biden’s aides have estimated that the vision for his library could exceed $200 million, a substantial amount that raises concerns about the foundation’s ability to meet its goals.
In anticipation of bolstering fundraising efforts, Biden is set to hold his first public event aimed at potential donors on Monday. Despite this upcoming initiative, the foundation’s projections suggest that it may only raise slightly more than $11 million by the end of 2027.
Many of Biden’s loyal donors have reported that they have not been approached for library contributions. Some Democratic donors expressed reluctance to contribute, citing dissatisfaction with Biden’s legacy and shifting priorities to counter the current administration’s policies.
The former president’s team has acknowledged these fundraising difficulties, and his aides have been exploring options for the library’s future. One potential avenue being discussed is the possibility of merging the presidential library with existing institutions at the University of Delaware, Biden’s alma mater. This collaboration could provide a more cost-effective solution, especially considering that the university has already raised over $20 million for a new facility named “Biden Hall,” which will serve as an extension of the Joseph R. Biden Jr. School of Public Policy and Administration.
The modern landscape of presidential libraries has evolved significantly, with previous presidents raising substantial amounts to create expansive facilities. For example, former President Barack Obama‘s unfinished presidential center in Chicago is projected to cost hundreds of millions of dollars, featuring amenities such as a basketball court and a vegetable garden, along with a city library branch. Similarly, former President Donald Trump aims to raise nearly $1 billion for a library in downtown Miami.
While Biden has expressed interest in establishing his library in Delaware, the challenges of fundraising, combined with the prospect of collaboration with the university, have led to ongoing discussions among his advisors about the best path forward.
When approached for comment regarding the merger, a spokesperson for Biden indicated that the team remains in an “exploratory and planning phase.” As fundraising efforts ramp up, it remains to be seen how Biden’s vision for his presidential library will evolve in the coming years.
