The foundation established to build Donald Trump's presidential library has unveiled staggering plans to raise close to $1 billion in tax-exempt donations, aiming to construct a new landmark in downtown Miami.
Unprecedented Fundraising Targets
According to tax documents obtained by the Miami Herald, the Trump Presidential Library Foundation is planning to bring in a colossal $950 million over the next two years. The detailed breakdown shows an expected $50 million this year, followed by $300 million in 2026 and a further $600 million in 2027.
This year's initial $50 million is largely sourced from settlements with major media companies. The filings reveal that ABC News agreed to donate $15 million, Meta pledged $22 million, and CBS News committed nearly $16 million to the library foundation as part of their legal settlements with the former president.
This fundraising ambition is historic when compared to his predecessors. For context, Barack Obama's library foundation garnered $5.4 million in its first year, while George W. Bush's foundation raised nearly $2.8 million.
Expedited Tax-Exempt Status and Future Plans
A notable aspect of the foundation's setup was the speed of its tax-exempt approval from the IRS. The foundation requested "expedited processing" on 10 October and received confirmation of its tax-exempt status on 20 October—a process that took just 10 days.
This is particularly striking as the IRS notes on its website that 80% of such applications typically take around six months to be processed. The approval was granted in the middle of the longest-ever government shutdown.
The foundation's application also outlined its long-term vision. It plans to spend the next four to five years on "site acquisition, design, capital fundraising, facility construction, acquisition, and preliminary cataloging of artifacts."
Furthermore, the foundation intends to launch a scholarship programme for university students studying history, political science, public service, or library sciences. The programme would be open to citizens and "lawful permanent residents."
Initial Expenditure and Leadership
The initial financial filings detail how the foundation has begun spending its funds. So far, $130,000 has been allocated to fundraising efforts and $490,000 has been spent on "professional fees." Another $400,000 has been used to pay its directors and trustees.
The foundation's trustees include the former president's son, Eric Trump, Michael Boulous—the husband of his daughter Tiffany Trump—and James Kiley, an attorney for the president. However, a subsequent filing obtained by the New York Times clarified that none of the officers expect to be paid for their roles.
