Biden library foundation reports $4 million assets as $200 million project stalls
The Joe and Jill Biden Presidential Library Foundation reported on its 2024 tax return that it holds about $4 million in assets and anticipates total receipts of $11.3 million by the end of 2027, a fraction of the roughly $200 million estimated cost for the museum.
The funding gap highlights the difficulty of securing private contributions for a presidential library that has struggled to attract major benefactors. Long‑time Democratic donor John Morgan publicly declined to contribute, citing concerns that decisions made around Biden have tarnished his legacy.
Former Speaker Nancy Pelosi previously praised Biden, suggesting he deserved a place on Mount Rushmore, but even her endorsement has not translated into large donations. The foundation’s financial picture reflects broader donor fatigue within the party.
Delaware was selected as the state to host the library, but no specific building site has been announced. The former president has expressed interest in a Wilmington riverfront location or a site on the University of Delaware campus, yet neither the mayor’s office nor university officials have confirmed any plans.
Federal funding cannot be used for the project under the Presidential Libraries Act of 1955, leaving state contributions as the only public financing option. A plan cited $48 million to $60 million in construction funding that could be available from Delaware, but officials have not clarified whether those funds are earmarked for the library.
Records from Biden’s presidency are currently housed at the National Archives in Maryland, while his Senate papers reside at the University of Delaware, underscoring the need for a dedicated museum to consolidate and preserve his legacy.
The foundation continues to seek donations, but with major donors stepping back and no site secured, the project’s timeline remains uncertain. Delaware officials have yet to confirm any funding commitments, and the library’s future will depend on whether private philanthropy can bridge the substantial financial shortfall.
