Obama library foundation raised $5.4 million in 2014 from 11 contributors

Associated Press

Tax returns show that the nonprofit foundation raising money for President Barack Obama's future library in Chicago took in more than $5.4 million in 2014.

The money comes from just 11 donors, many of them longtime Obama supporters. The Barack Obama Foundation's largest contribution of $1 million came from Fred Eychaner, a major Democratic donor and founder of Chicago-based Newsweb Corp.

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The foundation also received a $1 million pledge from the Joyce Foundation, a Chicago-based nonprofit on whose board Obama served before he ran for the U.S. Senate. The Joyce Foundation is making its money available in thirds between 2014 and 2016.

The library foundation announced last week that it would establish the library on the South Side of Chicago on a site proposed by the University of Chicago.