Overview
- The IRS approved the foundation’s tax-exempt status in 10 days during the shutdown after it sought expedited review, noting settlement funds were pending and that most applications take months.
- Tax documents project $950 million in contributions over two years, with targets of $50 million in 2025, $300 million in 2026 and $600 million in 2027.
- Early funding is tied to settlements from media companies, including $15 million from ABC, about $16 million from CBS/Paramount and $22 million from Meta toward the initial 2025 total.
- Filings show roughly $6.8 million spent this year, including architecture and engineering, other building costs, design, site evaluation, fundraising, professional fees and $400,000 to directors and trustees.
- Plans detail initial work on site acquisition, design and construction before opening archives and exhibitions, adding a gift shop and scholarships for citizens or lawful permanent residents, while omitting mention of the Miami Dade College land transfer approved earlier.