WASHINGTON (TNND) — The Kennedy Center’s finances deteriorated sharply after trustees voted to add President Donald Trump’s name to the institution, according to internal projections reviewed by The Washington Post.
Those projections showed fiscal 2026 revenue of about $124 million, far below the center’s roughly $220 million budget. Even after cutting expenses by about one-third, the center projected a $23 million deficit.
WASHINGTON, DC – AUGUST 10: Key Bridge and the Kennedy Center is seen from the Washington Monument on August 10, 2026 in Washington, DC. (Photo by Andrew Harnik/Getty Images)
The documents indicated the center expected major shortfalls in both earned and contributed income. Earned revenue was projected to fall 70% short of budget, while contributed revenue was projected to miss its target by 25%. The documents also indicated some pledged donations were withdrawn or written off.
Trump replaced the Kennedy Center board and became its chairman in early 2025. Trustees voted in December to add his name to the institution.
A Kennedy Center spokesperson attributed the financial problems to prior mismanagement and said Trump’s name had attracted new donors. The Justice Department argued in a June court filing that the renaming had helped prevent the center from financial and structural collapse.
The report said the center’s audited financial statements for the year had not been released and were months overdue.
Board minutes from March showed trustees discussed renovation and aesthetics before voting to close the center for two years. Rep. Joyce Beatty, D-Ohio, sued over the planned closure, alleging it breached trustees’ fiduciary duties.
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