Kennedy Center’s Finances Plunge After Trump-Era Leadership Changes

President Donald Trump assumed control of the John F. Kennedy Center 19 months ago. Since then, the venue has exhausted nearly all of its financial cushion. Confidential board documents and tax filings show the Trump-appointed leadership has borrowed the entire $21 million credit line, tapped an endowment meant to remain untouched, and written off tens of millions in pledged donations.

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• Ticket revenue fell 15 % in the fiscal year ending September 2025; the center now expects ticket income to drop by more than two-thirds.

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• Donations declined nearly 25 % for the same period, with early-2026 gifts down about 40 % from the prior quarter.

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• The center wrote off $48 million, most of it uncollected pledges.

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• Staff in the fundraising department were reduced from 94 to 16 employees.

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• The debt reserve, once $18 million, was projected to reach $9 million by the end of the fiscal year, with $9 million pledged as collateral for the Reach expansion loan.

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• A $10 million withdrawal was made from the Washington National Opera’s $10.3 million endowment, a larger share than the typical 5 % annual draw.

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Richard Grenell, then president of the Kennedy Center, told the board in March that the fundraising staff cuts were necessary. The Justice Department’s filing highlighted the reliance on Trump-raised funds and the rapid depletion of reserves. When approached for comment, the Kennedy Center declined to answer the Post’s questions and has not released its audited 2025 financial statements, which are normally published by March.

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• “This was a pretty stable — large, complicated, but stable — organization,” — Karen Gahl-Mills, arts administration expert.

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The center’s steep financial slide, combined with limited board oversight and pending legal scrutiny, raises questions about its governance and long-term viability.

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