Ronald Reagan’s Boyhood Home Is “Bleeding Money” And At Risk Of Closure
Former President Ronald Reagan’s childhood home in northwestern Illinois is at risk of closure due to major financial losses, according to The Hill.
Reagan’s boyhood home, which is now a tourist attraction, is run by a nonprofit organization that conducts tours and operates the museum, yet the cost of maintaining the home far exceeds the revenues it brings in.
Recent tax records indicate that the home runs a deficit of over $80,000.
Patrick Gorman, executive director of the Ronald Reagan Boyhood Home nonprofit organization, renovated the property recently, which led to a revenue spike between 2014 and 2017 from $67,000 to $108,000, but failed to clear expenses.
The museum sees between 5,000 and 6,000 visitors annually, compared to about 20,000 in 1994.
“Visitation to these sites is down. People don’t go anymore,” said William Furry, executive director of the Illinois State Historical Society.
“The bleeding is going to continue,” Gorman told the Chicago Tribune. “We need staff here that we cannot afford.”