The Kresge Foundation
The Kresge Foundation is a U.S. philanthropic private foundation headquartered in Troy, Michigan. [1] The goals and aspirations of seven programs guide its grantmaking and investing. Those programs are Arts & Culture, Community Development, Detroit, Education, Environment, Health, and Human Services. [2]
The philanthropy partners with those committed to the needs of poor people and communities: small, mid-size and large nonprofit organizations; intermediaries; and the public and private sectors.
In 2009, the Foundation awarded 216 grants totaling $167.4 million.[3] In 2010, the Board of Trustees approved 481 awards totaling $158 million; $134 million was paid out to grantees over the course of the year.
Kresge has redefined itself as a strategic philanthropy, having completed a historic transition that began in 2007. Long known for its exclusive use of the challenge grant to help local communities raise funds for major construction and renovation projects, it now employs an array of funding methods to address and advance a set of narrowly defined programmatic objectives. It awards grants and makes program-related investments. Some grants are awarded for a single year; others are for multiple years. Some of its programs accept applications on an ongoing basis. Others proactively invite or solicit applications.
The foundation has reportedly spent more than $100 million on adding amenities to Detroit.[4]
Since July 1 2006, the foundation has been led by Rip Rapson, formerly of the McKnight Foundation. He succeeded John Marshall III as president and CEO.
How it all began
In 1924, with an initial gift of $1.6 million, Sebastian Kresge established The Kresge Foundation in Detroit. Twelve years earlier, he and his partner, John G. McCrory, opened the first 5-and-10-cent store – a revolutionary merchandising idea at the time – and parlayed the concept and operations into a chain of stores that were incorporated as the S.S. Kresge Company. Many years later, the enterprise became known as Kmart. There is no affiliation between the foundation and the stores.
[edit] See also
[edit] References
- ^ Contact Page The Kresge Foundation. Retrieved on July 21. 2011.
- ^ Programs The Kresge Foundation. Retrieved on Aug. 24. 2011.
- ^ "Grant Making at 87 Major Foundations". The Chronicle of Philanthropy XXII (9): 9. March 25, 2010. ISSN 1040-676X.
- ^ "Revival Bid Pits Detroit vs. Donor". The Wall Street Journal. July 2, 2011. http://online.wsj.com/article/SB10001424052702304887904576397760319014524.html?mod=WSJ_article_forsub. Retrieved July 3, 2011.
[edit] External links
Coordinates: 42°33′39″N 83°11′29″W / 42.560783°N 83.191460°W
