The Kresge Foundation
| The Kresge Foundation | |
| Founded | 1924 |
|---|---|
| Founder | Sebastian Kresge |
| Focus | A number of topics |
| Location | |
| Method | Grants |
|
Key people
|
Rip Rapson |
| Endowment | $3.2 billion |
| Website | kresge.org |
The Kresge Foundation is a U.S. philanthropic private foundation headquartered in Troy, Michigan.[1] The foundation works to expand opportunities in America’s cities through grantmaking and investing in arts and culture, education, environment, health, human services and community development efforts in Detroit.[2]
In 2013, the foundation's Board of Trustees approved 316 awards totaling $122 million; $128 million was paid out to grantees over the course of the year. Kresge's Social Investment Practice made another $17.7 million available to organizations whose efforts support foundation goals through program-related investments.[3]
Kresge has practiced strategic philanthropy since completing 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.
In January 2013, the foundation pledged $150 million to aid in the implementation of a long-ranging, comprehensive framework for Detroit's future, also known as The Detroit Future City plan.[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.
The Foundation's beginnings
In 1924, with an initial gift of $1.6 million, Sebastian Kresge established The Kresge Foundation in Detroit. Twelve years earlier, he and partner John G. McCrory opened the first 5-and-10-cent store, 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. The foundation and the stores are not affiliated.
See also
References
External links
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