The Kresge Foundation
Encyclopedia
The Kresge Foundation is a U.S.
philanthropic private foundation
headquartered in Troy
, Michigan
. 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.
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. 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.
Since July 1 2006, the foundation has been led by 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.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
philanthropic private foundation
Private foundation
A private foundation is a legal entity set up by an individual, a family or a group of individuals, for a purpose such as philanthropy. The Bill & Melinda Gates Foundation is the largest private foundation in the U.S. with over $38 billion in assets...
headquartered in Troy
Troy, Michigan
Troy is a city in Oakland County in the U.S. state of Michigan, and is a suburb of Detroit. The population was 80,980 at the 2010 census, making it the 11th-largest city in Michigan by population, and the largest city in Oakland County...
, Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
. 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.
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. 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.
Since July 1 2006, the foundation has been led by by Rip Rapson
Rip Rapson
Rip Rapson is president and CEO of The Kresge Foundation. An attorney and expert in urban policy, Rapson assumed leadership on July 1, 2006, and quickly initiated a multi-year transition to expand and recalibrate Kresge’s grantmaking....
, formerly of the McKnight Foundation
McKnight Foundation
The McKnight Foundation is a philanthropic organization based in Minneapolis, Minnesota in the United States. The foundation's interests lie in the environment, the arts, community development, and other areas....
. 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
Kmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
. There is no affiliation between the foundation and the stores.