the Kresge Foundation

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 in Memphis, Tennessee, and parlayed the concept and operations into a chain of stores that were incorporated as the S.S. Kresge Company. In 1977, the enterprise became known as Kmart.{{Cite news|last=Saxon|first=Wolfgang|date=July 3, 1985|title=Stanley Sebastian Kresge, 85, Retailer and Philanthropist|language=en-US|work=The New York Times|url=https://www.nytimes.com/1985/07/03/us/stanley-sebastian-kresge-85-retailer-and-philanthropist.html|access-date=November 15, 2021|issn=0362-4331}}{{Cite web|last=Renshaw|first=Eric|date=July 23, 2015|title=Looking Back: Kresge's five-and-dime on Phillips|url=https://www.argusleader.com/story/life/2015/07/23/looking-back-kresges-five-dime-phillips/30513475/|access-date=November 15, 2021|website=Argus Leader|language=en-US}} The Kresge Foundation and Kmart are no longer affiliated.{{Cite news|last=Allan|first=John H.|date=April 26, 1972|title=Kresge Foundation Sells $265‐Million Stock Block|language=en-US|work=The New York Times|url=https://www.nytimes.com/1972/04/26/archives/kresge-foundation-sells-265million-stock-block-foundation-sells.html|access-date=November 15, 2021|issn=0362-4331}}

Since 2006, the foundation has been led by Rip Rapson, formerly of the McKnight Foundation.{{Cite web|last=Hodges|first=Michael H.|date=November 5, 2015|title=Rip Rapson: Visionary with a focus on Detroit|url=https://www.detroitnews.com/story/news/michigan/michiganians-of-year/2015/11/05/michiganian-year-rip-rapson-kresge-foundation-focused-detroit/75260046/|access-date=November 15, 2021|website=The Detroit News|language=en-US}} He succeeded John Marshall III who had led the foundation for 19 years as president and CEO.{{Cite web|last=Storch|first=Charles|date=July 4, 2006|title=Carrots, sticks and Kresge|url=https://www.chicagotribune.com/news/ct-xpm-2006-07-04-0607040111-story.html|access-date=November 15, 2021|website=Chicago Tribune|language=en}}

Kresge has practiced strategic philanthropy since completing a 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.{{Citation needed|date=November 2021}}

As of early 2019, about 15 percent of the foundation's domestic holdings were in firms owned by women and people of color. In April of that year, the foundation pledged to ramp up investment in women- and minority-owned firms to 25% by 2025.{{Cite web|last=Welch|first=Sherri|date=April 3, 2019|title=Kresge pledges to place one-quarter of assets with women, minority firms by 2025|url=https://www.crainsdetroit.com/nonprofit/kresge-pledges-place-one-quarter-assets-women-minority-firms-2025|access-date=November 23, 2021|website=Crain's Detroit Business|language=en-US}} In November 2020, the foundation sent a standardized questionnaire to all of its 150 money-managing firms to measure the diversity of their ownership and compel these firms to diversify their management.{{Cite web|last1=Burton|first1=Katherine|last2=Parmar|first2=Hema|date=November 10, 2020|title=Hedge Funds Face Mounting Pressure With Diversity Questionnaire|url=https://www.bloomberg.com/news/articles/2020-11-10/hedge-funds-face-mounting-pressure-with-diversity-questionnaire|access-date=November 23, 2021|website=Bloomberg}}

In the early 2000s, together with the City of Detroit and General Motors, the Kresge Foundation formed the Detroit Riverfront Conservancy as a nonprofit to build and operate the Detroit riverfront.{{Cite web|last=Welch|first=Sherri|date=June 13, 2013|title=Study: $1 billion invested in Detroit riverfront over past decade; $1 billion more planned|url=https://www.crainsdetroit.com/article/20130613/NEWS/130619933/study-1-billion-invested-in-detroit-riverfront-over-past-decade-1|access-date=November 16, 2021|website=Crain's Detroit Business|language=en}}{{Cite web|last=Gallagher|first=John|date=April 15, 2018|title=Remaking of Detroit's riverfront is a story that started 30 years ago|url=https://www.freep.com/story/money/business/john-gallagher/2018/04/15/detroit-riverfront-future/506561002/|access-date=November 16, 2021|website=Detroit Free Press|language=en-US}} The Kresge Foundation gave a challenge grant of $50 million to the conservancy which was, at the time, the largest grant awarded by the foundation.{{Cite web|last=Kaffer|first=Nancy|date=August 16, 2012|title=From vision to action|url=https://www.crainsdetroit.com/article/20120819/FREE01/308199991/from-vision-to-action|access-date=November 16, 2021|website=Crain's Detroit Business|language=en}}{{Cite web|last=Dickson|first=James David|date=May 12, 2021|title=Final segment of Detroit's east Riverwalk expected to be completed next year|url=https://www.detroitnews.com/story/news/local/detroit-city/2021/05/12/detroit-riverwalk-construction-belle-isle-uniroyal-ambassador-bridge-walking/5056102001/|access-date=November 16, 2021|website=The Detroit News|language=en-US}} Over the following two decades, the conservancy has restored and built out 3.5 miles (5.6 km) of River Walk along the Detroit International Riverfront between Belle Isle and Joe Louis Arena, later to be extended to the Ambassador Bridge.{{Cite web|date=June 22, 2016|title=Editorial: Riverwalk delivers on its promise to city|url=https://www.detroitnews.com/story/opinion/editorials/2016/06/22/editorial-riverwalk-delivers-promise-city/86261524/|access-date=November 16, 2021|website=The Detroit News|language=en-US}}

Since the late 2000s, the Kresge Foundation has awarded more than $6 million to more than 250 artists through the awards and fellowships in its Kresge Arts in Detroit program.{{Cite web|last=Ramirez|first=Charles E.|date=July 2, 2020|title=Kresge Arts in Detroit announces 2020 Artist Fellows|url=https://www.detroitnews.com/story/entertainment/arts/2020/07/02/kresge-arts-detroit-2020-artist-fellows/5362815002/|access-date=November 16, 2021|website=The Detroit News|language=en-US}}{{Cite web|last=Hooper|first=Ryan Patrick|date=January 5, 2021|title=What Could An Artist Do With $25,000? Kresge Arts in Detroit Wants To Know|url=https://wdet.org/posts/2021/01/05/90458-what-could-an-artist-do-with-25000-kresge-arts-in-detroit-wants-to-know/|access-date=November 16, 2021|website=WDET|language=en}} In 2015, the foundation added the Gilda Awards, named after Gilda Snowden, to recognize emerging artists in Detroit.{{Cite web|last=Stryker|first=Mark|date=July 9, 2015|title=Kresge Foundation introduces new prize for emerging artists|url=https://www.freep.com/story/entertainment/arts/2015/07/09/kresge-foundation-gilda-award/29886911/|access-date=November 16, 2021|website=Detroit Free Press|language=en-US}}

In 2010, the foundation invested $35 million into the M-1 Rail (now QLine) project to build {{Convert|3.4|miles|km}} of streetcar service from Downtown Detroit through Midtown to New Center.{{Cite web|last=Scott|first=Mike|date=February 15, 2010|title=Detroit philanthropists fund M1 light rail for Motor City – Feb. 15, 2010|url=https://money.cnn.com/2010/02/15/smallbusiness/detroit_m1_light_rail/index.htm|access-date=November 16, 2021|website=CNN}}{{Cite web|last=Lawrence|first=Eric D.|date=May 8, 2017|title=Ready for the QLINE? Detroit's streetcar gets ready to debut|url=https://www.freep.com/story/news/local/michigan/detroit/2017/05/08/qline-detroit-launch-may-12/100709534/|access-date=November 16, 2021|website=Detroit Free Press|language=en-US}} In total, the foundation contributed $50 million to the streetcar project which opened in May 2017{{Cite magazine|last=Marshall|first=Aarian|date=May 28, 2017|title=Detroit's New Streetcar Is Cool and All, But It Can't Save a City|language=en-US|magazine=Wired|url=https://www.wired.com/2017/05/detroits-new-streetcar-ok-cant-save-city/|access-date=November 16, 2021|issn=1059-1028}} at a total cost of $187 million.{{Cite web|last=Clifford|first=Tyler|date=June 22, 2017|title=Kresge Foundation gift extends free rides on QLine through Labor Day|url=https://www.crainsdetroit.com/article/20170622/news/632156/kresge-foundation-gift-extends-free-rides-qline-through-labor-day|access-date=November 16, 2021|website=Crain's Detroit Business|language=en}} A gift from the foundation also allowed free rides on the QLine until early September of that year{{Cite web|last=Livengood|first=Chad|date=May 2, 2018|title=QLine falls short of ridership goals in first year|url=https://www.crainsdetroit.com/article/20180502/news/659601/qline-falls-short-of-ridership-goals-in-first-year|access-date=November 16, 2021|website=Crain's Detroit Business|language=en}} and at various periods in subsequent years.{{Cite web|last1=Lawrence|first1=Eric D.|last2=Zaniewski|first2=Ann|date=May 21, 2019|title=Wondering when QLINE will arrive? You're not alone, but new system could change that|url=https://www.freep.com/story/news/local/michigan/detroit/2019/05/21/qline-schedule-detroit-streetcar-m-1-rail/1128445001/|access-date=November 16, 2021|website=Detroit Free Press|language=en-US}}

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.{{cite news|last=Sands|first=David|date=January 9, 2013|title=Kresge Foundation Pledges $150 Million To Implement Detroit Future City Framework|newspaper=HuffPost|url=http://www.huffingtonpost.com/2013/01/09/kresge-foundation-150-million-detroit-future-city_n_2440887.html|accessdate=March 20, 2013}} That year, 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.{{cite web|year=2013|title=2012 Annual Report|url=http://kresge.org/about-us/annual-report|url-status=dead|publisher=The Kresge Foundation|archiveurl=https://web.archive.org/web/20140607045750/http://kresge.org/about-us/annual-report|archivedate=June 7, 2014|accessdate=May 14, 2014}} The foundation also played a major part in organizing the "grand bargain" to rescue the city of Detroit from bankruptcy in 2013.{{Cite web|last=Cohen|first=Rick|date=January 6, 2016|title=A City in Remission: Can the "Grand Bargain" Revive Detroit?|url=https://nonprofitquarterly.org/a-city-in-remission-can-the-grand-bargain-revive-detroit/|access-date=November 15, 2021|website=Nonprofit Quarterly|language=en-US}} Kresge contributed $100 million of the $370 million raised to improve the city's finances.{{Cite web|last=Ferris|first=James M.|date=Winter 2017|title=Philanthropy as a Catalyst|url=https://ssir.org/articles/entry/philanthropy_as_a_catalyst|access-date=November 15, 2021|website=Stanford Social Innovation Review|language=en-us}} Kresge's CEO Rapson was in large part responsible for organizing several organizations that came together to raise the funds necessary for the plan.{{Cite book|last=Bomey|first=Nathan|url=https://books.google.com/books?id=cvZ1CQAAQBAJ&pg=PT118|title=Detroit Resurrected: To Bankruptcy and Back|date=2016|publisher=W. W. Norton & Company|isbn=978-0-393-24892-0|language=en}}

The organization started Kresge Innovative Projects: Detroit (KIPD) in 2015 with a $5-million pilot program to award small grants to restore neighborhoods in Detroit.{{Cite web|last=Rubin|first=Neal|date=January 7, 2019|title=Kresge headed back to neighborhoods with $1.5M|url=https://www.detroitnews.com/story/news/local/detroit-city/2019/01/08/kresge-grants-innovative-projects-detroit-popps-packing/2486511002/|access-date=November 23, 2021|website=The Detroit News|language=en-US}} The program was relaunched in 2018 with $6 million in additional funds.{{Cite web|last=Frank|first=Annalise|date=August 6, 2020|title=Latest Kresge innovation grant winners to turn vacant lots into green space, plan fairgrounds site and more|url=https://www.crainsdetroit.com/nonprofit/latest-kresge-innovation-grant-winners-turn-vacant-lots-green-space-plan-fairgrounds-site|access-date=November 23, 2021|website=Crain's Detroit Business|language=en}} As of August 2020, the program awarded grants to 127 projects in neighborhoods around the city.

In 2017, the Kresge Foundation invested $16 million to stabilize the finances of Marygrove College in Detroit and help develop a plan to transition the {{Convert|53|acre|hectare|adj=on}} forested campus via the Marygrove Conservancy, a nonprofit organization created by the foundation in partnership with University of Michigan and the Detroit Public Schools Community District. The result, the School at Marygrove, is a K–12 school with plans to expand into an institution for the education of students from early childhood to junior college, also known as P–20.{{Cite web|last=Matthiessen|first=Connie|date=October 12, 2021|title=A Historic Detroit College Was Near the End. Here's How Kresge Rallied to Give It New Life|url=https://www.insidephilanthropy.com/home/2021/10/8/a-historic-detroit-school-was-near-the-end-heres-how-kresge-rallied-to-give-it-new-life|access-date=November 23, 2021|website=Inside Philanthropy|language=en-US}}

From 2015 to 2020, the Kresge Foundation awarded more than $8.4 million in grants to developments through its FreshLo program which stands for "Fresh, Local & Equitable Initiative".{{Cite web|last=Toussaint|first=Kristin|date=June 25, 2020|title=To help communities survive a crisis, invest in hyper-local food, art, and culture|url=https://www.fastcompany.com/90520584/to-help-communities-survive-a-crisis-invest-in-hyper-local-food-art-and-culture|access-date=November 16, 2021|website=Fast Company|language=en-US}} The program awards grants to development projects around the United States that are food-focused in areas that lack access to fresh foods.{{Cite web|last=Budds|first=Diana|date=May 10, 2018|title=Want a more equitable city? Try food-oriented design|url=https://archive.curbed.com/2018/5/10/17259776/what-is-food-oriented-development-kresge-foundation|access-date=November 16, 2021|website=Curbed|language=en}}{{Cite web|last=Perry|first=Elle|date=April 5, 2017|title=Binghampton initiative takes a bite out of barriers to entrepreneurship|url=https://www.bizjournals.com/memphis/news/2017/04/05/binghampton-initiative-takes-a-bite-out-of.html|access-date=November 16, 2021|website=Memphis Business Journal}}

In November 2020, the foundation set aside $30 million over three years for nearly 60 organizations focused on racial justice in Detroit, Memphis, Fresno, and New Orleans as well as national civil-rights organizations.{{Cite web|last=Rojc|first=Philip|date=November 24, 2020|title=Kresge's New Racial Justice Grants Connect a National Movement with Local Action|url=https://www.insidephilanthropy.com/home/2020/11/24/kresges-big-racial-justice-commitment-weaves-together-movements-and-place|access-date=November 16, 2021|website=Inside Philanthropy|language=en-US}}{{Cite web|last=Daniels|first=Alex|date=November 19, 2020|title=Kresge and Hewlett Pour Another $45 Million Into Racial Equity|url=https://www.philanthropy.com/article/kresge-and-hewlett-pour-another-45-million-into-racial-equity|access-date=November 16, 2021|website=The Chronicle of Philanthropy}} Among these were 20 organizations in Detroit that received a total of $8 million.{{Cite web|date=November 20, 2020|title=Kresge Foundation awards millions in racial justice grants to Metro Detroit groups|url=https://www.detroitnews.com/story/news/local/detroit-city/2020/11/20/kresge-foundation-awards-millions-racial-justice-grants-metro-detroit-groups/6346897002/|access-date=November 16, 2021|website=The Detroit News|language=en-US}}{{Cite web|last=Stitt|first=Chanel|date=November 19, 2020|title=Kresge Foundation donates $8M to Detroit groups fighting for racial justice|url=https://www.freep.com/story/news/local/michigan/detroit/2020/11/19/kresge-foundation-donating-grants/6340564002/|access-date=November 16, 2021|website=Detroit Free Press|language=en-US}}

The Kresge Foundation made a number of financial contributions to help with the response to the COVID-19 pandemic. In 2020, the foundation committed $19 million to help nonprofit organizations weather the pandemic.{{Cite web|last=Keenan|first=Tim|date=April 16, 2021|title=DBusiness Daily Update: Pope Francis Center Receives $7M for New Housing Project, Kresge Commits $2M for Vaccine Efforts, and More|url=https://www.dbusiness.com/daily-news/dbusiness-daily-update-pope-francis-center-receives-7m-for-new-housing-project-kresge-commits-2m-for-vaccine-efforts-and-more/|access-date=November 16, 2021|website=DBusiness Magazine|language=en-US}} In Detroit, the foundation committed $2 million to back loans from the Paycheck Protection Program to nonprofits organizations.{{Cite web|last=Welch|first=Sherri|date=April 28, 2020|title=Kresge invests more than $2 million to help nonprofits access PPP loans|url=https://www.crainsdetroit.com/nonprofit/kresge-invests-more-2-million-help-nonprofits-access-ppp-loans|access-date=November 16, 2021|website=Crain's Detroit Business|language=en}} In March 2021, the foundation also backed a $5-million loan to a Detroit housing agency, United Community Housing Coalition, with $4.5 million guarantee as the agency waited for federal funds from the U.S. Congress to make their way through legislative hurdles.{{Cite web|last=Rahman|first=Nushrat|date=March 3, 2021|title=Kresge, credit union offer rent assistance as Detroit nonprofit waits for federal aid|url=https://www.freep.com/story/news/local/michigan/detroit/2021/03/03/kresge-credit-union-offer-rent-aid-help-detroit-housing-nonprofit/6884334002/|access-date=November 16, 2021|website=Detroit Free Press|language=en-US}} In April, Kresge announced that it would contribute $4.4 million, including $2 million in Detroit, to help with the distribution of COVID-19 vaccines.{{Cite web|last=Ferretti|first=Christine|date=April 15, 2021|title=Kresge Foundation commits $2M to Detroit's COVID-19 vaccination effort|url=https://www.detroitnews.com/story/news/local/detroit-city/2021/04/15/kresge-foundation-2-million-covid-19-vaccine-access-detroit/7239772002/|access-date=November 16, 2021|website=The Detroit News|language=en-US}}

Kresge's education program awards more than $10 million in grants to organizations focused on higher education. The foundation favors programs directed at low income students, "especially those living in cities, and underrepresented racial and ethnic groups, including first-generation students; Black, Indigenous, and people of color; veterans; and immigrant students". The education program is focused geographically in Michigan, Florida, California and Texas, and cities such as Detroit, Memphis and New Orleans.{{Cite web|last=Scutari|first=Mike|date=August 17, 2021|title=Funder Spotlight: How the Kresge Foundation Approaches Higher Ed|url=https://www.insidephilanthropy.com/home/2021/8/17/funder-spotlight-how-the-kresge-foundation-approaches-higher-ed|access-date=November 23, 2021|website=Inside Philanthropy|language=en-US}} The Kresge Foundation also works in one country outside of the United States. The foundation funds and promote South African postsecondary access and success. With the intention of improving student graduation rates. https://kresge.org/initiative/siyaphumelela/

In 2021, the foundation issued a loan guarantee of $4.5 million to the fund for the Memphis Medical District to improve housing and commercial spaces in the neighborhood which has a high poverty rate and a concentration of medical facilities.{{Cite web|date=July 20, 2021|title=Guarantee from Kresge Foundation catalyzes $30 million for Memphis fund|url=https://impactalpha.com/guarantee-from-kresge-foundation-catalyzes-30-million-for-memphis-fund/|access-date=November 23, 2021|website=ImpactAlpha|language=en-US}}

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Category:Organizations established in 1924

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