The Kresge Foundation and Oakland University officials announced a $2 million student-managed investment fund that complements a new course designed to teach the essentials of portfolio management, stock selection and portfolio evaluation. One of the largest of its kind in Michigan, the fund has been carved out of Kresge’s $3.5 billion investment portfolio and is intended to provide real-world investment experience to OU undergraduates while exposing them to local career opportunities in investment management.
Review: Public housing as a platform for social services can contribute to low-income families’ stability, independence
Public housing facilities are ideal locations for on-site services that help low-income and vulnerable families achieve stability and independence, concludes a briefing paper from the Urban Institute. Partnerships between public housing agencies and human services providers that offer relevant and accessible counseling, assistance with parenting skills and health and other supportive services is a sound model for helping move residents from dependence to independence, according to the brief.
Kresge Foundation staff, trustees and guests celebrated the opening of a 16,000-square-foot addition to the foundation's headquarters in Troy, Mich., during a ribbon-cutting ceremony Sept. 16, 2015.
The Kresge Foundation Board of Trustees approved an ambitious plan to invest $350 million by 2020 through the foundation’s Social Investment Practice, making clear that using a variety of investment tools is central to bringing enhanced opportunities to low-income people in America’s cities. The $350 million represents approximately 10 percent of the foundation’s corpus as of 2015.
Strong Families Fund to finance decade-long pilot pairing affordable housing, intensive social-services coordination for low-income families
A number of banks and philanthropic partners, led by The Kresge Foundation, the Robert Wood Johnson Foundation, KeyBank and Goldman Sachs, have committed more than $70 million to launch the Strong Families Fund, the largest pilot pay-for-performance project to finance social-services coordination and quality, affordable housing for low-income families.
The Kresge Foundation’s 2014 annual report is available online, along with a companion video from President and CEO Rip Rapson. The report details the foundation’s grantmaking in 2014, covering 408 awards totaling $242.5 million, with $138.1 million paid out over the course of the year. It also reports on the activities of the foundation’s Social Investment Practice, which made commitments totaling $20.4 million in 2014.
Through Saturday, Oct. 24, visitors to Detroit’s Carr Center can view more than 200 works from the personal collection of Ruth Adler Schnee, one of the founding figures of contemporary textile design.
Leading community partners today announced the formation of an organization to coordinate and promote the revitalization efforts in one of Detroit’s strongest residential neighborhoods. The Live6 Alliance will focus on strengthening the Livernois Avenue and McNichols Road (6 Mile Road) commercial corridor in Northwest Detroit. Funders have committed a total of $700,000 over two years to facilitate the Live6 Alliance’s work.
The national workforce development and education nonprofit Jobs for the Future today is launching a request for proposals to create up to four new statewide Student Success Centers to improve community college persistence and completion.
Editor’s Note: Leaders from several national and local foundations, including Kresge, will gather in New Orleans on Friday, Aug. 28, at a convening that will offer funders a moment to assess what has worked and plan for the next generation of giving in New Orleans. A livestream of the President’s Panel, featuring Kresge President and CEO Rip Rapson and leaders from the Ford Foundation, W.K. Kellogg Foundation, JP Morgan Chase and others, will be available on www.nfg.org/gnofn at 10:15 a.m. EDT.
Back when Octavia Smith was a young mom, she remembers feeling like something had to give. The community health worker commuted nearly an hour each way to her job on the midnight shift. When she got home in the morning, her two young children were waiting, ready to play. Their father helped, but he worked the day shift. Their grandmother also pitched in to care for Shaina and Jewell. But usually Smith was on her own. “As soon as I would walk in the house,” Smith says, “I had to attend to them, and it was wearing me down.”
23 new Detroit Revitalization Fellows to build capacity of metro organizations; new Kresge Mayor’s Fellows initiative is announced
Nearly two dozen civic, community and economic development organizations across metro Detroit will expand their capacity to address critical local and regional issues, as they welcome the 2015-17 Detroit Revitalization Fellows.
Thousands of Detroiters joined activities across the city for the ninth annual ARISE Detroit! Neighborhoods Day on Aug. 1. More than 200 groups – from block clubs to churches to businesses – participated in more than 250 events in the annual display of citywide work and pride. Activities ranged from gospel concerts to sports tournaments and exhibitions, from back-to-school fairs to more than 100 cleanup and beautification projects.
A study commissioned by The Kresge Foundation’s Arts & Culture Program finds that arts organizations have experienced a wide range of outcomes when acquiring low-cost or free buildings, also known as “$1 buildings.” In many cases, the actual costs of acquiring these $1 buildings were much higher than organizations anticipated, according to the study, conducted by Boston-based TDC. Organizations often had not undertaken detailed planning prior to an acquisition, and the increased costs were particularly surprising.
The Kresge Foundation has unveiled its new cloud-based, digital grants management software, Fluxx, which will streamline the application, reporting and disbursement processes, and enhance communications with its hundreds of grantee partners. The software switch will enable grantseekers and current grantees to easily apply for grants, submit reporting requirements and payment information and access real-time status updates about their proposals.
The Kresge Foundation-backed Healthy Futures Fund today announced a $34 million investment in a mixed-use development project that breaks ground this week in Washington.
Students in the human services and professionals looking to better support clients and their communities can tap into a robust and growing resource: The Hubert Project, a collection of multimedia learning tools established at the University of Minnesota Humphrey School of Public Affairs.
The Kresge Foundation’s $10.7 million Climate Resilience and Urban Opportunity Initiative is among $25 million in new public and private investments highlighted by the Obama administration today during a progress report on its Climate Action Plan announced in June 2013.
Literary artist Maia Asshaq and visual artist Sacramento Knoxx have been named the first recipients of $5,000 Gilda Awards, a Kresge Foundation-funded initiative honoring the late Gilda Snowden’s legacy as a mentor and champion of young, emerging artists in metropolitan Detroit.
Sixteen metropolitan Detroit artists and two collectives have been awarded Kresge Artist Fellowships for 2015. Each of the 18 fellowships, rewarding literary and visual artists for their creative vision and commitment to excellence, includes an unrestricted $25,000 prize and a year of intensive professional-development support.