On June 11, 1924, on the occasion of his retail company’s 25th anniversary, Sebastian Kresge at age 57 establishes The Kresge Foundation with an endowment of $1.3 million with the purpose that funds gained on income are used “to benefit humanity.”

The first meeting of the Foundation trustees takes place and a $100 disbursement is made to the Salvation Army of Detroit. Later that year, Sebastian resigns as president of the S.S. Kresge Co.; he remains chairman of the retail company until his death in 1966.

The establishment of the foundation becomes public in May when it announces that S.S. Kresge has contributed additional monies (via 500,000 common shares of S.S. Kresge Co. stock), valued at $22 million, to the organization. According to May 1926 news clips, “Mr. Kresge indicated he would make additional gifts to maintain a perpetual fund for … Continue reading 1926

The foundation makes its first capital grant to the Methodist Children’s Home Society for the purchase of 28 acres of land, construction of a new children’s home (Children’s Village in Redford, Mich.), operating expenses, and establishment of an endowment. Gifts from prominent Detroiters like the Webber, Hudson, and Edsel Ford families augmented the Kresge grant. … Continue reading 1927

The Foundation makes its first challenge grants: $5,000 to the Clarke School for the deaf (Northampton, Mass.), provided $2,000,000 is raised in its fundraising campaign. $25,000 to build the S. S. Kresge Consolidated School in Kresgeville, Pennsylvania