Kresge’s first president, Paul Voorhies, dies on January 8. Stanley Kresge becomes the new foundation president.

Sebastian Kresge gives an oft-quoted speech, saying “I never made a dime talking.” This came at the dedication of the $2.25 million Kresge Hall at the Harvard University Graduate School of Business. The area is now called “The Kresge Way.” The Hall was demolished in 2014.

By the foundation’s 30-year anniversary, it can tally 536 grants and $34 million disbursed since inception.

The foundation’s first “Three Year Report” is published which documents each grant awarded during the period. Trustees also include the foundation’s policies and indicate that Kresge “does not specialize in any one field of activity or research.”

The foundation’s capital challenge grant specialty comes into focus. Stanley says during a speech: “We operate under a broad charter with wide aims and purposes. We have no desire to close any avenue that in the judgement of the Trustees may lead to a better allocation of funds. In our experience, conditional grants have been … Continue reading 1957