Kresge commits $3 million as a capstone challenge to the renovation of the Statue of Liberty/Ellis Island, a major national effort prior to the statue’s 100th anniversary in 1986.

The foundation moves to its current 3-acre location on Big Beaver Road in Troy. The 10,000-square-foot, glass-enclosed, U-shaped structure is designed by Bill Kessler and built to complement an 1850s-era farmhouse on the site known as the Brooks Farm. In its 60th year of operation, foundation total grants since inception surpass $500 million.

Kresge helps stand up the newly formed Community Foundation for Southeastern Michigan with a $3 million grant for its permanent endowment and an additional $2 million challenge grant.

The foundation begins accepting grant applications and awarding grants year-round. Previously Kresge accepted grants only between January 1 and February 15, and awarded grants in July. The change creates greater accessibility to grant seeking organizations, accelerates response time and better balances workflow for foundation staff.

Stanley Kresge retires as a trustee after 50 years with the company & foundation; he dies on June 30 at age 85.

Margaret T. Smith, the first woman trustee in the foundation’s history, is elected. In 1994 she becomes the foundation’s first woman to hold the chairmanship.

Kresge sells all its contributed shares of Kmart Corporation stock (valued at $214 million with realized net gain of $193 million). Market value of the endowment surpasses $1 billion.

The foundation undertakes a third survey of grantees and declined applicants (see 1974), the feedback from which reinforces a commitment to the bricks-and-mortar/challenge-grant model.

John Marshall becomes president of the foundation. He has served as vice president since joining Kresge in 1979. Marshall served 27 years with Kresge before retiring in 2006. During his 19-year tenure as president, he oversaw more than $2 billion in grant awards.

The Science Initiative (1988-2007) begins, allowing organizations to request funds to upgrade and endow scientific equipment and laboratories in colleges and universities, teaching hospitals, medical schools and research institutions separately from bricks-and-mortar projects. Through 2005, Kresge awards 148 grants totaling $52.2 million in this initiative. In turn, these funds leverage $163.8 million in endowment funds … Continue reading 1988