March 24, 2013
Kresge Seeks to Do More Without Spending More
The Kresge Foundation is investing in advocacy, giving low-interest loans to nonprofits, and offering funds from its endowment as backing for grantees to secure credit
The Kresge Foundation, whose $3.2-billion endowment has dropped 20 percent from its 2007 high, is trying to do more with less.
The foundation’s latest effort to help its troubled home city, Detroit, is a good example of how Kresge seeks to expand its impact, even if it can’t increase its grant making.
Rip Rapson, the foundation’s president, announced in January that Kresge would spend $150-million over the next five years to help Detroit carry out plans to