The Kresge Foundation in Troy, Michigan, has announced fifty-four first-quarter grants totaling nearly $42.7 million. The grants reflect the foundation's recent commitment to expand its grantmaking toolbox beyond its signature facilities-capital challenge grant to better address society's pressing issues.
The use of new capitalization methods enables Kresge to view organizations holistically and to think about their capitalization needs more broadly. Of the awards — which were made in the areas of health, the environment, arts and culture, education, human services, and community development — thirty-three were facilities-capital challenge grants. "The expansion of Kresge's grantmaking is well on its way," said Kresge board chair Elaine D. Rosen. "These first-quarter grants represent significant progress in our efforts to become more flexible in our deployment of resources. In partnering with our grantees, we want to meet them at their area of greatest need."
Eight grants were made to the Detroit Program, a comprehensive community-development effort designed to strengthen the long-term economic, social, and cultural fabric of the city and surrounding area. In addition, three planning grants were made through the foundation's Green Building Initiative to underwrite the integrated design process necessary for historic preservation, green renovation, or new construction to achieve the highest levels of environmental sustainability.
For the first time in its eighty-four-year history, the foundation awarded ten organizations one or a combination of program-related investments, growth-capital grants, or program-support grants. One of those organizations, IFF Loan Fund and Advisory Services of Chicago, was awarded a five-year, $2.5 million program-related investment, enabling the organization to finance new loans and leverage its increased portfolio.
The foundation also is participating in the Edna McConnell Clark Foundation's Capital Aggregation Initiative with $6 million in growth-capital grants. Kresge's contribution to the initiative will be divided equally over three years between Memphis-based Youth Villages and the Denver-based Nurse Family Partnership. "The Edna McConnell Clark Foundation's theory of change is built on the premise that significant, long-term investments in outstanding organizations provide the best opportunity to solve some of the nation's most intractable problems," said Kresge Foundation president and CEO Rip Rapson. "We are pleased to partner on this important, large-scale effort."
For a complete list of first-quarter grants, visit the Kresge Foundation Web site.