Kresge Foundation
- Assets
- $4.2b
- Revenue
- $288.1m
- Investments
- $4.1b
- Employees
- 0
- Location
- Troy, MI
- Founding
- 04/1928
- Data as of
- 12/2020
- EIN
- 38-1359217
Organization Overview
Kresge Foundation is located in Troy, MI. The organization was established in 1928. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kresge Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2020, Kresge Foundation generated $288.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $168.6m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Kresge Foundation has awarded 8,547 individual grants totaling $1,249,547,486. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert J Manilla Stmt 26 VP & Cio | 55 | $1,237,970 | |
Richard Rip Rapson Stmt 26 President, Ceo, Trustee | 55 | $851,000 | |
John Barker Stmt 27 Deputy Cio | 50 | $639,556 | |
Jon Gentry Stmt 27 Investment Managing | 50 | $639,040 | |
Elizabeth Goldsberry Stmt 27 Risk & Oper Managing | 50 | $464,012 | |
Amy B Robinson Stmt 26 Vp, CFO & Cao, Treasurer | 55 | $454,478 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
One Cloud Services Llc | 12/30/21 | $224,673 |
Emerging Markets Inc | 12/30/21 | $275,000 |
Deloitte Tax Llp | 12/30/21 | $409,800 |
Bny Mellon Asset Servicing | 12/30/21 | $1,056,802 |
Trista Harris Consulting Llc | 12/30/21 | $222,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,500 |
| Interest on Savings | $40,858 |
| Dividends & Interest | $389,561 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $286,347,083 |
| Capital Gain Net Income | $123,696,723 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $1,370,510 |
| Total Revenue | $288,149,512 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $3,414,027 |
| Other employee salaries and wages | $15,523,308 |
| Pension plans, employee benefits | $7,164,737 |
| Interest | $921,082 |
| Taxes | $6,730,156 |
| Depreciation | $1,519,477 |
| Occupancy | $812,656 |
| Travel, conferences, and meetings | $907,250 |
| Printing and publications | $56,918 |
| Other expenses | $3,841,861 |
| Total operating and administrative expenses | $46,456,915 |
| Contributions, gifts, grants paid | $122,161,413 |
| Total expenses and disbursements | $168,618,328 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,692,899 |
| Savings and temporary cash investments | $5,874,640 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $83,048,756 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $444,410 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $2,601,294,896 |
| Net Land, buildings, and equipment | $17,625,555 |
| Other assets | $11,969,742 |
| Total assets | $4,221,623,029 |
| Accounts payable and accrued expenses | $16,075,068 |
| Grants payable | $51,738,554 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $29,700,000 |
| Other liabilities | $16,120,060 |
| Total liabilities | $113,633,682 |
Grants Awarded
Over the last fiscal year, Kresge Foundation has awarded $231,660,344 in support to 1,178 organizations.
| Grant Recipient | Amount |
|---|---|
Detroit, MI PURPOSE: DETROIT RETIREE-ART TRUST | $10,000,000 |
Charleston, SC PURPOSE: MATCHING GIFT | $3,775,921 |
Washington, DC PURPOSE: THIS PROJECT GRANT SUPPORTS THE NEW VENTURE FUND TO SERVE AS THE INTERMEDIATE FOR A FUNDER COLLABORATIVE FOCUSED ON CULTURE AND CREATIVITY AS DRIVERS OF EQUITABLE COMMUNITY CHANGE. | $3,500,000 |
Washington, DC PURPOSE: THIS PROJECT GRANT SUPPORTS THE NEW VENTURE FUND TO SERVE AS THE INTERMEDIATE FOR A FUNDER COLLABORATIVE FOCUSED ON CULTURE AND CREATIVITY AS DRIVERS OF EQUITABLE COMMUNITY CHANGE. | $2,500,000 |
NATIONAL COLLEGE ATTAINMENT NETWORK PURPOSE: ADDRESSING THE COVID-19-RELATED DECREASE IN COLLEGE ENROLLMENT, AND GENERAL OPERATING SUPPORT | $2,032,000 |
Detroit, MI PURPOSE: THIS GRANT SUPPORTS THE EXPECTED ANNUAL SHORTFALL IN OPERATING REVENUE FOR THE QLINE ALONG WITH THE ECONOMIC REALITIES OF A SUSPENSION OF SERVICE THAT BEGAN IN LATE MARCH 2020 BECAUSE OF THE COVID-19 PANDEMIC. | $2,000,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Kresge Foundation has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
Community Catalyst Inc Boston, MA PURPOSE: SUPPORT HEALTH ISSUES | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Jack Joseph And Morton Mandel Foundation Cleveland, OH | $0 | $185,931,806 |
Kresge Foundation Troy, MI | $4,221,623,029 | $288,149,512 |
International Childrens Fund Inc Neenah, WI | $1,153,019 | $79,562,043 |
Van Andel Institute Grand Rapids, MI | $1,815,971,878 | $111,524,637 |
William Davidson Foundation Birmingham, MI | $1,107,938,800 | $127,279,050 |
Ronda E Stryker & William D Johnston Foundation Kalamazoo, MI | $63,637,902 | $79,561,320 |
Gilbert Family Foundation Detroit, MI | $122,833,560 | $20,538,766 |
The Wexner Family Charitable Fund New Albany, OH | $184,942,197 | $254,449,818 |
Alfred And Isabel Bader 2014 Charitable Trust Milwaukee, WI | $88,717,556 | $62,553,918 |
Nina Mason Pulliam Charitable Tr Indianapolis, IN | $513,484,211 | $27,103,020 |
Fifth Third Union Trust Co Foundation Cincinnati, OH | $28,852,332 | $17,459,816 |
Robert And Adele Schiff Family Foundation Inc Milwaukee, WI | $226,331,394 | $18,541,997 |