[Congressional Record Volume 170, Number 102 (Monday, June 17, 2024)]
[Senate]
[Pages S4112-S4113]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   RECOGNIZING THE KRESGE FOUNDATION

 Mr. PETERS. Mr. President, I rise today to honor the work and 
legacy of the Kresge Foundation, an organization founded and 
headquartered in suburban Detroit, as they celebrate 100 years of 
philanthropy. Over the past century, the Kresge Foundation has remained 
true to its profoundly simple yet decidedly impactful founding mission 
to ``promote the well-being of mankind,'' while also serving as a 
leader and example for philanthropic efforts the world over. It is a 
privilege and honor to recognize the centennial milestone of this 
singular organization on June 11, 2024.
  The Kresge Foundation was founded in Detroit in 1924 by department 
store businessman and philanthropist Sebastian Spering Kresge, whose 
S.S. Kresge Co.--and later, Kmart--brought affordable goods to everyday 
Americans in communities across the country. To help commemorate the 
25th anniversary of his company's founding, Mr. Kresge set aside a $1.3 
million gift for the initial endowment of his foundation, followed up 
shortly after by an additional donation of 500,000 shares of common 
stock in the S.S. Kresge Co. This founding endowment not only allowed 
the Kresge Foundation to establish itself and its mission but to grow 
alongside the company it shares its name with, ultimately expanding 
into the global philanthropic organization it is today.
  Beginning with its first charitable donation in 1925--a $100 grant to 
the Salvation Army of Detroit--and expanding outward from there, the 
Kresge Foundation has built a record of transformative and innovative 
philanthropic work over its history. Through its grant-making efforts, 
particularly the use of its signature challenge grants, the Kresge 
Foundation has awarded over $5 billion in funding over its 100 years to 
worthy causes across all 50 States, Washington, DC, two U.S. 
territories, and 18 countries around the world.
  Today, its multifaceted work spans six key priority areas, which 
include arts and culture, community development, the city of Detroit, 
environment, education, and health and human services. From supporting 
cutting-edge medical research at the Kresge Eye Institute in Ann Arbor 
to building bridges to promising futures for Detroit school children at 
the School at Marygrove, the foundation's impact truly spans the 
breadth of human endeavor and need.
  Perhaps its cornerstone partnership, however, lies with its 
commitments to

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the city of Detroit and its residents. Across the history of the 
foundation and the city itself, the collaboration between the two has 
proven indispensable, with the Kresge Foundation playing a key 
leadership role in navigating the city's ever-evolving opportunities 
and challenges. Notable efforts include opening up access to the city's 
waterfront with the creation of the Detroit Riverfront Conservancy; 
setting the city on a sustainable, forward-looking path through the 
drafting of the Detroit Future City plan; stabilizing and reconnecting 
neighborhoods across the city through the Kresge Innovative Projects: 
Detroit program; fostering a vibrant arts and culture ecosystem through 
the creation of the Gilda Awards, and, finally, assisting with the 
city's exit from bankruptcy and ensuring that the solutions put forward 
to address the city's financial challenges were always rooted in 
principles of justice and inclusivity. Overall, the ongoing 
collaboration between Detroit and the Kresge Foundation has amounted to 
over $1 billion in investment made across the city. The impact of those 
investments on Detroit's many communities, neighborhoods, and families 
cannot be overstated.
  Given this incredibly rich history and exceptional legacy of impact 
and partnership, I ask you to join me in recognizing the Kresge 
Foundation as it celebrates its 100th anniversary. As they begin their 
second century of philanthropic leadership, I am confident that they 
will continue to build on that good work.

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