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In 1924, Sebastian Kresge founded the Kresge Foundation, "one of the oldest foundations in the United States, and the largest in Detroit," as the Detroit Free Press puts it.
Today, the foundation is one of the largest private philanthropies in the country with an endowment of nearly $4 billion, and it's planning to celebrate its 100th anniversary in Detroit in 2024, the Detroit News reports.
"Our centennial year will not only commemorate the Kresge Foundation's arc of accomplishment since its establishment in 1924, but also afford an opportunity to reflect on our future trajectory and impacton Detroit, on the nation, and on the practices of philanthropy," Kresge President and CEO Rip Rapson says in a press release.
The foundation has given more than $5.1 billion in grants since its founding, and more than $1 billion of that has been invested in Detroit, the Free Press reports.
Kresge invested in all 50 states and Washington, DC, as well as 18 countries.
"Here's to a century of work that equipped the Kresge Foundation for this moment, and to the next century that will be shaped by what we hope to achieve," Rapson says.
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