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The Kresge Foundation history
The Kresge Foundation company history timeline
Our StoryPromoting human progress since 1924, expanding opportunity today
In 1962 Harry B. Cunningham president of Kresge, opened the first Kmart discount store in Garden City, Michigan.
Kmart stores expanded nationwide, eventually replacing Kresge stores, the last of which were sold to the McCrory Corporation by 1987.
The initiative is renewed in 1998, and eventually becomes a programmatic strategy with an annual grantmaking budget of $30 million.
In 2004, the Kmart Holding Corporation bought out Sears, changing its name to Sears Holding Corporation in the process.
Since 2006, the foundation has been led by Rip Rapson, formerly of the McKnight Foundation.
Kresge has practiced strategic philanthropy since completing a transition that began in 2007.
As of early 2019, about 15 percent of the foundation's domestic holdings were in firms owned by women and people of color.
In November 2020, the foundation sent a standardized questionnaire to all of its 150 money-managing firms to measure the diversity of their ownership and compel these firms to diversify their management.
Kresge’s trustees approve a commitment to deploy $350 million in social investments by 2020, and leverage $1 billion in third-party capital.
The Kresge Foundation is one of wealthiest charitable organizations in the world with an endowment of $4.3 billion as of June 2021.
© 2022 Kresge Foundation
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The Kresge Foundation competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| MacArthur Foundation | 1978 | $52.1M | 261 | 8 |
| W.K. Kellogg Foundation | 1930 | $390.2M | 334 | 91 |
| Annie E. Casey Foundation | 1948 | $159.6M | 200 | 1 |
| Rockefeller Brothers Fund | 1940 | $8.6M | 67 | - |
| William and Flora Hewlett Foundation | 1966 | $526.7M | 75 | 9 |
| Bill & Melinda Gates Foundation | 2000 | $4.8B | 1,602 | 19 |
| The Rockefeller Foundation | 1913 | $176.8M | 347 | 20 |
| C.s. Mott Foundation | - | $320,000 | 6 | - |
| The Andrew W. Mellon Foundation | 1969 | $380.2M | 292 | 6 |
| American Cancer Society | 1913 | $720.1M | 8,258 | 64 |
The Kresge Foundation history FAQs
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