The Kresge Foundation Awards Challenge Grant to Muskingum College
The Kresge Foundation of Troy, Michigan announced that it has awarded a challenge grant in the amount of $700,000 to Muskingum College. Under the terms of the challenge, the College must raise $3.2 million in new gifts and pledges to its current comprehensive campaign—The Long Magenta Line . . . The Campaign for Muskingum College—to claim the full amount of the challenge funds from the Foundation. All gifts and pledges must be received by June 30, 2007. The challenge funds from the Foundation will be applied toward construction of Muskingum’s new campus center.
The Kresge Foundation is an independent, private foundation, created in 1924 by Sebastian S. Kresge. While Mr. Kresge also founded the S.S. Kresge Company, now known as Kmart, the Foundation is not affiliated or associated with that or any other corporation.
The $700,000 challenge grant to Muskingum College is one of 217 grants made by the Foundation in 2005 that total more than $131 million. Muskingum joins a highly prestigious group of grant recipients in recent years that include Dartmouth College, Smith College, Swarthmore College, the University of Pennsylvania, and Vanderbilt University. The Kresge Foundation is among the country’s largest private foundations and among only a few that have as an objective the strengthening of the philanthropic
capacity of its grant recipients.
Board of Trustees Chairman Harold Burlingame ’62, Muskingum College President Anne C. Steele, Campaign Chair Robert Patin ’64 and Trustee Walter Young ’66 noted in a joint statement that “The College is honored and pleased to have been found deserving of a significant challenge grant by the Trustees of The Kresge Foundation. This prestigious grant helps give Muskingum the capacity to move The Long Magenta Line . . . The Campaign for Muskingum College forward at this important time and assist the College in successfully funding construction of its new campus center. The Kresge challenge grant will offer College alumni and friends a special incentive to increase their support of the College and the campaign. We are most grateful for the support of The Kresge Foundation.”
To meet the terms of the Kresge challenge grant, the College plans to approach alumni and other friends of Muskingum and request new and increased gifts to the College in support of its comprehensive campaign and its goal of $55 million. All new and increased gifts and pledges to the campaign will count toward meeting The Kresge Foundation challenge and may be made in support of the facilities component of the campaign or in support of the campaign’s endowment and operating support components. A total of $3.2 million in new and increased gifts and pledges must be received by June 30, 2007 to claim the $700,000 from The Kresge Foundation.