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W.K. Kellogg Foundation Pledges $40 Million to Detroit Institue of Art, Pensions

 
W.K. Kellogg Foundation Pledges $40 Million to Detroit Institue of Art, Pensions
Posted Wednesday, January 29th 2014 @ 3pm  by Michigan Radio Network

The W.K. Kellogg Foundation has pledged $40 million to protect the Detroit Institute of Arts and the city's pensions.

The company joined a coalition of private foundations seeking to bolster DetroitÂ’s pension funds and protect city-owned art from being sold off in bankruptcy.

With the Battle Creek-based foundations $40 million pledge, the fund now totals $370 million from ten regional and national foundations.

Governor Rick Snyder and Republican legislative leaders have pledged $350 million in state aid over 20 years to match the private donations.

The Kellogg Foundation is not disclosing over how many years it will spread the $40 million pledge, which is the third largest single contribution to the Detroit pension and DIA rescue fund.

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