Monday, January 13, 2014
The New York Times reports that a group of national and local philanthropic foundations, including the Ford Foundation, have pledged $330 million to help save Detroit's art collection.
National and local philanthropic foundations have committed $330 million toward a deal to avoid cuts to Detroit retirees’ pensions and to save the Detroit Institute of Arts’ renowned collection, federal mediators involved in the city’s bankruptcy proceedings announced on Monday. The plan was a first both in the foundation world, which has not been a source of money to shore up public-sector pensions in the past, and in municipal bankruptcy cases, experts said...