Sunday, July 6, 2014
New Supporting Organization to Oversee "Grand Bargain" Funds
The Ford Foundation will be part of a new nonprofit, the Foundation for Detroit's future, which will administer the $366 million in private money pledged as part of a "Grand Bargain" to save the Detroit Institute of Art's collection from the auction block.
Set up as a 509(a)(3), or supporting organization, the new entity will be housed at the Community Foundation for Southeast Michigan, which also will administer it.
Ricardo Castro, vice president, secretary and general counsel of the Ford Foundation, will be on the supporting organization's board. Ford's pledge to the Grand Bargain totals $125 million. Another New York-based funder, the Andrew W. Mellon Foundation, also committed $10 million....