DETROIT (WKZO) -- The W.K. Kellogg Foundation has pledged 40-million dollars to protect the Detroit Institute of Arts and the city’s pensions.
On Tuesday, the company joined a coalition of private foundations seeking to bolster Detroit’s pension funds and protect city-owned art from being sold off in bankruptcy. With the Battle Creek-based foundations 40-million dollar pledge, the fund now totals 370-million dollars from ten regional and national foundations.
Governor Rick Snyder and Republican legislative leaders have pledged 350-million dollars 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 dollar pledge, which is the third largest single contribution to the Detroit pension and DIA rescue fund.