The Kresge Foundation Makes $500,000 Challenge Grant to University of Richmond's Science Initiative
May 28, 2004
The Kresge Foundation has awarded a $500,000 challenge grant to the University of Richmond for the purchase, maintenance and future upgrading of scientific equipment.
Half of the grant from the Troy, Mich.-based foundation would be used to purchase new research and teaching equipment for the Gottwald Science Center, which houses the university's biology, chemistry, environmental science and physics departments. The other half would go into an endowment fund for maintenance and upgrades.
The grant is contingent upon Richmond's raising an additional $1million from alumni, parents and friends specifically for scientific equipment and directly benefit the university's recently launched $200 million fundraising campaign. One of the campaign's goals is to significantly enhance Richmond's undergraduate science programs.
"Winning a Kresge Foundation grant is not only a boost to our science initiative, but also an important validation of the project," said William E. Cooper, university president. "Kresge's rigorous application process and subsequent auditing provide donors with assurance that their contributions will be applied to meaningful improvements to our science facilities."
The Kresge Foundation is an independent, private foundation created by the personal gifts of the late Sebastian S. Kresge, founder of the S.S. Kresge Co., now Kmart Corp. The foundation awards grants toward projects involving construction or renovation of facilities and the purchase of major capital equipment or real estate by institutions of higher education, health and long-term care, arts and humanities, human services, science and the environment, and public affairs.
Kresge grant recipients are required to raise initial funds toward their projects before requesting the foundation's assistance. Grants are then made on a challenge basis, requiring the raising of the remaining funds, thereby insuring completion of the projects. The foundation has awarded 47 grants in 2004, totaling $24,022,464.