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The Kresge Foundation Challenge Grant
The Kresge Foundation has awarded a $500,000 challenge grant to WOSU for the construction of WOSU's digital media center at COSI Columbus. The grant was given on a challenge basis to assist WOSU in raising the balance required to complete the campaign goal and the funding of the project.
Progress Toward Meeting the Challenge
To date, of the $3,661,000 goal ($2,423,911for construction and $1,237,041 for endowment) WOSU has raised a total of $1,111,340 or 30.36%.
As a direct result of the Kresge Foundation's belief in WOSU and WOSU@COSI project, the foundation recently granted an extension of 45 days to complete the challenge, deeming April 15, 2007, the fundraising deadline. WOSU is pleased with the progress of the capital campaign thus far and would be humbled to receive additional funding from the Kresge Foundation to the success already achieved.
Further, WOSU Public Media is grateful to the many individuals and organizations who have supported the project and have helped WOSU achieve success toward completing the capital campaign. It is only through the collective generosity of a broad donor base that WOSU@COSI has been developed as a wonderful new resource for our community.
The media center being constructed at COSI Columbus will cost $5.6 million to build and equip. WOSU would like to raise an additional $1.5 million in endowment to support programs at the center. While WOSU has made progress toward these goals, overall, WOSU must raise $3,661,000 by April 15, 2007, in order to meet the challenge requirements and qualify for The Kresge Foundation's grant.
Based in Troy, Michigan, The Kresge Foundation is a national foundation with $3 billion in assets. Its mission is to strengthen nonprofit organizations that advance the well-being of humanity. The foundation builds stronger organizations by catalyzing their growth, connecting them to their stakeholders, and challenging them with grants that leverage greater support. The challenge mechanism has been part of the Foundation's philosophy throughout most of its history, and it began with a $5,000 grant approved to a school for the deaf in 1929.
Sebastian Spering Kresge created the foundation with an initial gift of $1.3 million in 1924. Mr. Kresge believed in giving back as a natural response to his success in business. At age 30, he opened a "5 and 10 cent" store with John G. McCrory. This business evolved into a chain of stores, which were incorporated as the S. S. Kresge Company in 1912, and later became known as Kmart.
The year he established the foundation, Mr. Kresge wrote, "For a number of years I have been endeavoring to arrange my financial investments in order to set aside during my lifetime a considerable proportion of those investments for the use and benefit of those classes of individuals and organizations that have been and are deserving of public benefaction." He was so committed to this that over his lifetime he contributed a total of $60,577,183 to the Foundation. At the time of his death in 1966 at age 99, he had given away most of his fortune and left a personal estate that was less than one-tenth of the gifts he made to The Kresge Foundation.
"We are extremely grateful to The Kresge Foundation for its belief in WOSU and our community," said WOSU General Manager Tom Rieland. "We are pleased to accept this challenge grant to complete our campaign to support what we believe will be a tremendous asset in WOSU@COSI."
The 12,000-square foot digital media center, which opened in September 2006, will serve as civic space for community forums, debates, educational activities, and other broadcast and non-broadcast activities. It will offer unique ways to explore the latest digital technology where children and adults can tour a working television and radio station and experience exciting hands-on activities, exhibits, and media literacy workshops.
WOSU@COSI will bring WOSU and its mission to the center of the community. Read more about how you can help WOSU meet the Kresge Challenge and make a lasting impact on children's education, arts and culture, life-long learning, and civic engagement in our community.
