Earlier this month, a group of foundations pledged to donate a total of $330 million dollars to help Detroit avoid pension cuts for retirees and to save the Detroit Institute of the Arts from selling their artwork. On Tuesday, The W.K. Kellogg Foundation (WKKF) announced that they would be adding $40 million to amount previously pledged.
In a statement, WKKF said "We see this as an investment in Detroit, its children and families, and our shared future. We have a strong belief that people have the inherent capacity to solve their own problems and our support is meant to come alongside and strengthen the opportunities for success." The foundation continued by offering "active collaboration with civic leaders and philanthropic partners" to invest in the future of the city and help to restore it to its former glory.
Obviously, $370 million doesn't sound like a lot when you're dealing with a $18 billion dollar hole, but it's a huge step and a very generous look from the now ten national and local foundations.