Underlining its support for Detroit's post-bankruptcy recovery efforts, the Ford Foundation said Thursday that its board will meet in the city for the first time since 1948, reports The Detroit News.
The $10.3-billion organization, which was founded in Michigan in 1936 by a scion of the Ford Motor Company, contributed $125 million to the "grand bargain" that was key to Detroit's reorganization plan — the largest of several pledges by foundations to the effort to boost the city's pension fund while protecting publicly owned art from a fire sale.
Ford Foundation President Darren Walker announced the site of next month's board meeting at a policy conference in Detroit Thursday, saying, "There is no place in America to be more hopeful than the city of Detroit." The country's second-largest philanthropy has been based in New York since the 1950s.
Read a Chronicle of Philanthropy article on Mr. Walker's agenda for the Ford Foundation.