Another foundation has pledged money toward Detroit’s recovery with the Skillman Foundation‘s contributing $3.5 million toward retiree’s health care. The Detroit Bankruptcy Mediators made the announcement in a statement.
Skillman was not part of the coalition of 12 foundations that pledged $366 million as part of the original “Grand Bargain” funding to shore up pensions and protect the Detroit Institute of Arts collection from sale. The Skillman Foundation, according to its website, invests about $17 million annually, backed by a nearly $500 million endowment, and focuses on improving the lives of children in the city.
“In making this very meaningful and inspiring commitment, the Skillman Foundation is focused on putting kids first and preserving health care benefits for Detroit families with children and grandchildren,” the court mediators said.
Here is the full text of the statement: