At every college campus I visit, there’s a Kresge [something]. Kresge Auditorium, Kresge Theatre, Kresge Museum, Kresge Library… I can not even begin to find and link all the examples. But here, once and for all, I am going to figure out who this Kresge person is, because I have often discussed it with friends and yet we’ve never bothered to look it up. Ready to be enlightened? Here we go.

Sebastian S. Kresge began a business, the S.S. Kresge Company, in 1899 with $8,000 and two five and dime stores. They flourished and the company expanded, opening more and more stores. In 1924, on the 25th anniversary of company, Sebastian Kresge established The Kresge Foundation with $1.3 million. Their charter was “to promote the well-being of mankind.” They began by giving grants to colleges in the northeast, where the stores had first become popular. Sebastian died in 1966 (aged 99), having personally contributed over $60 million to the foundation. They have now given out $1.459 billion in grants.

You probably know the S.S. Kresge Company by its current name: the Kmart Corporation. The Kresge Foundation is no longer affiliated with it, remaining private and independent. Thank you Mr. Kresge!