As part of the overall strategy of lifting Detroit out of bankruptcy, the Detroit Three have signed on to provide the Detroit Institute of Arts with a $26 million contribution to be distributed over the next 20 years.
Detroit Free Press reports Ford and General Motors each contributed $10 million, while Fiat Chrysler Automobiles threw in $6 million to the pot. Toyota added $1 million, and a group of suppliers collective gave the museum $2.2 million.
The total contributions made up part of the $100 million DIA had sought for its part of a grand bargain fundraising effort at the center of Detroit’s restructuring plan, an effort totalling $816 million that would go to reduce employee pension cuts and save the museum’s collection from the auction block.
The Detroit Three’s contribution took some time to work out, as their respective charitable foundations normally commit to one-time and short-term donations. Thus, the trio came together to meet with other foundations to understand how best to go about throwing down for the cause, as well as with Judge Gerald Rosen, the judge who helped put the grand bargain together. By April, Ford committed its $10 million, with GM and its foundation splitting their contribution, and FCA directly adding its $6 million.
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