Foundations seeking to protect Detroit's public pensions and its art museum in the city's bankruptcy process raised their pledge total to $370 million on Tuesday with the addition of a $40 million commitment from the W.K. Kellogg Foundation, Reuters reported yesterday. A group of U.S. philanthropic foundations announced earlier this month that they were prepared to step in with funding assistance to help preserve the Detroit Institute of Arts' collection and assist in shoring up the cash-strapped city's employee pensions. Michigan Governor Rick Snyder followed up that commitment with a plan he unveiled last week to tap up to $350 million in state funds over 20 years for Detroit retirees.
