The Detroit Riverfront Conservancy has secured a significant boost of $35 million to see through its development initiatives along the waterfront, this comes in the wake of an embezzlement scandal involving its former CFO William Smith, according to the Detroit Free Press. The fund, made possible by grants and credit lines established by The Ralph C. Wilson, Jr. Foundation and managed by The Community Foundation for Southeast Michigan, is expected to cover ongoing costs as the Conservancy strives to fulfill its promise of redeveloping more than five miles of riverfront.
Despite the shadow cast by the accusations that Smith embezzled about $40 million from the nonprofit, the continued philanthropic support intends to ensure that the projects, including the Ralph C. Wilson Centennial Park and the Uniroyal Promenade, meet their projected completion by fall of 2025, the Community Foundation of Southeast Michigan announced the progress as they reassured their commitment to the region by creating the fund, as stated by its president Ric DeVore.
With a $10 million grant directly from The Wilson Foundation and an additional line of credit of $25 million, the plan is for these financial aids to first cover expenses and then be reduced as fundraising persists and any recovered funds from Smith's alleged embezzlement are secured, The Detroit News reports. Smith, who was responsible for the massive breach of trust within the Conservancy, is currently facing charges of bank and wire fraud and could be confronted with a sentence of up to 20 years.
The commitment from the philanthropic community has been notable despite the adversity posed by the embezzlement case; additional financial pledges have been made by various entities, including support suggested by The Kresge Foundation, their CEO Rip Rapson describing the loss as doubling their resolve to assist, as outlined in the Detroit Free Press.
Enhancing the region's attractiveness as a desirable place to live, work, and play, continues to be a primary goal, voiced by David Egner, president & CEO of the Ralph C. Wilson, Jr. Foundation, their grant and credit establishment serves as a bridge toward achieving this, with Egner citing the entire effort as a collaborative, community venture right from the beginning according to wxyz. In light of the scandal, the Conservancy claims to have implemented measures to prevent future financial mishandling, including bringing Quattro Financial Services on board to manage finance and accounting activities.
