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The move this week by Dan Gilbert and his Rock Holdings Inc. to sell shares in Rocket Companies Inc. to raise $500 million to support Detroit neighborhoods is a common practice in philanthropy, experts say.
“It’s not unique,” said Kyle Caldwell, president and CEO of the Council of Michigan Foundations. “Some of our more storied foundations across the country and even in our backyard in Michigan have been developed through the selling of stock.”
When Charles Stewart Mott died in 1973, Caldwell noted, he was a large holder of General Motors stock. The sale of stock helped fund an endowment for the C.S. Mott Foundation, one of Michigan s leading foundations that participated in the grand bargain to speed Detroit s exit from Chapter 9 bankruptcy.
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TERESA SCHETTLER
IRON MOUNTAIN –The Dickinson Area Chamber of Commerce membership have chosen five directors for its 15-member board.
All are elected for a three-year term. They are: Teresa Schettler, public relations/marketing specialist, Dickinson County Healthcare System. Schettler is the board’s vice president, a post she retains, and is committed to the Chamber vision. She also has been a Chamber ambassador since 2014. Matthew Lutz, chief financial officer, First National Bank & Trust. Lutz has been on the Chamber board for four years as well as serving on other local boards of directors and nonprofits and actively participates in Chamber and community events. He has a strong financial background and is on the Accounting Advisory Board for Bay College; treasurer for the Dickinson Area Community Foundation; a Chamber ambassador; and a Habitat for Humanity volunteer, along with other posts. Lutz also was elected board treasurer.