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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.

Grand valleyUnited statesAaron emersonKyle caldwellCharles stewart mottDan gilbertMark zuckerbergTeri behrensRocket companies incCouncil of michigan foundationsExchange commissionBerkshire hathawayCs mott foundationRock holdingsPhilanthropy at grand valley state universityRock holdings inc