The W.K. Kellogg Foundation was founded in June 1930 as the W.K. Kellogg Child Welfare Foundation by breakfast cereal pioneer Will Keith Kellogg. In 1934, Kellogg donated more than $66 million in Kellogg Company stock and other investments to the W.K. Kellogg Trust ($1.2 billion in 2016 dollars). As with other endowments, the yearly income from this trust funds the foundation. The private foundation continues to hold substantial equity in and enjoy a strong relationship with the Kellogg Company, both of which are based in Battle Creek, Michigan. It is governed by an independent board of trustees. The foundation is now the seventh largest philanthropic foundation in the U.S. In 2005, the foundation reported that the total assets of the foundation and its trust were US$7.3 billion; about US$5.5 billion of this was in Kellogg Company stock.