Eli Broad

Philanthropy

Eli and Edythe Broad are the founders of The Broad Foundations,with the mission of advancing entrepreneurship for the public good in education, science and the arts. In doing this, the foundation focuses on the arts and culture in Southern California, championing the revitalization of downtown Los Angeles, and reforming K-12 public education across the United States.The Broad Foundations, which include The Eli and Edythe Broad Foundation and The Broad Art Foundation, have assets of $2.1 billion.In 2010, Broad backed “The Giving Pledge,” an initiative started by fellow billionaires Warren Buffett and Bill and Melinda Gates for rich Americans to give at least half of their wealth to charity.Eli and Edythe Broad committed to give 75 percent of their wealth to philanthropy during or after their lifetimes. In 2010, Broad gave $10 million to the Washington, D.C. Public Education Fund, $2.2 million to the Education Innovation Laboratory at Harvard, and $2 million to a Los Angeles charter-schools foundation.

Arts

Museum of Contemporary Art, Los Angeles

Following an initiative by philanthropist Marcia Weisman, Broad was the founding chairman of the Museum of Contemporary Art, Los Angeles in 1979 and held that post until 1984. Later, in 1984, he helped to negotiate the acquisition of the Panza Collectionfor the museum. In 2008, his foundation gave a $30 million challenge grant to rebuild the museum’s endowment and to provide exhibition support.

 

Los Angeles County Museum of Art

Broad also is a life trustee and member of the executive committee of Los Angeles County Museum of Art. In 2003, The Eli and Edythe Broad Foundation gave $60 million to LACMA as part of the museum’s renovation campaign to create the Broad Contemporary Art Museum and acquire art.

Walt Disney Hall

From 1996 on, Broad and then-Mayor Richard Riordan led the fundraising campaign to build the Frank Gehry-designed Walt Disney Concert Hall

Others

Broad Art Center, by Meier at the UCLA School of the Arts and Architecture. In 2000, Broad donated $23.2 million towards the Broad Art Center at UCLA, designed by Richard Meier. On June 1, 2007 Eli and Edythe Broad pledged $26 million to Michigan State University for construction of the Eli and Edythe Broad Art Museum, and they gave another $2 million to the project in 2010. The Broads also contributed $10 million in 2008 for a programming endowment for a state-of-the-art music and performing arts center at Santa Monica College, The Eli and Edythe Broad Stage, and an adjacent black box performance space, The Edye.

Education

In 1991, Broad endowed the Eli Broad College of Business at his alma mater Michigan State University, from which he graduatedcum laude in 1954.

The Eli and Edythe Broad Foundation’s education work is focused on dramatically improving urban K-12 public education through better governance, management, labor relations and competition. The Broad Foundation has three national flagship initiatives:

The Broad Superintendents Academy is an 18-month executive management program to train working CEOs and other top executives from business, non-profit, military, government and education backgrounds to lead urban school systems.

The Broad Residency in Urban Education is a two-year management development program that trains recent graduate students, primarily with business and law degrees, who have several years of work experience and places them immediately into managerial positions in the central operations of urban school districts.

The $1 million Broad Prize for Urban Education is the nation’s largest education award given annually to urban school districts that have made the greatest overall performance and improvement in student achievement while closing achievement gaps between income and ethnic groups.

On April 25, 2007, the Eli and Edythe Broad Foundation joined forces with the Bill and Melinda Gates Foundation pledging a joint $60 million to create Strong American Schools, a nonprofit project responsible for running Ed in 08, an information and initiative campaign aimed at encouraging 2008 presidential contenders to include education in their campaign policies.

Biomedical research

The Broad Institute of MIT and Harvard was founded with a $100 million donation to the Massachusetts Institute of Technology from Broad and his wife, Edythe, in 2003. In 2005, the couple donated another $100 million to Harvard. On September 4, 2008 the Broads gave another $400 million to endow the Broad Institute. The endowment is managed by Harvard’s investment unit.

The Eli and Edythe Broad CIRM Center for Regenerative Medicine and Stem Cell Research at USC is the product of an public-private partnership between voter-created, the Keck School of Medicine of USC and the Eli and Edythe Broad Foundation, which donated $30 million in 2006. In 2007, the Broads also donated $20 million to the UCLA Stem Cell Institute. One year later, they gave a major gift to the University of California, San Francisco for the new headquarters of the Eli and Edythe Broad Center of Regeneration Medicine and Stem Cell Research, which opened in February 2011. Broad is also a member of the California Institute of Technology Board of Trustees where he funded the Broad Center for the Biological Sciences. In 2009, the Broads gave $5 million to fund the Joint Center for Translational Medicine at Caltechand UCLA.