LOS ANGELES, CA.- Philanthropists Eli and Edythe Broad received the William E. Simon Prize for Philanthropic Leadership today at the annual meeting of The Philanthropy Roundtable. The prize includes $250,000 for the charity of the winner's choice, and the Broads will give the award to the High School for the Visual and Performing Arts on Grand Avenue in downtown Los Angeles.
The Broads were honored for their wide-ranging philanthropy in the areas of K-12 education reform, scientific and medical research and the arts. Over the past five decades, the Broads have invested more than $3.5 billion in these areas.
"Edye and I are honored and humbled to receive this award," said Eli Broad. "And we are delighted to give the prize money to the arts high school, which combines academics with the arts to prepare the next generation of Los Angeles artists."
Eli Broad was instrumental in encouraging the Los Angeles Unified School District to build the flagship citywide arts high school on Grand Avenue, adjacent to the Walt Disney Concert Hall, the Museum of Contemporary Art and other cultural institutions. The high school, designed by Wolf Prix, opened in 2009 and is now headed by Kim Bruno, who previously served for 11 years as principal of the LaGuardia High School of Music & Art and Performing arts.
The Simon Prize, which is funded by the William E. Simon Foundation, is designed to highlight the power of philanthropy to promote positive change and to inspire others to support charities that achieve genuine results. The prize is intended to honor living philanthropists who have shown exemplary leadership through their own charitable giving, either directly or through foundations they have created.
"Eli and Edythe Broad embody the ideals and principles that guided my father's philanthropic initiatives," said William E. Simon, Jr., co-chairman of the William E. Simon Foundation. "They are exemplars of impactful philanthropy, and we are pleased to recognize them for their personal involvement, dedication and focus on improving the lives of people around the world."
The Broads are profiled in the current issue of Philanthropy magazine.
The Broad Foundations, which include The Eli and Edythe Broad Foundation and The Broad Art Foundation, have assets of $2.4 billion. The Eli and Edythe Broad Foundation funds system-wide programs and policies that strengthen public schools by creating environments that allow good teachers to do great work and enable students of all backgrounds to learn and thrive. The Broad Foundation's major education initiatives include the $1 million Broad Prize for Urban Education, The Broad Superintendents Academy and The Broad Residency in Urban Education.
In advancing innovative scientific and medical research, The Eli and Edythe Broad Foundation's investments focus on three areas: human genomics, stem cell research and inflammatory bowel disease. In an unprecedented partnership with the Massachusetts Institute of Technology, Harvard University and the Whitehead Institute, the Broads have given $600 million to create and endow the Eli and Edythe Broad Institute for biomedical research.
In fostering public appreciation for contemporary art for audiences worldwide, The Broad Art Foundation is a lending library of contemporary artworks that have been loaned more than 8,000 times to nearly 500 museums and galleries worldwide. Eli and Edythe Broad are building a contemporary art museum and headquarters for The Broad Art Foundation on Grand Avenue in downtown Los Angeles. The new museum, to be called The Broad, will be designed by Diller Scofidio + Renfro and is scheduled to open in late 2014.