As the child of immigrant parents, Eli Broad was instilled with the values of hard work, education and the dream that anything was possible. He and Edythe both attended Detroit Public Schools, and then he attended Michigan State University, graduating with a degree in accounting and becoming the youngest CPA in the state’s history.
While working for two years as an accountant, Eli Broad saw his homebuilding clients making much more than he was, and he and Edythe’s cousin’s husband decided they, too, could build houses. Eli Broad and Donald Kaufman founded Kaufman and Broad with the simple idea that if they built houses without basements (the widespread use of gas heating rendered basements to store coal unnecessary), they could offer homes with mortgage payments that were lower than the rent for a two-bedroom apartment. The first weekend in 1956, they priced their houses at $13,740. They sold out that same weekend and were in business.
The Broads had created a family foundation in the 1960s as a way to support their charitable interests and causes. But with their financial success from the sale of SunAmerica, the Broads focused their charitable giving in a new style of investing that was more akin to their business acumen: venture philanthropy. An entrepreneur at heart, Eli Broad has applied his same spirit of creating new enterprises to the family’s approach to philanthropy.
Today, The Broad Foundations, which include The Eli and Edythe Broad Foundation and The Broad Art Foundation, have assets of $2.1 billion. Their mission is to advance entrepreneurship for the public good in education, science and the arts.
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.
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