Financial services tycoon Eli Broad has announced that his foundation will commit $10 million to finance school reform efforts in Los Angeles.
The grant from the Los Angeles-based Broad Foundation will focus on three areas of concern to large urban school districts: management from the principal level on up; governance; and labor relations.
"We are going to seek out, identify and fund action-oriented and promising initiatives," said Broad in announcing the gift.
Since its creation by Broad in 1999, the Broad Foundation has concentrated its efforts in urban districts in Chicago, Seattle, San Diego, and other cities where the superintendents are regarded as innovators. But Broad, the chairman and CEO of Los Angeles-based financial services firm SunAmerica, told the Los Angeles Times that he now felt an obligation to work with the Los Angeles Unified School District.
Broad also told the Times that, while he was still opposed to school vouchers, he would fund a stopgap measure to provide 1,700 private school scholarships to low-income families in Los Angeles neighborhoods where schools are crowded.