Eli Broad Announces Los Angeles Education Venture Fund

More Than $10 million Committed for Action,

Innovation and Excellence in Los Angeles Schools



Apr 04, 2001, 01:00 ET from Broad Foundation

    LOS ANGELES, April 4 /PRNewswire/ -- The Broad Foundation announced today
 an investment of more than  $10 million in a local Education Venture Fund for
 Los Angeles schools.  Venture philanthropist Eli Broad, founder of the Broad
 Foundation, made the announcement at Town Hall Los Angeles.
     "I am excited that the Broad Foundation has identified a unique role that
 it can play to help improve Los Angeles' public schools.  The Education
 Venture Fund will invest in action, innovation and excellence in education
 throughout this city," said Broad.
     The Broad Foundation will work with the Mayor, School Board,
 Superintendent, district leaders and local education entrepreneurs to seek
 out, identify and fund action orientated and promising initiatives.  The
 foundation expects to invest more than $10 million over the next two years in
 the Los Angeles area.
     Mayor of Los Angeles Richard J. Riordan said, "The greatest challenge
 facing our City today is improving the quality of education in our schools.
 But the responsibility does not only lie in the hands of teachers, principals,
 school board members and superintendents alone.  Each of us must do our part
 to save our schools and invest in our children's education.  The Broad
 Foundation's new LA Education Venture Fund is an investment in our children
 and in our future.  I applaud the foundation for having the courage to stand
 up to the challenge and giving our children a chance at a brighter future."
     "This school district is benefiting tremendously from the support the
 Broad Foundation is providing toward building the leadership strengths of our
 local district superintendents," said LAUSD Superintendent Roy Romer.  "As the
 district decentralized into 11 local districts it has been extremely important
 that we give management the support they need to effect the range of change
 that is needed.  This support is also helping us build a well integrated set
 of functions between the central office and the local districts," Romer added.
     The LA Education Venture Fund is making the following local investments:
 
     -- Working with Superintendent Roy Romer and his senior staff, The Broad
        Foundation is funding an executive leadership development program for
        the eleven local district superintendents and the top management in the
        district's central office.  The foundation is also providing management
        assistance to Superintendent Romer and his executive staff.  The LA
        Education Venture Fund will significantly increase its investment for
        the second year of this program.
 
     -- The Children's Scholarship Fund (CSF) offers tuition assistance to
        low-income families from across the nation who would like to have their
        children attend private school.  Due to the growing school facilities
        crisis in Los Angeles, the LA Education Venture Fund has committed to
        fund up to 1700 scholarships to low-income families in Los Angeles.
 
     -- Excellence in Education Management (EXED) is a not-for-profit charter
        school development and management organization.  Founded and led by
        Bill Siart, formerly CEO of First Interstate Bank Corp., EXED provides
        management systems and services to charter schools, including
        assistance with finding and building new facilities.  In order to meet
        the vast school facilities needs in Los Angeles, and to boost the
        presence of high-quality charter schools in the LA school district, the
        LA Education Venture Fund is supporting EXED's work with a two-year
        general operating grant.
 
     -- The Los Angeles Times' Reading by 9 program follows a similar effort
        initiated by its sister newspaper, The Baltimore Sun.  The initiative
        is a community wide effort -- including book drives, volunteer
        tutoring, teacher training and a public awareness campaign -- to
        improve children's reading performance in Southern California.  The
        Fund's investment has been targeted specifically at school and
        district administrators who participate in the Reading by 9 program,
        and provides funding for a two-year Principal Leadership Institute.
 
     The Broad Foundation expects to announce additional investments by the LA
 Education Venture Fund within the next six months.
     "Saving our schools requires taking bold steps, risky steps, relying on
 new and sometimes unproven ideas for change.  Together we must take the risks
 necessary to find solutions, challenge the status quo, change the culture of
 LAUSD and other large urban districts nationwide and ultimately -- save our
 schools and educate the next generation of children.  The only greater risk is
 to do nothing," Broad concluded.
 
     The Broad Foundation was established in 1999 with an initial commitment of
 $100 million from Eli and Edythe Broad.  Operating as an entrepreneurial
 grant-making organization, the Foundation funds innovative efforts to
 dramatically improve governance, management, and labor relations in the
 nation's largest urban school systems.  The Foundation is dedicated to
 building K-12 educational leadership capacity, strengthening union-management
 relations and supporting aggressive, system-wide strategies to increase
 student achievement.
 
     For more information, please visit www.broadfoundation.org.
 
 

SOURCE Broad Foundation
    LOS ANGELES, April 4 /PRNewswire/ -- The Broad Foundation announced today
 an investment of more than  $10 million in a local Education Venture Fund for
 Los Angeles schools.  Venture philanthropist Eli Broad, founder of the Broad
 Foundation, made the announcement at Town Hall Los Angeles.
     "I am excited that the Broad Foundation has identified a unique role that
 it can play to help improve Los Angeles' public schools.  The Education
 Venture Fund will invest in action, innovation and excellence in education
 throughout this city," said Broad.
     The Broad Foundation will work with the Mayor, School Board,
 Superintendent, district leaders and local education entrepreneurs to seek
 out, identify and fund action orientated and promising initiatives.  The
 foundation expects to invest more than $10 million over the next two years in
 the Los Angeles area.
     Mayor of Los Angeles Richard J. Riordan said, "The greatest challenge
 facing our City today is improving the quality of education in our schools.
 But the responsibility does not only lie in the hands of teachers, principals,
 school board members and superintendents alone.  Each of us must do our part
 to save our schools and invest in our children's education.  The Broad
 Foundation's new LA Education Venture Fund is an investment in our children
 and in our future.  I applaud the foundation for having the courage to stand
 up to the challenge and giving our children a chance at a brighter future."
     "This school district is benefiting tremendously from the support the
 Broad Foundation is providing toward building the leadership strengths of our
 local district superintendents," said LAUSD Superintendent Roy Romer.  "As the
 district decentralized into 11 local districts it has been extremely important
 that we give management the support they need to effect the range of change
 that is needed.  This support is also helping us build a well integrated set
 of functions between the central office and the local districts," Romer added.
     The LA Education Venture Fund is making the following local investments:
 
     -- Working with Superintendent Roy Romer and his senior staff, The Broad
        Foundation is funding an executive leadership development program for
        the eleven local district superintendents and the top management in the
        district's central office.  The foundation is also providing management
        assistance to Superintendent Romer and his executive staff.  The LA
        Education Venture Fund will significantly increase its investment for
        the second year of this program.
 
     -- The Children's Scholarship Fund (CSF) offers tuition assistance to
        low-income families from across the nation who would like to have their
        children attend private school.  Due to the growing school facilities
        crisis in Los Angeles, the LA Education Venture Fund has committed to
        fund up to 1700 scholarships to low-income families in Los Angeles.
 
     -- Excellence in Education Management (EXED) is a not-for-profit charter
        school development and management organization.  Founded and led by
        Bill Siart, formerly CEO of First Interstate Bank Corp., EXED provides
        management systems and services to charter schools, including
        assistance with finding and building new facilities.  In order to meet
        the vast school facilities needs in Los Angeles, and to boost the
        presence of high-quality charter schools in the LA school district, the
        LA Education Venture Fund is supporting EXED's work with a two-year
        general operating grant.
 
     -- The Los Angeles Times' Reading by 9 program follows a similar effort
        initiated by its sister newspaper, The Baltimore Sun.  The initiative
        is a community wide effort -- including book drives, volunteer
        tutoring, teacher training and a public awareness campaign -- to
        improve children's reading performance in Southern California.  The
        Fund's investment has been targeted specifically at school and
        district administrators who participate in the Reading by 9 program,
        and provides funding for a two-year Principal Leadership Institute.
 
     The Broad Foundation expects to announce additional investments by the LA
 Education Venture Fund within the next six months.
     "Saving our schools requires taking bold steps, risky steps, relying on
 new and sometimes unproven ideas for change.  Together we must take the risks
 necessary to find solutions, challenge the status quo, change the culture of
 LAUSD and other large urban districts nationwide and ultimately -- save our
 schools and educate the next generation of children.  The only greater risk is
 to do nothing," Broad concluded.
 
     The Broad Foundation was established in 1999 with an initial commitment of
 $100 million from Eli and Edythe Broad.  Operating as an entrepreneurial
 grant-making organization, the Foundation funds innovative efforts to
 dramatically improve governance, management, and labor relations in the
 nation's largest urban school systems.  The Foundation is dedicated to
 building K-12 educational leadership capacity, strengthening union-management
 relations and supporting aggressive, system-wide strategies to increase
 student achievement.
 
     For more information, please visit www.broadfoundation.org.
 
 SOURCE  Broad Foundation