ELI AND EDYE BROAD

EPILOGUE

We hope the preceding stories have spurred an appreciation for the collective effort it takes to start, build, and evolve organizations and movements that can change the world. For more than fifty years, over the course of pledging $4 billion to causes important to us, we’ve been lucky to meet and work with creative, dedicated people who take big ideas and make them happen.

We are proud of what we have been able to accomplish so far, but—to quote the opening words of this report—the beginning is always now. We recognize that this is a new day and that it’s time to pass the torch. On the business front, we mentored Bruce Karatz at KB Home and Jay Wintrob at SunAmerica to lead our companies. In our philanthropy, we have asked two longtime employees, who have proven themselves again and again, to succeed us: Gerun Riley will lead the Foundation, and Joanne Heyler will lead The Broad. They will be supported by the boards of these organizations—groups that include Bruce and Jay.

Indeed, our work is far from done. Los Angeles was a very different place when we arrived in 1963. There was little downtown to speak of. The Santa Monica Freeway had not opened yet. Los Angeles was a growing, ambitious city that had yet to make its mark on the world, and it was the perfect place for our young family to grow our businesses and our philanthropy. We committed ourselves to the city by building homes, providing safe retirements, expanding public access to art, supporting public education, and funding scientific and medical research.

Today, Los Angeles is a global capital with a thriving cultural and civic center for nearly thirteen million people: one of the most ethnically, religiously, and socio-economically diverse communities in the world. But like most major cities, it faces consequential challenges. Housing is increasingly unaffordable, and homelessness is rising. Education has improved, but it still has a long way to go before every student has access to learning opportunities that will prepare them for college, career, and life. The economy is improving, but too many people, especially those from historically underrepresented groups, are left out of that growth.

We trust that our successors will expand and evolve our work in ways we may not have imagined, nor had the patience for. They will bring more people the inspiration and opportunity that come with access to science, education, and the arts.

We have tried to approach this transition with care and humility, understanding that we have done our part by pouring our heart and soul into these organizations for decades. Now, it’s time for others to lead.