Billionaire alumnus, wife pledge to give 75 percent of worth to charity
Billionaire alumnus Eli Broad, left, MSU president Lou Anna K. Simon, center and Gov. Jennifer Granholm put on hard hats March 16 before breaking ground on the Eli and Edythe Broad Art Museum at a ceremony held at the future site of the museum next to Berkey Hall.
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Billionaire alumnus Eli Broad and his wife, Edythe, have pledged to donate 75 percent of their income to charity during or after their lifetimes.
The Broads join 40 of the nation’s wealthiest families and people within the U.S. who have committed to an initiative called the Giving Pledge.
The Giving Pledge is a commitment from people to give away their personal income and encourage others to play a role in philanthropy, according to the group’s website. The initiative was formed in partnership between Microsoft Corporation cofounder Bill Gates, his wife, Melinda, and billionaire philanthropist Warren Buffett.
Forbes Magazine listed Eli Broad as the world’s 132nd wealthiest person in March 2010 with a personal fortune of about $5.7 billion.
Once giving by the Broads is complete, slightly less than $4.3 billion will have been given to charity.
“Those who have been blessed with extraordinary wealth have an opportunity, some would say a responsibility — we consider it a privilege — to give back to their communities, be they local, national or global,” the Broads said in a letter published on the Giving Pledge’s website.
“Though neither of us was raised in an affluent family, our parents taught both of us the importance of giving back and helping others less fortunate.”
The Broad family joins Microsoft Corporation cofounder Paul Allen, New York Mayor Michael Bloomberg and “Star Wars” creator George Lucas, among others, who have committed to donate a majority of their wealth to charity.
MSU’s Eli Broad College of Business is named for the billionaire alumnus. The Broads also have donated $28 million to the university for the construction of the forthcoming Eli and Edythe Broad Art Museum, which is set to open in 2012.
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Details
(08/05/10 9:51pm)Report
It’s great that the Broad’s have made this commitment, but I’m curious to find out if there any details available about his potential giving to MSU’s business school?
Why
(08/06/10 7:54am)Report
He pretty much owns the business school. Why not allow a little for the rest. Thanks to the Broads!
WHY
(08/06/10 3:01pm)Report
It’s good that he’s giving his money away. BUT WHY A STUPID MUSEAM! What good would that do for the university but take up space. Why not create scholarships for students to afford the increasing tuition prices?
Matt
(08/06/10 3:13pm)Report
First, it is his money. So, its his choice. I think the thought on the art museum is that it has “positive externalities”…people will come here to see it and do other things. Plus, him and his wife are big into art. He funded some big frank ghery (sp?) museum in LA. Also, I thin MSU need more good museums. It is part of being a big research school. UM has like 10.
Interesting...
(08/06/10 5:50pm)Report
“First, it is his money. So, its his choice”
-excellent point.
To the poster above Matt (WHY), some advice: make your billion, and then decide where you want to donate it. That way, you’re opinion will matter, will have a practical application, and won’t be simply a self-righteous waste of time.
Don't Look a Gift Horse in the mouth
(08/08/10 8:34am)Report
State didn’t really have the option of turning it down. It would have been bad press. Broad gets a modern art museum in his name without having to pay property taxes. Nice gift right?
swat
(08/08/10 10:16am)Report
Eli, snaps out man. What a fratty move! It would be great if he invested in frats around MSU too
Fraterick Bateman
(08/08/10 7:27pm)Report
Just to be clear, there’s a difference between income and total capital…
boooo Chris Allen
(08/08/10 8:41pm)Report
Hey, Swat, they are “Fraternities”, not “Frats”. Come on man…
Fratrick Bateman
(08/09/10 12:44am)Report
god knows I need a new pair of sperrys. As my father says, “if you call my fraternity a frat one more time, I’ll let a GOAT pop your rearend’s cherry.” Frat hard frat often ihsv.