(; born June 6, 1933) is an American businessman and philanthropist from Detroit, Michigan who resides in Los Angeles, California.
Early life and career
Broad was born in the Bronx, the only child of Lithuanian Jewish immigrant parents. His father was a house painter, and his mother a dressmaker. His family moved to Detroit when he was six years old. In Detroit his father operated five-and-dime stores and his mother resumed work as a dressmaker. Broad attended Detroit Public Schools. In 1951, he graduated from Detroit Central High School. He then attended Michigan State University, majoring in accounting with a minor in economics and graduating cum laude in 1954. That same year, the twenty-one-year-old Broad married eighteen-year-old Edythe 'Edye' Lawson. Broad went on to earn the distinction of becoming the youngest Michigan resident to have attained the credentials of Certified Public Accountant (CPA)citation needed|date=August 2012. Prior to entering the home building business, Broad worked as an accountant for two years.
Kaufman and Broad
In 1957, Broad went into business with Donald Kaufman, who was a home builder and related to his wife, Edye. Broad financed his end of the enterprise with $25,000 borrowed from his wife's parents. Kaufman and Broad Home Corporation (now KB Home) recognized the type of housing that would appeal to a new generation of Detroit home buyers flocking to the suburbs. These family homes followed a template of homogeneous design, what became identified as tract housing. The Kaufman and Broad model invariably featured an attached carport and omitted the basement. They christened this model the 'Award Winner' and priced it at $13,700. Fourteen homes were sold the first weekend.
[District 7 HQ.jpg|thumb|right|220px|The Eli and Edythe Broad Plaza in front of the Caltrans District 7 Headquarters]
Eli and Edythe Broad are the founders of The Broad Foundations, with the mission of advancing entrepreneurship for the public good in education, science and the arts. In doing this, the foundation focuses on the arts and culture in Southern California, championing the revitalization of downtown Los Angeles, and reforming K-12 public education across the United States. The Broad Foundations, which include The Eli and Edythe Broad Foundation and The Broad Art Foundation, have assets of $2.1 billion.citation needed|date=August 2012
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.citation needed|date=August 2012 In 2010, Broad gave $10 million to the Washington, D.C. Public Education Fund, $2.2 million to the Education Innovation Laboratory at Harvard, and $2 million to a Los Angeles charter-schools foundation.[ Jewish Philanthropy: '
Source @ Wikipedia