Broad Foundation Dedicates $40 Million To Continuing Prize For Urban Education

03/22/2011 03:05 pm ET | Updated May 25, 2011

For the last decade, the Broad Foundation, started by Los Angeles real estate mogul Eli Broad and his wife Edythe, has handed out an annual prize to high-achieving urban schools.

To commemorate the 10-year anniversary of the prize, the Broad Foundation has endowed the Broad Prize for Urban Education with $40 million.

The prize is awarded to large urban school districts who have demonstrated improvement in students' performance. Scholarships are then doled out to low-income students, helping them make dreams of college a reality.

The $40 million in funding is intended to secure the long-term viability of the prize, which will be handled out for many years to come.

According to The Chronicle of Philanthropy,

In another move aimed at securing the sustainability of the Broad Prize for Urban Education, the foundation said in a statement that it will reduce the annual award from $2-million shared among five districts to $1-million and four winners.