9486 in the collection
Philanthropist Broad expands funding to help Detroit transform
Note to Detroit: Beware of Robber Barons bearing gifts. Yes, you should look a gift horse in the mouoth. . . and in every other orifice.
Broad leads the cheer for 50 school closures in Detroit. Question: How many dead bodies must be displayed in a forensic audit?
by Jennifer Mrozowski
Detroit -- Billionaire philanthropist Eli Broad said today he is committing hundreds of thousands of dollars to help Detroit Public Schools' new financial manager review the district's finances, and promised to continue to support the school system's efforts to transform itself.
Broad, a graduate of Detroit's Central High School, has made minimal donations to Detroit Public Schools through the Eli and Edythe Broad Foundation over the years, but nothing compared to the amount he is contributing to the district now.
Broad, who met with DPS Financial Manager Robert Bobb over the weekend, said he is encouraged by the new leadership in Detroit schools.
"We think there is a huge opportunity ... to turn around Detroit Public Schools," Broad said in an exclusive interview with The Detroit News. "(Bobb) is perfect for the job, and we want to be supportive on a continuous basis."
The foundation will contribute about a third of the $1.4 million cost for an outside firm to conduct a comprehensive financial review, help develop a balanced budget and create strategic fiscal planning for the next five years. Bobb had asked the foundation to support the cost of the review.
"We're happy to lead the way in that effort," Broad said, adding the foundation will be working with other philanthropic organizations to support Detroit Public Schools.
His spokeswoman, Erica Lepping, said the foundation is also hoping to see the state legislature and local philanthropic community follow suit.
Broad, a Michigan State University grad, met Saturday with Bobb. The meeting came just days after Bobb announced that the district will need up to 50 school closures and thousands of layoffs over two years to erase an estimated $306 million deficit. The announcement on specific school closures is expected this week.
Broad was in town to cheer on the Spartans in the NCAA men's basketball tournament, but the two men already had ties. Bobb received training trough the Broad Foundation Urban Schools Superintendents Academy in 2005. The Eli and Edythe Broad Foundation also agreed to contribute $28,000 toward Bobb's salary and moving expenses. Bobb's contract calls for a $260,000 base salary with $84,000 in relocation and other incentives to be paid through foundations.
"It is a huge lift for us to have a DPS alumni with the prestige of Eli Broad, who cares deeply about urban education nationally, to provide these resources at this critical juncture," Bobb said in a statement. "It is very important for Detroit Public Schools to get our finances stable and create long-term models that will allow us to identify sources of funds and put more dollars in the classroom."
Broad, who made his fortune in the home building industry, has invested hundreds of millions in education reform, including a $26 million donation he and his wife made to MSU for a modern art museum in 2007.
His spokeswoman has said the foundation supports urban school systems with positive strategic direction and "the right leadership," but Broad has just twice provided support for the school system from which he graduated.
Given the district's mounting deficit, support from foundations like Broad's will be critical to Bobb's initiatives, he has said. Bobb plans to commission several forensic audits of the system's departments. And he already has hired an inspector general, auditor general and a new chief financial officer. He also plans to hire someone to oversee the millions of dollars in federal stimulus funds coming to the beleaguered school system.
— Jennifer Mrozowski
Detroit News
2009-04-
INDEX OF OUTRAGES
Pages: 380
[1] 2 3 4 5 6 Next >> Last >>
