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The Broads, who made their fortune in Southern California real estate and founded two Fortune 500 companies, gave their first $100 million to the institute in 2003, intending that the gift would be spent over 10 years. The gave another $100 million gift in 2005.
Broad said that the endowment created by him and his wife would cover only about $20 million of the institute's annual $150 million budget, the rest of which would continue to be filled by federal grants.
"We have made a lot of investments, but the investment to the broad institute is the largest investment we’ve made and it has yielded great results," Broad added.
In addition to the gifts from the Broads, the institute has received one other large gift: a $100 million donation in March 2007 from the Stanley Medical Research Institute to create a new center to study psychiatric disease, a move that backers said would jump-start the search for the...
Since the genomic powerhouse was created several years ago, Broad said that it has grown to include a community of more than 1,200 of scientists from across MIT, Harvard, and Harvard's 17 affiliated teaching hospitals. The Kendall Square-based institute also currently has 330,000 square feet of...