Levitt Foundation Announces Spend Down of $150 Million in Assets to Build Movement for Free Concerts Across America
LOS ANGELES, Nov. 30, 2023 /PRNewswire/ -- The Mortimer & Mimi Levitt Foundation, a social impact funder at the intersection of music, public space, and community building, today announced it will spend down its $150M in assets over the next two decades and will close its doors in 2041. This shift will significantly increase the Foundation's ability to support thousands of free outdoor concerts in communities across America, fueling the movement for centering arts investments in public spaces as a key driver for positive change, building social capital and economic vitality in communities.
- Together with his wife, Mimi, the couple created the Levitt Foundation in 1966 to support the arts, culture, and education and became noted New York City philanthropists.
- "When my father handed me the reins of the Foundation, we knew free concerts would make a difference in communities," said Levitt Hirsch.
- The Levitt Foundation is a rarity amongst arts funders in deciding to become a spend down foundation.
- With no front row or back row, Levitt concerts offer multiple opportunities for social connection.