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Broad Institute's Goal for Chief Development Officer: $300M in Five Years

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – The Broad Institute has placed advertisements seeking to hire "a chief development officer who will lead the effort to raise an additional $300 million over the next five years."

That $300 million would be in addition to the almost $300 million the institute said it has raised in private philanthropic support, let alone the $600 million committed by its namesake couple, Los Angeles philanthropists Eli and Edythe Broad, since the institute was launched in 2004.

The Cambridge, Mass.-based institute has placed advertisements in the Chronicle of Philanthropy and the website of the Massachusetts Biotechnology Council advertising the CDO position. Responsibilities of the position, according to the ad, include the ability to "create and manage a caseload of prospects with the capacity to make gifts at the level of $5 million plus," as well as implementing a strategic plan approved by the institute's board for building donor constituencies and raising "very large" gifts; staffing the institute's director and other key leaders in their philanthropic contacts; and deepening the Broad's philanthropic relationships with current donors, among other duties.

Among qualification requirements set by the institute are "a track record of cultivating, soliciting, and closing gifts from individuals of $5 million or more."

The Broads have made a pair of $100 million commitments — one in 2004, the other the following year — as well as a $400 million gift for use as a permanent endowment, announced in 2008.

Gift funds from the Broads accounted for about $21.3 million of the $221.7 million in revenue reported for the fiscal year ended June 30, 2009. Most of the institute's revenue, $189.2 million, was "sponsored" revenue from federal grants and other sources.

The institute re-launched last year as an independent, 501c3 non-profit, naming its first Board of Directors that includes the presidents of Harvard University and MIT, but retains collaborations across Harvard, the Harvard-affiliated hospitals, and MIT. Until its re-launch, the Broad was governed jointly by MIT and Harvard, though the institute was legally an MIT entity.

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