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.
By becoming a “spend down” foundation and dedicating all financial resources to creative placemaking over the next two decades, the Levitt Foundation will deepen the impact of its giving at a time when many communities in our country are at a crossroads, with shifting industries, changing demographics, and increasing social isolation contributing to more divisiveness in our country. There is a pressing need for programs that foster social cohesion, create a sense of belonging, and increase community resiliency and economic opportunity, and the Levitt program of free concerts in underused spaces for social and economic impact is a proven model that is transformational for communities.