The Mortimer & Mimi Levitt Foundation in Los Angeles has announced plans to spend down its remaining $150 million in assets and sunset in 2041.

Founded in 1966 by philanthropists Mortimer and Mimi Levitt, the foundation supports the transformation of underused public spaces into destinations where free, live music brings people together. Currently, the foundation supports nonprofits presenting free outdoor concert series in 45 communities across the country, including seven Levitt venues in large metropolitan areas—each presenting up to 50 free concerts per year—as well as 33 “Levitt AMP” concert sites in small to midsize towns and cities.

Mortimer Levitt, who founded the Custom Shop, an affordable made-to-order menswear company, was born in Brooklyn in 1907 to immigrant parents. As a boy, he would often visit Luna Park on Coney Island, where his father worked as a street vendor. Unable to afford admission, he would stand outside the gates of events and musical performances, later inspiring his belief in making the arts accessible to everyone. In the 1970s, the couple transformed a Westport, Connecticut, dump into an outdoor amphitheater to present free concerts for the community, opening up the first Levitt Pavilion in 1974. The sale of the Custom Shop established the foundation, with the purpose of creating a national network of Levitt venues based on the Westport model.

By dedicating all financial resources to creative placemaking over the next two decades, the foundation aims to deepen the impact of its giving and increase the number of communities served. To that end, the foundation will continue to nurture the Levitt network with additional support, including capacity building and resources to ensure the sustainability of their series, and will continue to support the efforts of Levitt venues as they work with local funders and partners on long-term organizational sustainability.

“A seed that is not planted cannot grow, so the Levitt Foundation will multiply our resources as a catalytic funder, sparking additional investments in communities across the country for enduring social impact,” said Levitt Foundation CEO Sharon Yazowski. “While the foundation will sunset in 2041, Levitt venues and concert sites are integral parts of community life, locally realized by dedicated individuals and organizations committed to their series flourishing for decades to come.”

(Photo credit: Getty Images/photoman)