The Eli and Edythe Broad Foundation announced Monday a $40-million endowment to cement the future of its annual prize to reward urban school districts that markedly improve student performance, the television station NBC Los Angeles reports.

In another move aimed at securing the sustainability of the Broad Prize for Urban Education, the foundation said in a statement that it will reduce the annual award from $2-million shared among five districts to $1-million and four winners.

The prize, established by the Los Angeles property magnate and philanthropist Eli Broad in 2002, pays for scholarships for students from school districts that boost student performance and narrow achievements gaps for minority and low-income youngsters.