LA's MOCA Eyes $75 Million in Promised Donations
- April 18, 2013 11:09
LA's Museum of Contemporary Art (MOCA), after turning down partnerships with other institutions, says successful fundraising will now triple its endowment to $75 million.
The museum announced Wednesday that current and former trustees helped raise the needed funds, with 33 donors giving between from $1 million to $10 million.
Five years ago, MOCA's endowment dipped to $5 million and series of staffing and trustee disruptions and financial shortfalls ensued.
Philanthropist Eli Broad promised $30 million, jumpstarting a recovery for the museum which is well on its way to a $100 million endowment goal.
A merger with Los Angeles County Musuem of Art was turned down recently as well as proposed partnerships with USC and the National Gallery of Art in Washington.
About $50 million was raised in just one month. Donors include: Wallis Annenberg, Maria and Bill Bell, Eli and Edythe Broad, Blake Byrne, Steven and Alexandra Cohen, Cliff and Mandy Einstein, Lenore and Bernard Greenberg, David and Suzanne Johnson, Bruce Karatz and Lilly Tartikoff Karatz, Daniel S. Loeb and Margaret Munzer Loeb, Eugenio Lopez, Lillian Lovelace, Maurice Marciano, Edward J. and Julie Minskoff, Dallas Price-Van Breda, Fred and Carla Sands, Jeffrey and Catharine Soros, Darren Star and Sutton Stracke, Paul and Herta Amir and Marc and Eva Stern.