Posted on October 1, 2009

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MOCA Raises $60 Million, Expects Financial Turnaround

Revealed to be in dire financial straits late last year, the Museum of Contemporary Art in Los Angeles has raised nearly $60 million since December and is hailing the accomplishment as a sign of better days ahead, the Los Angeles Times reports.

The museum's CEO, Charles E. Young, said the robust fundraising results are reason for optimism in the wake of an institutional financial crisis that resulted in staff layoffs, canceled exhibitions, and the resignation of museum director Jeremy Strick. The funds raised include a $30 million pledge from the Eli and Edythe Broad Foundation in December; $16.4 million in trustee gifts; $3 million from individual patrons, $6.7 million from the museum's annual fund; and $3.8 million in trustee dues.

In addition, the museum has coaxed two disgruntled trustees who had resigned — former music industry executive Gilbert B. Friesen and art collector and restaurateur Peter Morton — to return to the board, where they will join two recently elected board members, television and film production company owner Lilly Tartikoff and arts and education supporter Nancy Marks. With their appointments, the board has elected seven new trustees this year.

"I think it means we've come a long way, and we've got a long way to go," said Young, who was appointed as MOCA's first-ever CEO in late December to oversee a restructuring of the museum's finances. "This doesn't mean we can rest on our oars at all. I'm very pleased we've done so well, but what we've done is to be able to put the museum back on a sound financial basis and to begin to restore the resources that had been lost to the endowment fund."

Haithman, Diane. “MOCA Announces Fundraising Milestone, New (and Returning) Trustees.” Los Angeles Times 9/24/09.

Primary Subject: Arts and Culture
Location(s): California, Los Angeles

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