MOCA Announces $60 Million Endowment, Vows 'Independence'
Only a week after the Museum of Contemporary Art (MOCA) said no to a potential takeover by the Los Angeles County Museum of Art (LACMA), it appears we know why.
Banksy at MOCA by Finger Food / LA Weekly Flickr Pool
While MOCA had suffered a financial drain that had it on the reported brink of death, the museum today reports that it now has means.
According to MOCA ...
... it has secured "commitments" that would put its endowment at $60 million, up from its reported basket-case reserve of only a few million in recent month.
The museum says the pledges mean the endowment will actually reach a record high in the museum's 34-year history.
In other words, it don't need no stinkin' LACMA (or any other suitors, apparently).
They're calling the effort to raise $100 million the "MOCA Independence" campaign. Board president Jeffrey Soros:
The financial support we have already raised demonstrates the commitment of the board to ensuring that MOCA remains a world-class independent contemporary art museum, and we call on others to join in this campaign.