Downtown

Eli Broad and his $30m MOCA Bailout

When Eli Broad announced recently in a Times opinion piece that he wanted to help bail out the financially woebegone Museum of Contemporary Art by making a $30-million “investment” in its rescue, his choice of words made some wonder what he might want in return. After all, when anyone makes an investment, they’re hoping for a tangible payoff.

But billionaire philanthropists are not like the rest of us. Clarifying his aims Tuesday, Broad said all he wants for his $30 mil — if MOCA’s board chooses to accept it — is “keeping MOCA a vibrant, independent museum for the city … with a vibrant exhibition program on Grand Avenue. The fear I have is a New York Times story that says, ‘L.A. Museum Fails’ or ‘Closes.’ ”

Broad outlined the offer he said he has communicated to MOCA leaders: He figures the museum needs $25 million to replenish the endowment it has gradually been spending down over the last eight years to stay in business. He would put up half that amount as a challenge grant, matching each dollar MOCA raises on its own.

On top of that, Broad said, MOCA needs “maybe another $5 million” to cover its projected operating deficit for the coming year. He’d kick in half of that as well, again with the idea of matching what MOCA raises.

That comes to $15 million in Broad bucks for refilling the endowment and covering the deficit, which together presumably would bring MOCA back to fiscally even — if it can find other donors to collectively match his ante. The other $15 million, no match required, would arrive in $3 million installments spread over five years, to help cover the cost of the museum’s art exhibitions.

Source – Mike Boehm | LATimes, read the full article here

Front page image – Martin Kippenberger

Tags: Downtown, Eli Broad, los angeles, MOCA, museum