The New York Times announces the details of the MOCA/Broad deal. Some are upset that the announcement was made late on the evening of a big holiday. And others worry about Broad’s influence over the future of the institution. But a deal has been announced. Read the story for information on the new director:
The museum said the rescue plan, which involves a restructuring of its management, would allow it to maintain its current headquarters, seen as a linchpin in the revitalization of downtown. It will also prevent the museum from selling off artwork.
The plan avoids a painful embarrassment for Los Angeles, which has promoted itself as a leading force in contemporary art.
Institutions here have long struggled to raise adequate endowment and operating funds from local business and entertainment leaders. But with the rescue plan now in place, the museum said Tuesday, its trustees have pledged to give more than $20 million over the next five years to support the endowment and operations.
Mr. Broad’s foundation has offered to match the first $15 million as the money is received and to provide an additional $3 million per year for exhibitions for five years. [ . . . ]
Under the rescue plan, the museum said it would also begin a $75 million fund-raising campaign, hire “reputable investment advisers” to manage the endowment, and exhibit its seldom-seen permanent collection “widely, consistent with customary museum practices.”
Such steps are intended to address severe criticisms that have been leveled at the museum as its financial condition worsened in recent years. Its endowment has declined to about $6 million from roughly $40 million at the beginning of the decade, in large part because the museum has drawn on it to pay for operations, a frowned-upon practice in the nonprofit world.
$30 Million Rescue for Los Angeles Museum (New York Times)