The inestimable Jori Finkel does the math on the new money raised at MoCA and discovers that the board is using some of Eli Broad’s matching funds to claim that they’ve made it to $75m of their $100m goal. The board members have finally ponied up to keep the museum independent but they’ve still got $25m more to go:
MOCA’s board co-chairs Maria Bell and David Johnson said Wednesday that reaching the three-quarter mark of its goal shows a vote of confidence for the institution and its recent decision to remain independent. […] Johnson and Bell, who spoke publicly for the first time since the LACMA offer, said that the new financial commitments, ranging from $1 million to $10 million, came from 21 donors. “The list represents many board members,” said Johnson. “I think by the end we will have essentially all of the board members.” […]
But they did confirm that their $75-million figure includes the full $15 million in matching funds from Broad’s offer. (Earlier this year, when the endowment stood around $22 million, the board had only been able to capitalize on $6.25 million of the matching funds.)
The museum expects to raise more money on Saturday through its annual gala, timed to the opening of the museum’s Urs Fischer exhibition. Bell, who has organized the galas since the popular Murakami fest in 2007, said this year’s event is on track with the others to gross at least $2.4 million. “And that’s at a time when we are also asking many people to support us for this endowment, so it’s very exciting,” she said.
MOCA hits $75-million mark, nearing endowment goal (Los Angeles Times)
