Approximately one week after announcing Los Angeles’ Museum of Contemporary Art will remain independent, the board has released a statement that they have received commitments that will increase MOCA’s endowment to more than $60 million.
According to The Beverly Hills Courier, MOCA’s board of trustees were aware that in order for the museum to remain independent, a “significant increase in MOCA’s endowment would be required.” The latest commitments have now been secured through the ‘MOCA Independence’ fundraising campaign.
Board President Jeffrey Soros, who chairs MOCA Independence along with Eugenio Lopez, said, “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.”
Lopez added, “I am convinced that MOCA can best serve its mission and our community in Los Angeles and far beyond by continuing to operate solely as a contemporary art museum. With a healthy cash reserve and no debt, boosting our endowment gives us the financial security to fulfill our mission.”
MOCA had been offered a partnership with both LACMA and the National Gallery in Washington DC, however MOCA refused any offer of a union and the board released a statement last week saying, “The Board is in agreement that the best future for MOCA would be as an independent institution. The Board understands that this will require a significant increase in MOCA’s endowment to ensure its strong financial standing. We are working quickly toward that goal, while at the same time exploring strategic options, to honor the best interest of the institution and the artistic community we serve.”
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