LOS ANGELES (CNS) – The Museum of Contemporary Art’s board of trustees has obtained commitments over the past two weeks that will increase the museum’s endowment to more than $60 million, the museum’s board announced today.
The announcement comes one week after the board rejected a merger offer from the Los Angeles County Museum of Art, saying it wants MOCA to remain an independent institution. The board acknowledged at the time that a significant increase in MOCA’s endowment would be required.
The latest commitments were secured through the “MOCA Independence” fundraising campaign, which aims to bring the endowment to $100 million.
“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,” said Board President Jeffrey Soros, who chairs MOCA Independence along with Trustee Eugenio Lopez.
“We firmly believe that the best future for the museum is one that continues our history of making our preeminent collection available to the public and of presenting innovative, scholarly programming.”
Lopez said that since he joined the board of trustees in April 2005, he has seen record attendance and the continued expansion of the museum’s collection.
The museum’s attendance has risen to 400,000 in recent years and in 2012 MOCA acquired 117 artworks, boosting its collection to more than 6,700 pieces, according to a MOCA statement.
“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,” Lopez said. “With a healthy cash reserve and no debt, boosting our endowment gives us the financial security to fulfill our mission.”
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