One year ago, Congress defunded public media. Now that we're 100% community funded, please become a sustaining member or increase your existing membership today.
This archival content was originally written for and published on KPCC.org. Keep in mind that links and images may no longer work — and references may be outdated.
MOCA trustees face challenges as they go solo to fix museum finances
MOCA's Grand Avenue location in downtown Los Angeles. Museum trustees are betting they can improve its finances by increasing its endowment.
(
John Shearer/Getty Images for MOCA
)
Listen
2:05
MOCA trustees face challenges as they go solo to fix museum finances
It's still unclear how dim the financial picture is at L.A.’s Museum of Contemporary Art -- the museum has not released current budget numbers.
But it's no secret the museum's been ailing for years. It has made huge staffing and programing cuts and a number of suitors have come knocking at its door. MOCA’s trustees have debated a merger offer from the LA County Museum of Art, and partnerships deals with the University of Southern California and the National Gallery in Washington DC.
But now that they've decided to go it alone and build up the museum's endowment instead, can they save the world-class institution?
Experts said a few things are in MOCA's favor, including a brighter economy. They also said trustees are on the right track by seeking to balance revenue streams.
Phil Katz, a researcher with the American Alliance of Museums, said healthy museums rely on a combination of sources of income, including "investments, your support from the public, government at whatever level, your reliance on earned income, your reliance on philanthropic giving."
In 2010, MOCA brought in $14 million from gifts and grants but only $617,000 on returns from its endowment.
MOCA lovers have criticized trustees for not digging deep enough into their own and fellow philanthropist’s pockets to fund the museum and its world famous 6,000 piece collection of Rothkos, Pollocks, Rauchenbergs and other contemporary masters.
Philanthropist Eli Broad did bail MOCA out with a $30 million donation in 2008. But that has proved not to be enough.
Private art gallery owner Louis Stern said a healthy MOCA is in the L.A. art community's best interest.
Sponsored message
When a potential buyer asks what good contemporary art is, he tells them, "go to MOCA."
He said the economy’s bouncing back enough for local philanthropists to prop up MOCA.
"My hope is that they will somehow get together and say, hey look once and for all, this is a great collection," he said. "Let’s make sure it remains independent and remains stable."
One year ago, Congress voted to defund public media, eliminating a critical $1.7 million from our budget every year going forward. But they couldn’t silence us, and we’re not going anywhere. LAist is now 100% community funded and that means we’re taking our future into our own hands and turning to you to keep local reporting strong.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Senior Vice President News, Editor in Chief
