After three years of tumultuous leadership, the Museum of Contemporary Art in Los Angeles said it was nearing the end of a search for a new director and announced on Monday that it had reached a fund-raising milestone that would ensure it does not have to merge with another institution or face dissolution.
The New York Times reports that “the museum, which has one of the most important collections of postwar art in the country but has struggled financially for years, said it had a combination of “firm commitments” and donations in hand that would raise its endowment to $100 million. The amount, a goal its board members set last year, is by far the highest in the museum’s history.
“At its low point in 2008, because of overspending and flagging investments during the recession, the endowment dwindled to only a few million from a high of more than $40 million at the beginning of the decade. The billionaire collector Eli Broad, one of the museum’s founding board members, came to the rescue, donating $15 million and pledging $15 million more to match contributions by others. But the museum struggled to find donors who would allow those matching funds to be used. Continue reading “Los Angeles museum back from the brink”