The Museum of Contemporary Art Los Angeles (MOCA L.A.) announced today that its board has secured commitments that will increase the museum's endowment to $60 million. That amount would represent a record high. The announcement contained no details about the source of these commitments.
Thirteen years ago, the museum's endowment stood at more than $40 million, but it dipped to just a few million in 2008. At that time, Eli Broad promised $30 million to the museum.
The new commitments come as part of MOCA Independence, a new fundraising campaign to support the museum's aim to remain independent rather than merge with the Los Angeles County Museum of Art, the University of Southern California or other institution, plans which have been under consideration.
Board president Jeffrey Soros and trustee Eugenio Lopez, Jumex juice magnate, are spearheading the new campaign, and they aim to bring the endowment up to $100 million.
Calls to the museum for comment were not immediately returned.