AO Newslink

August 10th, 2012

LA MOCA’s beleaguerment continues as its main supporter, Eli Broad, misses two payments.  At MOCA’s lowest endowment level of $5 million in 2008 Broad pledged $15 million, provided matching funds could be obtained.  Broad has paid $6.25 million of the amount, and the endowment currently stands at $20 million. No matching has been made. In the last fiscal year, grants and contributions fell 21.5%, operating profit has declined and expenses rose 10.7% to $17.5 million at the museum.

Read the article via Bloomberg