John Shearer/Getty Images for MOCA
The Museum of Contemporary Art in downtown L.A. is trying to rebound from a period of financial and managerial turmoil.
L.A.’s Museum of Contemporary Art, which recently turned down opportunities to partner with other institutions, said Wednesday a spike in fundraising will more than triple its endowment.
The museum says trustees have received promises of donations that will lift the museum’s endowment to $75 million.
The museum released a list of 33 donors whose gifts range from $1 million to $10 million. Most of the donations are from former and current trustees. The latter group includes L.A. philanthropist Wallis Annenberg and Eugenio Lopez, art collector and heir to the Mexican fruit juice company Jumex.
It’ll be a dramatic turnaround if the museum hits its $100 million endowment goal. Just five years ago, its endowment had plummeted to $5 million. The museum was in a tailspin when it received a $30 million donation from philanthropist Eli Broad.
MOCA has been in turmoil in recent years, suffering financial shortfalls, staff layoffs and the departure of much of its curatorial staff. Several prominent artists resigned from the board of trustees. Just months ago, MOCA trustees considered, then rejected, a merger proposal from the L.A. County Museum of Art, and proposed partnerships with USC and the National Gallery of Art in Washington.