Eli Broad Misses MOCA Payment – Bloomberg

Following MOCA’s decision to hire a new Chief Curator once funding for the position is raised, Bloomberg News reports of Broad’s missed payments.

“Billionaire philanthropist Eli Broad hasn’t made scheduled payments to the Museum of Contemporary Art in Los Angeles because the institution has $2.1 million in grants it hasn’t put toward exhibitions.” In response, Broad’s spokesperson, Karen Denne, commented, “’Once our unspent exhibition funds have been used, we will make additional payments.’”

“The missed payments come at a time when concerns over finances at the museum have resurfaced after four prominent artists quit MOCA’s board last month.”

“When MOCA’s endowment hit a low of $5 million in late 2008 Broad agreed to give $15 million to replenish it, provided matching funds could be obtained. He has paid $6.25 million of that, according to Denne, and the endowment currently stands at $20 million. The museum hasn’t matched more of Broad’s funds.”

“Another $15 million of Broad’s pledge was to go toward exhibitions. The billionaire agreed to give $750,000 per quarter in 20 installments, according to the agreement. A January budget update obtained by Bloomberg said Broad hasn’t made the October and January payments.”

SOURCE: Katya Kazakina and Christopher Palmeri, “Eli Broad Misses MOCA Payment In Museum’s Murky Finances,” Bloomberg News, August 8, 2011: Continue reading at link below: