MOCA-Broad agreement summary
Here's a summary of main points in the agreement reached Monday night and announced this morning between L.A.'s cash-strapped Museum of Contemporary Art and the Eli and Edythe Broad Foundation:
The Eli and Edythe Broad Foundation agrees to:
- Match contributions to the endowment up to $15 million.
- Provide $3 million per year for five years for exhibition funding.
- Within 90 days allow any responsible party to replace the Broad Foundation on identical agreement terms.
The Museum of Contemporary Art agrees to:
- Continue operating as an independent world class contemporary art museum.
- Maintain existing facilities including its headquarters on Grand Avenue in downtown and the Geffen Contemporary in Little Tokyo.
- Strengthen its board of trustees to include a substantial number of individuals who share MOCA’s vision for art and downtown Los Angeles.
- Seek highly qualified and effective executive leadership.
- Undertake an active membership drive and annual giving campaign.
- Commence a fundraising campaign with a $75-million goal, 30% from MOCA’s board of trustees and $15 million matched by the Eli and Edythe Broad Foundation.
- Maintain annual trustee dues at a minimum of $75,000.
- Engage reputable investment advisors to manage the endowment.
- Mount exhibitions consistent with the high quality of prior exhibitions.
- Exhibit MOCA’s permanent collection widely, consistent with customary museum practices.
- Keep its collection intact and not sell any works of art.
- Operate with an annual budget of no less than $13 million and no more than $16 million in cash expenses; however, the museum may operate at a higher level if it has the cash income to do so.
- Cooperate fully and in good faith to conclude the inquiry by the California attorney general.
-- Christopher Knight
Photo: Jupiterimages/Brand X/Corbis