LOS ANGELES (CNS) - After less than a year, the Museum of Contemporary Art met its goal of raising its endowment to $100 million, the board of trustees announced yesterday, adding that it was starting a bid to raise another $50 million.
"With the help of the entire MOCA board and a worldwide community of supporters, MOCA has emerged from a pivotal phase to secure a sustainable financial future for the first time in its history," according to David Johnson, co-chair of the MOCA Board of Trustees. "This achievement reinforces our believe that MOCA's strength is critical to the independence and integrity of contemporary art and to the support of artists."
The announcement was a drastic change from the museum's position a year ago, when financial struggles placed the future of the institution in question, and led the board of trustees to consider a merger offer from the Los Angeles County Museum of Art.
The board eventually rejected the offer, saying it was committed to maintaining the museum's independence by more than quadrupling its endowment.
Johnson and board co-chair Maria Bell, having finished overseeing the $100 million fundraising drive, will step aside as co-chairs Jan. 14, with Maurice Marciano and Lilly Tartikoff Karatz taking over as chairs, according to the museum.
"Both Lilly and I are grateful for the dedication and tenacity that David and Maria have demonstrated by stewarding the museum and leading this historic campaign to secure a healthy and vibrant future for MOCA in Los Angeles and internationally,"
According to the museum, among the people and organizations that contributed to the MOCA endowment were the Annenberg Foundation, Eli and Edythe Broad Foundation, past MOCA Director Jeffrey Deitch and "Sex and the City" producer Darren Star.
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