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MOCA Needs a Bailout, Govan on Broad's New Museum

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The Los Angeles Times reports the Museum of Contemporary Art (MOCA) is struggling yet again and directors are considering the "possibility of merging with another institution or sharing its collection of almost 6,000 artworks." And yes, they've talked to philanthropist Eli Broad. According to the paper, MOCA, which receives little government funding and relies mainly on donations, is dipping heavily into its savings. "By one important measure -- "unrestricted assets," money that can be used for any purpose -- MOCA is in dire straits. Its federal tax returns show that early in this decade the museum had spent all $20 million of its unrestricted funds to meet routine operating costs. By mid-2007, it had borrowed an additional $7.5 million from "restricted" accounts, even though those are designated by donors for specific uses, such as education or buying art." Related: The New York Times plays catch up on that story about Eli Broad's proposed Beverly Hills museum by asking LACMA director Michael Govan what he thinks about Broad--who famously didn't give LACMA his art collection after indicating that he would--starting his own museum. "This is not in competition with what we are doing,” Mr. Govan tells the Times. “I’m not nervous, unhappy or surprised. I hope he is successful, because it is important for the city of Los Angeles.”
· MOCA faces serious financial problems [LA Times]
· Which Architect Will Design Broad's New Museum? [Curbed LA]

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