$60 Million Raised for MOCA Independence

The Museum of Contemporary Art's board announced Tuesday that they have received important donations over the last two weeks, increasing the museum's endowment to more that $60 million.

MOCA rejected a merger offer from the Los Angeles County Museum of Art last week. The board wanted MOCA to remain an independent institution, acknowledging that MOCA would need a significant increase in its endowment.

"MOCA Independence" fundraising campaign secured these commitments. It aims to bring the endowment to $100 million.

"The financial support we have already raised demonstrates the commitment of the board to ensuring that MOCA remains a world-class independent contemporary art museum, and we call on others to join in this campaign," said Jeffrey Soros, the Board President who runs MOCA Independence with Trustee Eugenio Lopez.

"We firmly believe that the best future for the museum is one that continues our history of making our preeminent colection available to the public and of presenting innovative, scholarly programming."

Lopez joined the board of Trustrees in April 2005. He says he has seen the continued expansion of the MOCA's collection and record attendance.

A MOCA statement says in 2012, the museum boosted its collection to more than 6,700 pieces when it acquired 117 artworks. MOCA's attendance has risen to 400,000 in recent years.

"I am convinced that MOCA can best serve its mission and our community in Los Angeles and far beyond by continuing to operate solely as a contemporary art museum," Lopez said. "With a healthy cash reserve and no debt, boosting our endowment gives us the financial security to fulfill our mission."