Museum of Contemporary Art: Bigger, bolder and poorer

Now MOCA's financial house is in shambles -- and this time it reportedly will cost at least $25 million to replenish the endowment and an additional $5 million to cover projected deficits for the coming year.

"This shouldn't have been a surprise to anyone," said Irmas, a life trustee of the museum. "We lived over our budget."

Renowned as one of the world's top museums of post-World War II art, MOCA has overspent by $1 million a year on average since 2000, burning through reserves to pay bills. Deficits continued to mount early in the decade despite spending cuts, leading to a bid to grow out of problems by ramping up exhibitions to attract acclaim and big donors -- a strategy one arts management expert likens to playing the lottery. Since the national economic meltdown, MOCA has retreated again, limiting exhibitions and announcing a six-month closure of its Geffen Contemporary building.

Hastened by the tanking economy, the museum's financial crisis has triggered an investigation by the California attorney general and prompted calls by prominent former trustees to sweep the current board from power and fire Director Jeremy Strick.

Now, with its 36-member board fractured, MOCA faces dramatic changes if it is to survive. Trustees will meet Tuesday to sort through conflicting views and proposals on how to deal with an unprecedented fiscal emergency.

On the table is an offer by billionaire Eli Broad, MOCA's founding chairman in 1979, to shell out $30 million -- if the museum can come up with an additional $15 million on its own. Other bailout options include an alliance with the Los Angeles County Museum of Art, board co-chairmen Tom Unterman and David G. Johnson said in an interview last week. There also has been some discussion of selling artwork, but no action has been taken.

"We promise that we will find a way to stabilize the institution and make it sustainable because we understand how important it is to this country, the art world and this city," Johnson said.

MOCA carries the costs of operating two downtown buildings, the Geffen Contemporary and the main museum on Grand Avenue near Walt Disney Concert Hall. Other than a $1-a-year city lease for each of its two downtown properties, it gets scant government help.