CALIFORNIA | LOCAL
May 31, 1989 |
An irate father is threatening to stop paying on a $35,000 endowment to the University of Tennessee because campus police wrote his son a $35 parking ticket. "It's a matter of principle," said Gene Mowery, whose son, Russell, got the ticket last month for parking in a fire lane. "The administration staff and the president of the college have never tried to do anything for students' parking." Russell Mowery insists the spot was not marked as a fire lane. He said he left his car in an unmarked space at the end of a line of legally parked cars, a lesser offense for which the fine would be about $10. Gene Mowery said he will keep paying the endowment if the university lowers the fine against his son to $10. Charles Brakebill, associate vice president for development, said the endowment will have nothing to do with whether the fine is decreased.
June 1, 1989 |
In the face of financial woes, Houston's esteemed Menil Collection, a museum housing one of the country's finest private art collections, has disclosed a $35-million endowment campaign. Without an endowment, the museum eventually would have to close its doors, said Dominique de Menil, the museum's founder and chief patron. So far, about $26 million toward the endowment has been raised, she said--including her own $17.5 million gift. The 2-year-old museum, containing 10,000 objects from ancient to contemporary times assembled over 40 years by De Menil and her late husband, John, is governed by the Menil Foundation, which the couple established in the 1950s.
February 6, 2010 |
The San Francisco Museum of Modern Art said it raised $250 million to boost its endowment and build a new wing that will triple the size of its galleries and house the collection of Gap Inc. founders Donald and Doris Fisher. The gifts from the museum's leadership bring it more than halfway toward a $480-million goal. From funds raised so far, $100 million is earmarked to double the endowment. The rest will go toward the expansion. The project will increase the museum's current galleries to 150,000 square feet and consolidate offices scattered around the neighborhood into one building.
CALIFORNIA | LOCAL
August 28, 2011 |
In what is said to be the largest fundraising goal in American academia to date, USC is launching a campaign to garner $5 billion in donations by 2018, on top of $1 billion given to the school in the last year. USC President C.L. Max Nikias said he was optimistic that the campaign, to be announced Sunday, would succeed despite the economic worries that even wealthy alumni may have about their investments. "Yes, we have to be mindful of the short-term economic uncertainties, but this campaign focuses beyond the next few months and next few years," Nikias said.
March 26, 2013 |
L.A.'s Museum of Contemporary Art has set a goal of building its endowment to $100 million, as it tries to outgrow the financial vulnerability that has dogged it for more than a decade. Already, the museum says, it has commitments from its board that would lift its endowment past $60 million. Word of the new pledges follows the announcement by the MOCA board last week that it would keep the museum independent and step up efforts to raise money, effectively rejecting an offer to be absorbed into the Los Angeles County Museum of Art. LACMA Director Michael Govan had presented a takeover offer at the request of some MOCA trustees that called for keeping MOCA's name and its two downtown buildings, while raising $100 million.
October 1, 2010 |
The Museum of Contemporary Art announced Thursday that it finished its fiscal year with a $5.5-million surplus and has used most of it to continue replenishing the endowment it had illegally raided during nearly a decade of overspending. Although dipping into its reserves helped MOCA mount acclaimed exhibitions, it left the downtown museum nearly broke at the end of 2008. A merger with the Los Angeles County Museum of Art was considered before Eli Broad stepped in with $30 million in pledges that enabled it to maintain its independence.