March 26, 2013 |
This post has been corrected. See below for details. L.A.'s Museum of Contemporary Art announced Tuesday that it aims to build its endowment to $100 million and has commitments lifting the total above $60 million as the campaign begins. The museum's investments, which include endowment funds, stood at $23 million early this year, according to information obtained by The Times. Jeffrey Soros, president of MOCA's board, and longtime museum trustee Eugenio Lopez will chair the campaign, which has been dubbed "MOCA Independence.
March 13, 2014 |
With investment markets booming, the J. Paul Getty Trust, the world's richest visual art institution, saw its endowment rise to $6.2 billion during 2013, approaching its peak of $6.4 billion in mid-2007 before the Great Recession hit. An audited financial statement posted on the Getty's website reflects investment gains totaling $766.74 million from mid-2012 to mid-2013, enough to cover expenses while socking away about $534 million for the endowment....
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.
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.