The Broad Foundation has made a $1.5 million payment to the Los Angeles Museum of Contemporary Art after withholding a scheduled payment earlier this month because, as a foundation spokesperson told the Los Angeles Times, $2.1 million previously given to the museum had not yet been used. The payments are part of a 2008 agreement that Eli Broad would give MOCA $3 million a year for five years to help support its exhibitions programming.
Here’s more from the L.A. Times:
Charles Young, the former chief executive Broad recruited to run MOCA on an interim basis until June 2010, when current director Jeffrey Deitch arrived, said this month that the December 2008 agreement by which Broad bailed out the financially depleted MOCA didn’t allow payments to be delayed under any circumstances. Young, a former UCLA chancellor, noted that the deal gives MOCA the right to stockpile exhibition support if it chooses, rather than having to spend funds already received to qualify for more.
MOCA issued a statement acknowledging that the payment has been received, and that it’s “very grateful for the [Broad] Foundation’s continuing support and generosity.”