Philanthropist and life trustee at the Los Angeles Museum of Contemporary Art, Eli Broad has not made scheduled payments to the museum since the museum has $2.1 million in grants it hasn’t used for exhibitions. The news comes at a time when the museum’s finances appear more troubled than ever.
According to the report by Bloomberg, Karen Denne, spokeswoman for the 79-year-old Mr. Broad, who co-founded KB Home (KBH), said via e-mail,“Once our unspent exhibition funds have been used, we will make additional payments.”
The story continues with background on the financial troubles of the museum and with a brief run-through of Mr. Broad’s gifts:
When MOCA’s endowment hit a low of $5 million in late 2008 Broad agreed to give $15 million to replenish it, provided matching funds could be obtained. He has paid $6.25 million of that, according to Denne, and the endowment currently stands at $20 million. The museum hasn’t matched more of Broad’s funds.
“We made a conservative, near-term decision this year to maintain maximum flexibility in our operations by keeping cash in reserve rather than increasing the endowment,” said David G. Johnson, MOCA board co-chairman, in a March statement.