Eli Broad Skips Out on Payment to L.A. MOCA

Broad. (Patrick McMullan)

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.

Eli Broad Skips Out on Payment to L.A. MOCA