LOS ANGELES (AP) — Los Angeles' Museum of Contemporary Art has quadrupled its endowment to more than $100 million — a figure MOCA officials say ensures the survival of the financially troubled institution.
MOCA officials plan to announce the milestone Tuesday, along with plans to continue fundraising until they reach $150 million.
Although it is one of the country's pre-eminent public museums dedicated solely to contemporary art, MOCA has often struggled financially.
It nearly went under six years ago before billionaire arts patron Eli Broad (brohd) provided $30 million.
Last year, the Los Angeles County Museum of Art offered to take over MOCA for $100 million. But MOCA decided to remain independent and launched a fundraising campaign.
The museum's interim director, Maria Seferian, says dozens of deep-pocketed arts patrons answered the call.