03/27/2013 09:39 am ET Updated Dec 06, 2017

MOCA Triples Endowment After Fundraising Frenzy... And More Arts News

If MOCA were starring in its own Lifetime original movie, this would be the part where the protagonist gets his or her life back on track. The contemporary art museum announced yesterday its plan to boost its endowment to $100 million, the LA Times reports. Earlier this year the endowment was at $23 million, so this is a huge upgrade for the once flailing institution.

The financial jump follows MOCA's recent announcement to remain independent, despite partnership offers from more financially stable institutions including LACMA and the National Gallery. It remains unclear exactly who the donors are and what the schedule is for completing the campaign, however.

Either way we're thrilled to see our favorite damsel in distress museum putting her life back together on her own terms.

As museum trustee Eugenio Lopez told Artforum: "With a healthy cash reserve and no debt, boosting our endowment gives us the financial security to fulfill our mission."

Nothing helps a struggling museum like some cold, hard cash. Well, having some artists on the museum board might be a good idea...

Revisit Twitter's reactions to the possibility of a MOCA/LACMA merger below:

Twitter Reactions

More Arts News:

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Sotheby's CEO Earned $6.3M While Profits Fell: And yet William F. Ruprecht's income is down 10% from last year. Tragic, we know. (Bloomberg)

Plans for Ground Zero Arts Hub Change... Again: All four cultural institutions originally chosen for the site have not worked out. Architect Frank Gehry told the NY Times: "I don’t take time to look backwards. We’ll make something out of it that works." (NY Times)

Chloë Sevigny Gets Her 90's On: If this doesn't make you want to make your own artsy home video we don't know what will. (Nowness)

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