L.A. Contemporary-Art Museum Hits $100-Million Endowment Goal

The Museum of Contemporary Art in Los Angeles said it has reached a $100-million fundraising target to quadruple its endowment and secure its long-term survival as an independent institution, the Associated Press and The New York Times report.

Nine months after launching the endowment drive, the museum, known as MOCA, said it has contributions and firm pledges from about 30 donors, among them longtime patron Eli Broad and former director Jeffrey Deitch, who resigned in July after a controversial three-year tenure.

Museum leaders said the search for a new director is nearing an end and a selection is likely in the next few weeks. They characterized the successful fund drive as a milestone for MOCA, which has struggled financially for several years, requiring a $30-million bailout by Mr. Broad in 2008, and flirted with mergers with other institutions. Last year it turned down a $100-million proposal to unite with the larger Los Angeles County Museum of Art.