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Once struggling LA Museum of Contemporary Art boosts endowment to $100 million

Tuesday - 1/7/2014, 3:20am  ET

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.


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