Billionaire arts patron Eli Broad’s charity is out of arrears with the Los Angeles Museum of Contemporary Art after paying $1.5-million on its five-year pledge to support exhibitions, writes the Los Angeles Times.
The Broad Foundation had withheld $750,000 payments due in October 2011 and January 2012 because the museum, known as MOCA, had not yet spent $2.1-million in previous grants. As part of a 2008 agreement to bail out the then-struggling institution, Mr. Broad committed $15-million for MOCA programming, to be paid in quarterly installments over five years.
Charles Young, the museum’s former interim CEO, said the 2008 pact did not allow for delayed payments and gave MOCA the right to stockpile the Broad funds rather than spending them to get more.
Karen Denne, a foundation spokesman, said the organization had now paid $17.5-million of the 2008 pledge, which included $15-million for the museum’s endowment and a like amount for exhibitions.