MOCA-Broad agreement summary

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Here’s a summary of main points in the agreement reached Monday night and announced this morning between L.A.’s cash-strapped Museum of Contemporary Art and the Eli and Edythe Broad Foundation:

The Eli and Edythe Broad Foundation agrees to:

1. Match contributions to the endowment up to $15 million.
2. Provide $3 million per year for five years for exhibition funding.
3. Within 90 days allow any responsible party to replace the Broad Foundation on identical agreement terms.

The Museum of Contemporary Art agrees to:

1. Continue operating as an independent world class contemporary art museum.
2. Maintain existing facilities including its headquarters on Grand Avenue in downtown and the Geffen Contemporary in Little Tokyo.
3. Strengthen its board of trustees to include a substantial number of individuals who share MOCA’s vision for art and downtown Los Angeles.
4. Seek highly qualified and effective executive leadership.
5. Undertake an active membership drive and annual giving campaign.
6. Commence a fundraising campaign with a $75-million goal, 30% from MOCA’s board of trustees and $15 million matched by the Eli and Edythe Broad Foundation.
7. Maintain annual trustee dues at a minimum of $75,000.
8. Engage reputable investment advisors to manage the endowment.
9. Mount exhibitions consistent with the high quality of prior exhibitions.
10. Exhibit MOCA’s permanent collection widely, consistent with customary museum practices.
11. Keep its collection intact and not sell any works of art.
12. Operate with an annual budget of no less than $13 million and no more than $16 million in cash expenses; however, the museum may operate at a higher level if it has the cash income to do so.
13. Cooperate fully and in good faith to conclude the inquiry by the California attorney general.

-- Christopher Knight