Philanthropy may be hurt, but it won’t stop, as is evident by the $30 million lifeline the Eli and Edythe Broad Foundation just gave to the Museum of Contemporary Art in Los Angeles.
The Broads will give the struggling museum $15 million in matching grants for its endowment and then $3 million per year for the next five years for exhibition support, the L.A. Times reported.
The gift also calls for the museum to become more fiscally prudent. While MOCA’s operating budget has hovered around $20 million per year, the Broad Foundation has added a stipulation to its gift, requiring it to keep its budget between $13 million and $16 million.
The Broad Foundation gives out about $40 million per year, making it the fifth-largest foundation started by Jews, after the Annenberg Foundation, the Harry and Jeanette Weinberg Foundation, the Michael and Susan Dell Foundation, and the Richard and Rhoda Goldman Philanthropies, according to a 2007 study by the San Francisco-based Institute for Jewish and Communal Research.