Home > BULLETIN >Piling On
Author:jc
email:
Tue, Apr 20th, 2010 01:40:48 PM
Topic: Piling On

The following short article, which appears in today's New York Times, concerns the Los Angeles County Museum of Art(LACMA).

Seems RK is not the only person to take exception to LACMA's policies -- in our instance it was LACMA's cover-up of the facts and culpability in the dodds bogus 'bellini' scandal -- as you will read below.

This article makes it perfectly clear, as did RK's reportage on the dodds bogus 'bellini' scandal, LACMA's board of directors, and its staff, need to get their shit together and stop acting like they are above critique, criticism and rebuke.

"Los Angeles Museum Board Members Ordered to Undergo Financial Training
By RANDY KENNEDY

The California Attorney Generals office has ordered the board members of the Museum of Contemporary Art in Los Angeles, which came close to a financial collapse in 2008, to undergo special fiduciary training after determining that the museum flouted state law in the way it managed its budget, The Los Angeles Times reported.

The museum lost more than $30 million from its investment portfolio over several years, ending up with only $5 million on hand in 2008, and it broke state law when it paid general expenses from restricted endowment funds, according to the newspaper, which obtained a two-page letter sent to the museum by the attorney generals office last November.

In December 2008 the museum negotiated a $30 million bailout with Eli Broad, Los Angeless leading cultural patron, which allowed it to maintain its facilities and avoid selling off artwork. As a result of that agreement and new giving by other donors, the museums investments have improved, with their value rising to more than $14 million."

Author: just a detail
email:
Tue, Apr 20th, 2010 01:40:48 PM

LACMA/MOCA, What's the difference?

......just jokin'

We seriously goofed, thanks for the mention.

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LACMA and MOCA are two different museums.

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