Friday, December 19, 2008

MOCA Update

From Diane Haithman's LA Times story this morning:

"The museum's federal tax returns show that early in this decade, it had spent all $20 million of its unrestricted funds to meet routine operating costs. By mid-2007, it had borrowed an additional $7.5 million from 'restricted' accounts, designated by donors for specific uses. As a result of the revelations, the California attorney general's office is looking into the museum's finances."