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Legal News

: Legal Pad | LA

California AG mandates financial overhaul at MOCA

By Richard Binder

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The California Attorney General's office has determined that "unreasonably enthusiastic expectations" by management led to overspending at the Museum of Contemporary Art and ordered the museum to hire a consultant as part of "required corrective actions," according to a two-page letter last November.

Belinda Johns, senior assistant attorney general for charitable trusts, also found that MOCA did not follow the law when it paid general expenses from endowment funds that were restricted for specific uses. MOCA's financial records show it began tapping restricted endowment funds during its 2000-01 budget year.

Charles Young, MOCA's chief executive, says Munger,Tolles & Olson has provided the fiduciary training pro bono in both group and individual sessions.  Munger Tolles & Olson is also the firm that represents the museum.

Full story at LATimes.com.

Full post as published by Legal Pad | LA on April 16, 2010 (boomark / email).

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