Friday, December 5, 2008

California AG Begins Audit of Los Angeles Museum of Art

The New York Times reports that the Attorney General of California has begun an audit of the Los Angeles Museum of Contemporary Art.  The Museum has operated at a deficit for six of the past eight years, and the endowment has shrunk from $50 million to $6 million.  The Attorney General has expressed concern about whether restricted resources have been used inappropriately.  The Museum is seeking additional funding to stay afloat and is considering a merger with another museum, but it is unclear how the problems will be resolved.

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http://lawprofessors.typepad.com/nonprofit/2008/12/california-ag-b.html

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