Does LACMA have its financial house in order?
According to the museum’s most recent 990 tax forms, filed in 2018, LACMA is carrying $331 million in county bond debt that was used to pay for construction of the Resnick Pavilion, the Broad Contemporary Art Museum, the Pritzker Parking Garage and other projects. In addition to that debt, the museum has $112 million in other liabilities, such as accounts payable and accrued expenses. This brings LACMA’s total debt to almost $443 million.
Carolina Miranda of The Los Angeles Times takes a hard look at the finances for the Los Angeles County Museum of Art (LACMA) as the institution prepares for the imminent demolition of its legacy William L. Pereira Associates- and Hardy Holzman Pfeiffer-designed campus to make way for a $750 million Atelier Peter Zumthor-designed replacement facility.
In the report, Miranda compares LACMA's assets and debts with those of other leading cultural institutions around the country, finding that the Los Angeles museum is carrying an abnormally high debt-ratio. The worrisome financial situation has already lead to a series of revisions for the project, including a one substantial downsizing.
