$25 Million MOLAA Endowment

18Mar09

MOLAA received a $25 million dollar endowment from its late founder, Dr. Robert Gumbiner, who passed away in January. In a time when many arts organizations are going through financial hardships it is comforting to know that MOLAA, the only museum that features contemporary Latin American art in the West Coast, has a solid financial footing well into the future. However, only the earnings of the endowment are to be used to defray the museum’s operating expenses, and out of those earnings 10% need to be reinvested in the endowment. Dr. Gumbiner also left the museum an undetermined amount to the endowment of the Robert Gumbiner Foundation.At least half of the earnings of the Foundation’s endowment will also be used to support the museum. The money generated by both endowments is intended to provide the museum with 35 – 40% of its operating costs which are currently $3.6 million.

Dr. Gumbiner also left his entire collection of Latin American art to the Robert Gumbiner Foundation which has an agreement with MOLAA, in perpetuity, to care for and display the art.

However, even though Dr. Gumbiner’s generosity will help ensure MOLAA’s long term viability, the growth and future success of the museum depends upon the institution’s ability to raise the remainder of its operating budget every year.

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