The Los Angeles Times’s Mike Boehm and Diane Haithman report that Eli Broad has said—without providing details—that he is prepared to ante up thirty million dollars to help the Los Angeles Museum of Contemporary Art out of its financial crisis. In an opinion piece for the paper, Broad writes:

“I’d like to make a proposal to the MoCA board and to the civic angels of Los Angeles. I’ll step up if you do too. The Broad Art Foundation is prepared to make a significant investment in MoCA—$30 million—with the expectation that the museum’s board and others join in this effort to solve the institution’s financial problems. It is vital that the museum remain on Grand Avenue, keep its collection and continue its grand tradition of world-class exhibitions.

“This is not a one-philanthropist town. . . . The philanthropic community must not turn its back on MoCA. We must make it one of our civic priorities. . . . We came together to save Disney Hall. We can do it again."

Broad said through a spokeswoman that he would not elaborate on his written commentary, except to add: “The investment would be some immediate cash and some over a period of several years.” MoCA's endowment, worth more than thirty-six million dollars in 2000 and just twenty million dollars in mid-2007, is said to have dwindled to as low as seven million dollars amid the current world financial crisis. The highly respected museum has been unwilling to release current figures.

In other MoCA news, the museum announced this afternoon that the California attorney general’s office is looking into its finances. A museum spokeswoman released this statement:

“MoCA has received a letter from the California Attorney General’s office. The California Attorney General has broad jurisdiction and oversight over California nonprofits, including MoCA. The letter requested information and documents related to the Museum’s finances. MOCA is fully cooperating with the Attorney General.”

Arthur Rieman, managing attorney of Studio City’s the Law Firm for Non-Profits, said Friday that it is standard procedure for the attorney general’s office to launch a preliminary inquiry in reaction to news reports of possible misuse or inappropriate diversion of charitable assets. “This probably is normal—it doesn’t mean anything other than that they have been made aware that there may have been a diversion of assets,” Rieman said.