Museum of Contemporary Art

“In conformity with the practice followed by many museums, art objects purchased by or donated to the museum are not capitalized in the statement of financial position. The museum's art collection is made up of art objects that are held for exhibition and various other program activities. Each of the items is catalogued, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. Purchased collection items are recorded as decreases in net assets without donor restrictions in the year in which the items are acquired or as decreases in net assets with donor restrictions if the net assets used to purchase the items are restricted by donors. Contributed collection items are excluded from the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. Deaccession proceeds are required by museum policy to be applied to the acquisition of works of art for the permanent collection. The museum purchased collection items in the amount of $1,160,112 during the year ended june 30, 2022. The museum did not deaccession any collection items during the year ended june 30, 2022.”

“Moca continued its dynamic exhibition program when the museum reopened to the public in june 2021 following a closure due to the covid 19 pandemic. During the year ending june 30, 2022, the permanent collection exhbitions "our house: selections from moca's collection," "making space: recent photography acquisitions, and "evidence: selections from the collection" featured artworks from the museum's renowned collection of almost 8,000 contemporary artworks from 1940 to the present by established and emerging artists. Moca also presented the first west coast solo exhibitions of the artists jennifer packer and pipilotti rist. Moca also presented a robust schedule of performances and public programs including charles gaines & ensemble; weirdo night: hosted by dynasty handbag; hive rise; blackstar x moca; eternal spa organized with qna; god particle quartet; hi solo #11, organized with alexsa durrans and miles brenninkmeijer; memorymaterial; music/theory, organized with mandy harris williams; and sun & sea.”

“The overall financial objectives of the endowment are (1) to support the current and future operations of the museum with a targeted maximum 5% annual payout and (2) to preserve and enhance the real (inflation-adjusted) purchasing power of the endowment with targeted real portfolio growth of at least 2% on an average annualized basis over the long term.”

“The museum recognizes the impact of tax positions in the financial statements if that position is more likely than not to be sustained on audit, based on the technical merits of the position. During the year ended june 30, 2022, the museum performed an evaluation of uncertain tax positions and did not note any matters that would require recognition in the financial statements or which might have an effect on its tax-exempt status.”

“Change in provision for uncollectible pledges receivable 240,458.”