LOS ANGELES—Although the financial crisis facing Los Angeles's Museum of Contemporary Art is urgent, the museum still has enough money to make it into the next fiscal year, and to mount exhibitions in the process, reports the Los Angeles Times blog Culture Monster.

"This situation is not that drastic," said board member Douglas R. Ring. "MOCA is not teetering on that kind of edge."

To help with expenses, however, the museum has scaled back its exhibition program and scheduled nine shows, as compared with the usual 12, for this fiscal year, which ends in June. Only four more exhibitions are currently listed on the museum's Web site for the new season starting in July.

"The board in general has very deep pockets, but whether they are deep enough to solve the problem we've got is another question," added Ring.

One possible solution to the problem is the $30 million bailout offered by philanthropist and art collector Eli Broad in an op-ed article he wrote for the L.A. Times two weeks ago. Broad clarified his offer this week, saying that it is a no-strings-attached deal. All he wants, he said, is for the board to keep "MOCA a vibrant, independent museum for the city...with a vibrant exhibition program on Grand Avenue. The fear I have is a New York Times story that says, 'L.A. Museum Fails' or 'Closes.'"

Outlining the details of his proposal, Broad explained that the museum needs around $25 million to replenish the endowment it has spent over the last eight years. He would give half of that amount as a challenge grant, matching each dollar MOCA raises on its own. Beyond that, Broad said that MOCA needs roughly another $5 million to cover the projected operating deficit for next year. He would offer half of that, too, as a challenge grant again.

The last $15 million he donates would be spread out in $3 million installments over five years to help cover the cost of exhibitions.

Broad added that there would be no strict time frame for MOCA to raise its share; he would match his donations to those of other donors as they come in. He also said he would like an answer soon after MOCA's Dec. 16 board meeting.

MOCA officials released a statement saying that both the board and staff "are diligently working to evaluate and develop various options for the long-term financial health of the museum," and that they hope to reach a decision by the end of the year.