LOS ANGELES (BLOOMBERG).- The Museum of Contemporary Art in Los Angeles abandoned efforts to merge with another institution and will instead look to increase its endowment.

“The board is in agreement that the best future for MOCA would be as an independent institution,” the museum said in a statement today. “The board understands that this will require a significant increase in MOCA’s endowment to ensure its strong financial standing.”

The downtown museum, founded in 1979, has experienced declining contributions and the departure of a several high- profile board members in recent years. The institution, with some 6,700 pieces of art, received merger proposals from the Los Angeles County Museum of Art and the University of Southern California, as well as an offer to collaborate on programs from the National Gallery of Art in Washington.

The museum held out the possibility of embracing some other arrangement, saying the board was “exploring all strategic options, to honor the best interest of the institution and the artistic community we serve.”