“Ninety charities lose $113 million” in Madoff’s alleged Ponzi scheme
Howard Lake | 17 December 2008 | News
“Virtually all or most, of the investment funds of more than 90 American grant making trusts and foundations have been lost” in the giant Ponzi scheme that Bernard Madoff is alleged to have perpetrated, according to Tina Baker, Major Gifts Consultant at Fundraising Advisors.
The figure of $113 million losses is “information taken from documents seized at the time of Madoff’s arrest”.
Baker reports that two US foundations have already announced that they will have to close, given the amounts they have lost. The Chais Family Foundation and Lappin Charitable Foundation lost over $8m between then.
Advertisement
She lists other American foundations that have lost large sums in the alleged fraud: “LA Jewish Community Foundation $44m, JEHT $26m, Shapiro $12m, RM Beren $3m, Gottesman $15.8m and Gurwin $1.2m”.
EJewishPhilanthropy have been reporting on the losses experienced by Jewish world charities affected by the alleged fraud. According to their latest update, these include “Yeshiva University – now appears to be between $100-110 million; Jewish Federation of Greater Washington – $10 million; Ramaz School – $6 million”.
www.fundraisingadvisors.co.uk/page26.htm
- Bank problems may hit charitable giving (30 January 2009)
- Does your charity event insurance do what you think it does? (3 February 2009)
- Prepaid card to benefit Demelza Hospice Care for Children (14 April 2009)
Related posts
Charity Bank makes its 1,000th loan
NI community foundation grant giving falls
£25 million Resilience and Recovery Loan Fund to offer repayable finance to Covid-19 hit organisations
Charity leaders write to Chancellor with sector asks ahead of next Spending Review
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.