< 1 min read
September 23, 2013
"The future of American Jewish philanthropy" considered in wake of setbacks--like foundations with Madoffian associations who lost their endowments.
"Jewish philanthropic organizations are facing tough times. After the Madoff Ponzi scheme of 2008, foundations such as the Chais Family Foundation and Robert I. Lappin Charitable Foundation were forced to close because of lost endowment investments. Foundations that remained open still faced large losses. Hadassah, a Zionist organization for women, lost $90 million having been involved with Madoff. Yeshiva University, where Madoff played a role as a trustee of the university, lost $110 million." -- Irina Zak, the Jewish Voice