“Ninety charities lose $113m” in Madoff’s alleged Ponzi scheme

first_img “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.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 “Ninety charities lose $113m” in Madoff’s alleged Ponzi scheme Tagged with: Finance Funding Howard Lake | 17 December 2008 | News  20 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more