Subscribe to The Jewish Standard free weekly newsletter

 
font size: +
 

Madoff scandal rocks Jewish philanthropic world

Area foundations take stock — or lose it

 
|| Tell-a-Friend || Print
 
 

A handful of local foundations appear to be unscathed by the fallout from Bernard Madoff’s alleged Ponzi scheme, but the full effects on donors have yet to be realized.

While the country’s economic downturn has taken place over the course of several months, this single instance was sudden and provided no time for those affected to make changes to limit the damage. Mark Charendoff of Englewood, president of the Jewish Funders Network, called the fallout on his organization’s members “absolutely devastating.”

“In a way, this is worse than the general economic downturn,” he said.

Unlike the unrest in the stock markets that has rocked the nonprofit donor base recently, the fallout from this scam is irreversible and, in some cases, complete.

“People understand that as much as the market went down, the market will go up. That’s not the case here,” Charendoff said. “There are some people who’ve just had all their money all in this one ‘safe place.’ That’s something that they just can’t recover from.”

One of the most notably hit organizations in New Jersey is the family foundation of Sen. Frank Lautenberg, reportedly one of the wealthiest members of Congress.

“Sen. Lautenberg was an investor in Bernard Madoff’s investment fund, primarily in the form of his family’s charitable foundation,” said Lautenberg’s spokesman, Scott Mulhauser.

According to a 2006 tax document obtained through the nonprofit tracking Website Guidestar.org, the foundation was a donor to more than two dozen Jewish and Israeli causes. Its contributions for 2006 totaled $765,509 to more than 100 organizations, including American Friends of Magen Dovid Adom, American Friends of Israel, the Anti-Defamation League, Chai Lifeline, Hadassah, UJA MetroWest, and UJA Federation of Northern New Jersey.

UJA-NNJ issued a statement on Tuesday that it has no connection with Madoff and remains unaffected.

“UJA Federation of Northern New Jersey and its Endowment Foundation did not have a relationship with Madoff, and we have confirmed with SEI, our investment manager, that no portion of the Endowment Foundation’s portfolio is invested with Madoff,” according to the statement.

Similarly, the Teaneck-based Russell Berrie Foundation had “zero exposure with Madoff,” said its president, Angelica Berrie. While the rest of the financial world takes a hit, Berrie looked at the situation as an opportunity for those who still have the means to make up for charities’ losses.

“The real emergency in the next few years is going to be the emergency in our community,” she said. “We have the opportunity to exercise our humanistic values.”

This new crisis within the fund-raising world will last years, too, said Charendoff.

“We don’t know how many years and we don’t know how severe it will be,” he said. “There are charities that are going to be affected that won’t even know about it for a year.”

While some organizations have no connection with Madoff and seemingly have been spared, they cannot yet account for all of their donors. For example, he said, a charity that received a six-figure gift from a donor this December may expect and plan for a similar gift next year.

“Next December is going to roll around and they’re going to find out the donor doesn’t have the capacity to make the gift,” he said.

The Jewish nonprofit world will eventually recover, though, he said.

“The only way we’re going to be able to minimize the damage to the charities we all care about is to work together to figure out what the needs really are — to figure out which programs can be salvaged, postponed, which organizations should merge,” he said. “We can’t avoid the damage but it is in our power to minimize it.”

 

More on: Madoff scandal rocks Jewish philanthropic world

 
 
 

‘Golden Boy’ Merkin charged with misleading Jewish investors, groups

Bernard Madoff is not the only trustee of Yeshiva University who resigned in shame last week.

While international attention continues to focus on Madoff, who faces charges for his alleged $50 billion Ponzi scheme, some leaders in the Jewish community, particularly within modern Orthodox institutions, are expressing shock and anger at the role played by J. Ezra Merkin, a prominent investment guru and philanthropist who appears to have misled at least some investors.

 
 

Massachusetts community reeling from foundation collapse

The news sifted through the Jewish community north of Boston, sparking shock, sadness, and regret.

The Robert I. Lappin Charitable Foundation, a pillar of the North Shore community and a supporter of popular programming like the Youth to Israel program, joined the mounting list of Jewish casualties of the still-unfolding Bernard Madoff financial scam.

 
 

The securities fraud of Bernard Madoff has rocked the Jewish nonprofit world — and the worst may be yet to come.

 
 
 
|| Tell-a-Friend || Print
 
 

Stay tuned for the return of comments

 

Sending socks to the IDF

Teaneck rabbi to bring much-needed supplies to soldiers in Israel

Rabbi Tomer Ronen, rosh yeshiva of Ben Porat Yosef in Paramus, and his wife, Deganit, are the proud parents of a son in the IDF.

Their son, a 20-year-old who went all the way through SAR in Riverdale and then went to Israel, where he studied at a yeshiva for a year and then joined the IDF exactly a year ago, is in a parachute unit. “For the last three weeks, they were training and training and training,” Rabbi Ronen said. Last Thursday, “he called and said, ‘Abba, Ima, we are out. We are giving away our cell phones.’ So we knew that it was happening that night.”

So now the Ronens are both proud and worried parents; worried enough, in fact, to decide that they could no longer sit at home in Teaneck and worry. “To be the parents of a lone soldier is hard,” Rabbi Ronen said. “To be the parent of a lone soldier and know that he is going in — that is even harder.”

 

Turning grief into action

Stephen Flatow talks about his long quest for justice for Alisa — and the fine assessed against BNP Paribas

As more and more bleak news from Israel continues to chill hearts here, the parents of all four murdered boys — the three Jews and the one Arab — will have to learn how to live without them.

It is a pain that they will feel forever, but they will learn to manage somehow, each in his or her own way.

In this country, Stephen Flatow models a way to take grief, fashion it into a lance, and wield it powerfully in his quest for justice. Ever since his daughter, Alisa — a Brandeis student who graduated from the Frisch School in Paramus and was spending her junior year abroad in Israel — was killed by terrorists, blown up, along with everyone else on board, as she rode a bus to an Israeli beach, Mr. Flatow has fought to make her murderers, and the terrorist state that supported them, pay for her death.

 

Born to heal

Dr. Sharyn Lewin, new to Holy Name, talks about gynecological oncology, helping women, and saving lives

Ever since she was a small girl, Sharyn Lewin knew that she wanted to be a doctor.

But not just any doctor. The laser-like precision of her goal, from the time she was very young, was oddly specific.

“My earliest memory was going to school with a white coat and a stethoscope for Career Day,” Dr. Lewin said. By the time she was about 8, “I didn’t even know what an obstetrician or a gynecologist was — but I knew I wanted to be one.”

Very soon, Dr. Lewin narrowed her goals even further. She wanted to be a gynecological oncologist, studying and curing women’s cancers. She wanted to take after her grandmother, Dr. Gerda Bruno, who was a gynecologist at a time when few women were. And she succeeded. Dr. Lewin is newly arrived at Holy Name Medical Center in Teaneck, where she has begun a practice and eventually will inaugurate a full-service women’s health center. “It will be a comprehensive venue, where women can come for complete care,” she said.

 

RECENTLYADDED

Passage to India

Local academic finds Jewish parallels in Hindu university

Dr. Alan Brill of Teaneck faced his students.

The classroom reminded him of British Mandate era buildings in Jerusalem. It obviously had been built in the 1940s, or at least refurbished then. All the desks had inkwells.

Among the students earnestly taking notes were three Buddhist monks from Cambodia wearing orange robes; two Tibetans, one of whom looked like a Sherpa in his yak-wool vest; an Australian Christian dressed like a hippie trying to dress like an Indian, and several Indians dressed in modern clothing. Up front, wearing a traditional long golden coat, was the professor of Hindu religion and philosophy who normally taught this course. He was particularly diligent in his note-taking.

The day’s topic was the Bible.

 

Jews in the Garment Center

Local documentary maker looks at Jewish garmentos, anarchists, musicians, and other unusual Americans

What exactly is a garmento?

Is it a cringe-making label or a badge of honor?

Does the stereotypical garmento embody traditional Jewish values? Or does he (or far less often she) defy or deny them?

Why did so many Jews go into the rag trade anyway?

And Sam, really, why did you make the pants so long?

Steven Fischler of Teaneck and his business partner, Joel Sucher of Hartsdale, N.Y., examine these questions — well, at least some of them — and similar ones in a documentary, “Dressing America: Tales From the Garment Center.” Created in 2009, it will be broadcast a number of times on Channel 13 and on WLIW, beginning on September 2, to mark Fashion Week in New York City.

 

Paddling the Mediterranean

Local man navigates many-legged kayak trip from Spain to Cyprus

That may seem a pretentious term for someone who has done his seafaring not on a big ship, but in an 18-foot sea kayak. But it is fitting for an adventurer who has covered about 2,500 nautical miles, weathering strong winds and battling currents, and who has touched shore in seven Mediterranean countries, all under paddle power.

His journey was to take him from Barcelona, Spain, to Israel, but he ended the trip just short of his goal, in Cyprus, still covering a formidable distance.

“It was a personal odyssey,” Mr. Neimand said. “I traveled far outside the box. I saw wonders and lived legends. It was just amazing.”

While Mr. Neimand was soothing his sore muscles in Ma’ale Admim, Israel, where he lives, sighs of relief and pride were heard back in Teaneck, where Mr. Neimand’s parents, Jane and Jerry, admitted to having had the jitters over their son’s multiyear venture.

 
 
S M T W T F S
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30