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Madoff scandal rocks Jewish philanthropic world

Area foundations take stock — or lose it

 
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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.

 
 
 
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Standardizing the Times

In which we announce and describe our new online partnership with the Times of Israel

The Jewish Standard is excited and pleased to announce our online partnership with the Times of Israel.

What does that mean to us, and to you?

It means that our hard copy version will stay as it is, but in the next two months or so our web presence will change entirely.

To explain, first we have to go backward.

Not really so very long ago, the world was so much more black and white.

Take newspapers. To begin with, they actually were black and white (and no matter what color your fingers were when you started to read, they’d be black by the time you were done. Ink didn’t stick on newsprint very well).

 

Vaccinate your kid!

Local Jewish leaders talk about their policies

Rabbi Nachman of Bratslav was a great grandson of the Baal Shem Tov; he was a chasidic master whose mysticism, extremism, creativity, asceticism, willfulness, and wild emotional swings from despair to ecstasy and then always back to despair make him an almost Byronic figure — had Byron, his contemporary, been a Jew from eastern Europe.

Nachman was thought to be so irreplaceable to his chasidim that they never did replace him; his spiritual descendants go to his grave in Uman, an otherwise obscure Russian town, around Rosh Hashanah every year, wearing their Na-Nach-Nachman-Me-Uman kippot as they brawl noisily around the town.

So why, you might wonder, is Nachman at the start of a story about vaccines?

 

Who stood at Sinai?

Conference to look at 25 years of Jewish feminism, examine what might come next

Every Jew who ever was and ever will be born stood together at Sinai when the mountain smoked and trembled and God revealed the law to them, midrash tells us.

Born Jews stood with those who were born into other faiths but were created with a Jewish spark that was liberated when they left their native people to join us. Souls encountered each other there, across millennia and over the boundless expanses of ocean that separate the continents.

At that one time and place, we were one people.

But wait a minute.

Exactly who was at Sinai?

According to the text, was everyone really there?

 

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Learning to cull less-than-perfect goldfish as they hurtle by you on a slimy assembly line, using your bare hands, disposing of them in garbage bags, is not a skill most nice Jewish boys acquire.

Nor is standing in the middle of an ice-cold pond in a torn wetsuit and hand-selecting the most decorative available koi, at the orders of overseas hoteliers, again with your bare hands.

Jason Shames of Haworth did both those things, during a stay on an Israeli kibbutz. Those and similar skills, oddly enough, were part of a logical progression that took Mr. Shames from the Bronx to the helm of the Jewish Federation of Northern New Jersey, a job he accepted four years ago this week.

 

Hunting, hiding, finding — remembering

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Usually — or at least in common mythology, because in truth most of us have limited knowledge in this area — adventurers are amoral. They are men, or occasionally women, who are driven by adrenaline, the rush of danger, the need to go higher or faster or farther away.

And then there are the people moved by mission, by a sense of justice. The do-gooders. They are usually better people, but most likely less interesting — or so the same common mythology suggests.

Yaron Svoray, 58, the Israeli son of Holocaust survivors, is driven by the very basic need to have good conquer evil. Toward that end, he has infiltrated a group of neo- Nazis by pretending to be one of them. He has worked to recover treasures that the Nazis looted, not to enrich himself — he has not — but to pry the destroyers away from their bloodstained prizes. He is now devoting himself as well to working with police across Europe to keep terror from overcoming the continent once again.

 

Fifty shades of gold

Morgan Library showcases modern illuminated Jewish manuscripts by Barbara Wolff

Psalm 104 is about beauty.

It is about other things as well, true, but it starts with beauty and returns to it as a touchstone.

It describes the world with rapturous metaphor. God, who is “clothed with glory and majesty,” who covers himself with “light as with a garment, who stretches out the heavens like a curtain,” has made the world in his image.

When you walk into “Hebrew Illumination for Our Time: The Art of Barbara Wolff,” at the Morgan Library in Manhattan until May 3, you are surrounded by the wild precise beauty of that creation, in rich lush exquisite witty masterfully detailed controlled miniature.

To walk into that room is to be stunned by beauty.

 
 
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