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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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A love story

Cory Booker talks about growing up in Harrington Park, falling in love with Judaism

Often it’s easy to pick out a non-Jewish candidate trawling for Jewish votes.

He’ll show up at a shul wearing a fancy crocheted kippah with his name spelled out along the edge; it’ll be pinned to cover the bald spot precisely. (Really, if you’re going to wear one, you might as well benefit from it, right?)

He’ll throw out Yiddishisms with abandon — mishuganeh here, mensch there, oy, oy everywhere. He’ll talk about getting a bagel with a schmear. (Do you know any Jew who has ever eaten one of those? Me neither.)

In order to show his deep, lifelong sense of connection to the Jewish community, he’ll pander so hard it must make his teeth hurt.

But if you are looking for an actual Judeophile, a non-Jew whose connection to the Jewish world is longstanding, emotional, spiritual, intellectual, and clearly real, you would have to direct your gaze in another direction.

 

Bus, bomb, book

Local reporter investigates personal and political repercussions

According to Jewish tradition, every person is an entire world.

The death of any one person is the disappearance of that world, and all the other touching, interlocking worlds are left infinitely poorer.

Mike Kelly of Teaneck, a columnist for the Bergen Record, has been in a small room with a man who killed 46 people in three separate bombings. A man who obliterated 46 separate worlds. And who seems to be proud of it.

Mr. Kelly has written a book, “The Bus On Jaffa Road,” that focuses on one of those bombings, the one on the Jaffa Road in Jerusalem in 1996 that killed 26 people, including Sara Duker, also of Teaneck, and Matthew Eisenfeld, her boyfriend, who came from West Hartford, Connecticut. He also focuses on Steven Flatow of South Orange, whose daughter Alisa was killed in another bus bombing the year before, and who was instrumental in the story as it unfolded.

 

5774 Year in Review

Read about the highs and lows of 5774 — and everything in between.

September 2013

• The United States and Russia reach a deal to rid Syria of its arsenal of chemical weapons, promoting Jewish groups to suspend their efforts lobbying for U.S. strikes against Damascus.

• Rabbi Philip Berg, founder of the Kabbalah Centre in Los Angeles and teacher of Jewish mysticism for A-list celebrities, dies at 86.

• William Rapfogel, the ousted leader of the Metropolitan Council on Jewish Poverty in New York, is arrested on charges of grand larceny and money laundering. Investigators later say the scheme involving Rapfogel netted $9 million in illicit funds, including $3 million for Rapfogel himself. Rapfogel pleads guilty the following April and is sent to prison in July for 3 1/2 to 10 years.

 

RECENTLYADDED

Survey says

What the federation study tells us about us

Who are you?

That’s a question we wonder about here at the Jewish Standard: Who are you, our reader?

And it’s a question the Jewish Federation of Northern New Jersey wanted answered: Who are you, the Jewishly involved resident of northern New Jersey?

As Jason Shames, the federation’s chief executive officer, put it: “How are you going to know what to do if you don’t know who you have?”

To answer these questions, the Jewish Federation of Northern New Jersey recently undertook a marketing survey.

The federation created an online survey, which it promoted through mailed postcards, emails from the federation and area Jewish agencies, synagogues, and schools, and advertisements in newspapers like this one and the Bergen Record. It also called a few hundred randomly selected people with Jewish last names. All told, the federation received 2,815 responses to its questionnaire, which included 86 questions — many of which had many parts.

That’s a lot of data.

 

At the heart of Touro

Alan Kadish leads America’s largest Jewish university

Few children, if any, dream of growing up to become university presidents.

Dr. Alan Kadish of Teaneck certainly didn’t.

Instead, the childhood dream that led him to the presidency of Touro University began with the death of a beloved uncle.

“My mother’s brother, a strapping man in his 50s, had a sudden cardiac death when I was 15,” Dr. Kadish, 58, remembered.

“That was a problem I wanted to study.”

Alan Kadish, the son of a father from the Lower East Side and a mother from Vienna, went to Yeshiva University’s MTA high school. He then attended Columbia University, where he majored in biochemistry, and he followed that with a medical degree from Yeshiva University’s Albert Einstein College. His specialty, of course, was cardiology: helping to prevent and treat heart attacks. After a residency at Brigham and Women’s Hospital in Boston, he took a fellowship at the Hospital of the University of Pennsylvania.

 

Bus, bomb, book

Local reporter investigates personal and political repercussions

According to Jewish tradition, every person is an entire world.

The death of any one person is the disappearance of that world, and all the other touching, interlocking worlds are left infinitely poorer.

Mike Kelly of Teaneck, a columnist for the Bergen Record, has been in a small room with a man who killed 46 people in three separate bombings. A man who obliterated 46 separate worlds. And who seems to be proud of it.

Mr. Kelly has written a book, “The Bus On Jaffa Road,” that focuses on one of those bombings, the one on the Jaffa Road in Jerusalem in 1996 that killed 26 people, including Sara Duker, also of Teaneck, and Matthew Eisenfeld, her boyfriend, who came from West Hartford, Connecticut. He also focuses on Steven Flatow of South Orange, whose daughter Alisa was killed in another bus bombing the year before, and who was instrumental in the story as it unfolded.

 
 
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