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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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Dentistry in Africa

Local father-daughter duo fix teeth in Jewish Ugandan village

Kayla Grunstein’s parents, Shira and Dr. Robert Grunstein, didn’t want her to “be a brat,” Kayla said.

They wanted her to learn something about the world and her place in it, about the importance of work and the satisfaction of a job well done, about gratitude and generosity and giving.

They also were not adverse to allowing the 14-year-old some excitement and adventure at the same time.

In fact, a lot of excitement and adventure. With the Abayudaya in Uganda.

This is how it happened.

Her father, Dr. Robert Grunstein, is a dentist. He lives in Teaneck but has spent his career working mainly with lower-income children in Passaic and Paterson. He had the brilliant idea (yes, this is journalism, but some things are so clear that they just must be said, so brilliant idea it is) of buying an old fire truck and turning it into a mobile dental office. “Kids love fire trucks, and they are ambivalent at best about going to the dentist,” he said. “If you mix the two, it becomes more palatable.

 

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).

 

A very Jewish, deeply American life

The Jewish Standard talks to the ZOA’s longtime head, Morton Klein

Of course, in some senses it is not at all a true statement, nor a fair one. The organization is growing, it is establishing regional branches, and here in northern New Jersey its regional director, Laura Fein, is working actively and visibly to establish the ZOA in what is likely to be fertile ground for it.

But Mr. Klein, who will speak in Englewood on Sunday night, has been the face, the will, and the driving force behind the ZOA for so long that to learn more about the organization, it is necessary to learn more about him.

Mr. Klein’s story is in some senses a quintessentially American one, about immigrating to this country, overcoming adversity, following dreams, juggling outsider- and insider-ness, fighting, winning, losing, winning, and continuing to fight.

 

RECENTLYADDED

Dentistry in Africa

Local father-daughter duo fix teeth in Jewish Ugandan village

Kayla Grunstein’s parents, Shira and Dr. Robert Grunstein, didn’t want her to “be a brat,” Kayla said.

They wanted her to learn something about the world and her place in it, about the importance of work and the satisfaction of a job well done, about gratitude and generosity and giving.

They also were not adverse to allowing the 14-year-old some excitement and adventure at the same time.

In fact, a lot of excitement and adventure. With the Abayudaya in Uganda.

This is how it happened.

Her father, Dr. Robert Grunstein, is a dentist. He lives in Teaneck but has spent his career working mainly with lower-income children in Passaic and Paterson. He had the brilliant idea (yes, this is journalism, but some things are so clear that they just must be said, so brilliant idea it is) of buying an old fire truck and turning it into a mobile dental office. “Kids love fire trucks, and they are ambivalent at best about going to the dentist,” he said. “If you mix the two, it becomes more palatable.

 

Terrible journeys

Irene and Manny Buchman talk about their Holocaust experiences

There are many paths into hell.

There is the short, direct one that Irena Berkowitz, as she was called then, was herded onto. It led straight to Auschwitz.

Manny Buchman took a much longer, circuitous route; it allowed him some interesting vistas, and he was able to pause occasionally, toward the beginning. Eventually, though, he too ended up in a death camp.

Manny and Irena — now Irene — Buchman have been married since 1958. They live in a neat, sunlit townhouse in a cozy, prewar Englewood court off a street of grand houses. They rebuilt their lives, had two daughters and now six grandchildren and so far one great-grandchild. They talk to and about each other with the love and ease that comes from decades together.

 

The with-luck-not-too-lonely woman of faith

Local hiker joins love of Judaism and wilderness to create walking adventures 

When you think of the words “wild” and “New Jersey,” you might think of bloated, run-amok politicians, or Sopranos in driveways or diners, or cement-shod bodies tossed under the Meadowlands. It is, after all, the country’s most densely populated state, and better known for the stadium than for actual, you know, meadowlands.

But New Jersey also is home to natural beauty, to wild animals and rattlesnakes, to gravity-defying geological formations, and to part of the Appalachian Trail, as well as to abandoned iron mines, crumbling old mansions, and other human-made artifacts decaying back into nature.

If you look at the maps put out by the New York-New Jersey Trail Conference, sturdily and colorfully printed on a rip-proof, paper-like material called Tyvek — because it is meant to be used by serious hikers on real trails — you will see that the northern part of this state, beginning in western Bergen County and going west from there, is full of parks that are ringed with hiking trails. Just to their north, Rockland, Ulster, and Sullivan counties in New York state are similarly rich in accessible but rough trails.

 
 
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