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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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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.

 

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.

 

Art versus life

Tenafly JCC to host work of mid-century Jewish artist

Stories about starving artists, creative souls driven to make art no matter what it does to them or to their families, are among our culture’s most basic tropes.

They can be tragic — the ballerina dancing to death in her red shoes, the writer starving in his garret — but they somehow end well, if posthumously, with the artist finally recognized for his or her genius.

It’s not impossible that this scenario will play itself out for the artist Jack Goresko, who certainly has the first part of it nailed. That’s the part where he had to live a tortured life, compelled to make art, driven to make art, ignoring his family and getting by on scraps, and dying, in 1991, largely unrecognized.

Now, though, his son, Eben Goresko, has gathered, restored, and begun to show his work. Jack Goresko’s paintings and sketches will be on display at the Kaplen JCC on the Palisades in Tenafly from November 2 to November 23. (The show will open with a reception on Sunday, November 2, from 1 to 3.)

 

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A Whole New World

Female rabbis at forefront of pioneering prayer communities

A decade ago in Los Angeles, two organizations opened their doors with a call to prayer — or they would have if they had any doors to open.

Ikar, led by Rabbi Sharon Brous, and Nashuva, led by Rabbi Naomi Levy, were conceived separately. But when they launched in 2004, both offered a novel, and in many ways similar, approach to Jewish spirituality and community — regularly scheduled, rabbi-led services that were not affiliated with any movement or institution, that met in rented space, and that were avowedly not synagogues.

“We were trying to walk into the conversation about Jewish identity and community and ritual without preconceived ideas about where we would land,” Brous said, describing the beginnings of Ikar. “What we were trying to do didn’t follow any model that already existed.”

 

Lords of the trains

How a world-class model railroad layout landed in a Paterson silk mill

Start with a three-year-old’s enchantment with a toy that moves by itself, as if by magic.

Add the love of a doting father.

Simmer with time. Throw in more than a dash of unexpected curves.

The result: The world’s largest O-scale model railroad layout.

On Sunday, you’re invited to the third floor of a former silk factory in Paterson to see it.

If you go, brace yourself. Prepare to be amazed. There are tracks and trains and buildings rendered in loving details. There’s a replica of an Esso oil refinery; a Manhattan subway station, replete with microscopic model rats, and there are yet more trains, including engines that puff rings of flavored smoke.

 

A time to mourn

Remembering Rabbi David Feldman

There were about 1,000 people at Rabbi David Feldman’s funeral.

There are many things to say about Rabbi Feldman, who died last Friday at 85, but that statistic is a good place to start.

David Michael Feldman was a pastoral rabbi, a scholar, a medical ethicist, a serious and authentic Jew, a formal and generous and devoted family man, and the rabbi emeritus of the Jewish Center of Teaneck.

And he was beloved.

 
 
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