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.”

 

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.

 

From the Union to the Union

Rabbi Daniel Freelander of Ridgewood moves from one Reform institution to head another

Rabbi Daniel Freelander of Ridgewood is an avuncular, charming, modest man. To talk to him is to feel entirely at ease.

And then you realize that you are talking to someone who has been instrumental in the development of liberal Judaism — in both the way it looks and operates, and even more profoundly in the way it sounds.

Rabbi Freelander, 62, is leaving his comfortable berth as senior vice president at the Union for Reform Judaism — the organization for which he has worked in various capacities for 39 years — to become president of the World Union for Progressive Judaism. In some ways the move is minor — the two organizations share a floor in a midtown Manhattan office building, and Rabbi Freelander is keeping his office. But in other ways it is huge — his responsibilities go from national to international, and from the Reform movement to the larger liberal world, of which Reform Judaism is a significant — but not the only — stream.

 

RECENTLYADDED

Coming to America

Senator Robert Menendez tells his family’s immigration story

Real power doesn’t have to be flashy.

Robert Menendez, a Democrat, is New Jersey’s senior United States senator, and he is chair of the Senate’s Foreign Relations Committee. From that extremely powerful position, his support of Israel, always clearly and explicitly stated, helpful, and welcomed, has been particularly useful this summer, when the Iron Dome system —whose presence in Israel he shepherded — made a life-and-death difference to many Israelis.

You’d never guess that from his local office.

Mr. Menendez’s main office is in Washington, of course, and he maintains two in New Jersey. One is in Barrington, south and west of here in Camden County, and the other is in Newark.

 

Coming to America

Israel has a friend in D.C.

The first two trips Senator Robert Menendez took to Israel — right around the time he was elected to the Congress— made a big impression on him. A helicopter tour of the country “gave me a physical perspective of the challenge Israel faces.

“Its back is to the sea and it is surrounded by neighbors who largely wish it ill,” he said.

He became convinced that “Israel is an incredibly important ally — and therefore you need to be able to help them to be secure.”

This led him to take a lead role in cosponsoring the United States-Israel Enhanced Security Cooperation Act of 2012, “which basically deepened our scientific and other relationships with Israel, and that led to the Iron Dome” anti-missile defense, “which was a joint venture of the United States and Israel in terms of its research and development and ultimately its building,” he said.

 

‘Stop at the Red Apple’

Founder’s daughter talks about her childhood at the Route 17 landmark

It’s one of those absolute generational and geographic divides.

If you are from somewhere other than here, or if you are below, say, 40 or so, the Red Apple Rest means nothing to you.

But if you are from here, defined very broadly, and if you are at least nudging middle age, then even if you never actually went there, your memory will conjure up images of that iconic place. It was what? A diner, sort of, or more accurately a cafeteria, a rest stop on the way up to the mountains. (And if you have to ask which mountains, then never mind. It’s the Catskills, dear. Now go and play while we grown-ups talk…)

The Red Apple Rest — the never-closed oasis that drew motorists off the macadamed hell that was Route 17 as they made their almost endless way to their vacations or summer bungalows — was created by Reuben Freed, who made it his life and loved it dearly. Elaine Freed Lindenblatt, 72, who lives in Tappan, N.Y. and is the youngest of Mr. Freed’s four children, has written a memoir, “Stop at the Red Apple,” chronicling the family’s life there. Its publisher, SUNY Press, will release the book in January.

 
 
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