One of several worth reading pieces on the fallout from the Madoff fiasco. from Haaretz: Madoff scandal sews fundraiser fears, but others see opportunity for change Professionals in the Jewish philanthropy world are divided over the fallout from the brewing Madoff scandal. While some fear Israel will bear the brunt of the dwindling pie of donations, others see an opportunity to revamp an inefficient fundraising system.. "The newspapers focus only on the names and numbers of those who lost money, but they are all miss one of the most important element of this crisis," said an Anglo fundraiser who works for some of Israel's leading not-for-profit organizations but asked not to be identified. "The American Jews are going to suck the money out of the pipeline because they need it in order to … Continue Reading
Memo from Howard Rieger
UJC/Federation Exposure to Bernard L. Madoff Investment Securities We want to convey to our Board of Trustees that, in the wake of the Madoff scandal allegations, UJC verified its own endowment and pension funds had no exposure to any related funds. UJC also surveyed federations, community foundations and National Agency Alliance members to gauge their losses and determine a response. UJC received survey responses from 55 federations and community foundations. We learned that seven communities with endowments/foundations were directly exposed, with losses ranging from $70,000 through a fund of funds to $24.4 million. We also learned that one federation had exited a position with Madoff's fund over a lack of transparency, but that the federation still had a $100,000 "hold-back" in … Continue Reading
How Much Does Generosity Cost?
Last year, it was Where Does All the Money Go? - a fundraising video from the Jewish Federation of Silicon Valley about how their funds are allocated. Well circulated on the Web (viral marketing at its best) the inspiration came from a group of young lay-leaders who were frustrated with how to explain and promote the Federation’s mission in an appealing and positive way. (If you missed it, take a look). This year, a follow-up: How Much Does Generosity Cost? [youtube]http://www.youtube.com/watch?v=Pq0oM7hyltc[/youtube] Our commitment to the Jewish people and to tzedakah (charity and justice) never waivers, even in tough economic times. Just as those with the ability to give are impacted, Jewish needs at home and around the world are only intensifying. Your one gift to the Jewish Federation … Continue Reading
Funding Genius
Back in September, we wrote about a new initiative being planned for the 2009 Jewish Funders's Network International Conference, The Jewish Innovation Forum. With the overall theme of the 2009 conference being “Funding Genius: A Philanthropist’s Guide to Innovation” the JFN and the conference participants will explore a wide range of innovations in depth. The Forum event makes the innovation come alive - providing a setting for an exciting group of nonprofit organizations who will be able to showcase their programs to those in attendance. For the grant-makers this is an opportunity to explore and learn about some of the most innovative programs in our Jewish communal world. And for the grantees, the Forum will be a rare opportunity to highlight and provide an international audience with … Continue Reading
Introducing a New Dimension to Taglit Research: Nurturing Pride in Israel
Taglit-Birthright Israel Evaluation is the latest in a series of reports from the Cohen Center for Modern Jewish Studies (Brandeis University) that describe Taglit applicants and participants and assess the short-term impact of program participation. This report finds that the growth of the program in recent rounds has resulted in increased numbers of applicants from less engaged Jewish backgrounds. Researchers found, however, that despite the heavier participation of less Jewishly engaged participants, the program impact on Jewish attitudes and identity remained comparable to previous years. For the report, click above for the Cohen Center site where you'll find a link to the pdf. In another recently released study Taglit Is for Israelis, Too, researchers interviewed Israeli participants in focus … Continue Reading
The Jewish Week and Madoff
all from this week's edition of The New York Jewish Week: Israel correspondent Michele Chabin speaks with Avraham Infeld (Chais Foundation): Lipstick Building Leaves Its Mark On Israel Underprivileged students from inner-city slums getting a taste of college. Gifted high school students working in state-of-the-art science labs. Aspiring musicians looking to perform overseas. Soldiers trying to deepen their Jewish identities. These are just some of the people affected by the fallout from the Bernard Madoff financial scandal, which played out in a midtown Manhattan office tower known as the Lipstick Building. Some of Israel’s most renowned educational institutions have been hurt, directly or indirectly, by the Ponzi scheme run by the New York financier. Charities On Hot Seat From … Continue Reading
Anxiety and Betrayal
Engaging and listening to conversations, reading through all the various articles, blogs - including reader comments - along with emails (from communal professionals) the two words anxiety and betrayal pretty much sum up feelings in the Jewish world these days. With good reason. And again this week, it appears that the funding crisis will take front page in American Jewish newspapers. First, the Salem (Massachusetts) News has this insightful interview with Robert Lappin: Lappin: 'It breaks my heart' "I am not sure which programs, if any, will resume. I am in the process of assessing what can be salvaged." the next four articles are all from the Los Angeles Jewish Journal: The Four Big Madoff Questions: Who's to blame, how much is lost, where's the money, will it occur again? Why is this … Continue Reading
A Call to Action
Yesterday in New York, under the auspices of the Jewish Funders Network, thirty five of the largest Jewish foundations gathered for an emergency meeting to develop a plan that would anonymously help Jewish nonprofits affected by the year's ever-growing financial mess and help restore the community's faith in its values. With losses in the Jewish world estimated at $2.5 billion Mark Charendoff, JFN's president, indicated those in attendance were determined to "try to reverse some of the harm and try to repair some of the damage." In announcing the meeting the JFN had this to say: "We are all shaken in the wake of the economic crisis and the recent Madoff scandal which has disproportionately affected the Jewish funding community and in turn dozens of Jewish non-profit organizations in the United … Continue Reading
More Numbers
Another organization weighing in: Beit T'Shuvah (Culver City, California) - $3.6 million loss Two organizations previously announcing exposure who appear to be zeroing in on the amount: The Jewish Community Centers Association of North America - between $6-7 million Elie Wiesel Foundation for Humanity - $15.2 million Ben Gurion University of the Negev and the American Associates of Ben Gurion University have announced they have no known exposure to the Madoff scandal. The Jewish Federation of Greater Dallas, the Dallas Jewish Community Foundation and The Jewish Federation of St. Louis all indicate they also have no known liability. … Continue Reading
A Matter of Trust
by Carmi Wisemon: The Madoff financial scandal is shocking in more ways than one. We can fathom but not condone the fact that people and organizations did not necessarily follow the required due diligence to verify that Bernard Madoff's hedge fund was legitimate, because trust is intrinsic to human nature. Though not always deserved, trust is the basis for the functioning of any economy. The breakdown in the trust we place in the financial markets is the key to today's spiraling financial meltdown. The Hafetz Haim, spiritual leader of 20th-century European Jewry, wrote that the Great Depression of 1929 came about because of that generation's lack of trust in God, which eventually led to a lack of trust between people. Though the period leading up to it was a time of great prosperity, the lack … Continue Reading
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