Another Foundation Closes

More bad news this morning:

The Florida based Picower Foundation, with previously reported assets (2007 tax filings) in the vicinity of $1 billion, has announced it is closing. They have a wide-ranging mission including funding programs promoting Jewish continuity. Their grantees include The Jewish Outreach Institute, Limmud NY and the Foundation for Jewish Camp.

According to Barbara Picower, Madoff’s “act of fraud has had a devastating impact on tens and thousands of lives as well as numerous philanthropic foundations and nonprofit organization.”

The JTA is reporting The American Technion Society lost $72 million invested with Madoff. This is in addition to a previously reported NIS 25 million loss the Technion called “a negligible sum”.

The London Jewish Chronicle is reporting that the Chais Family Foundation was really stepping up to the plate for 2009. In addition to their previously announced distribution of $12.5 million, it seems just hours before the Madoff scheme imploded, the Foundation had approved $5.8 million for new projects and the grantees notified.

The Chronicle also indicates that the only U.K. organization funded by CFF is Limmud who stands to loose $100k for their U.K. programs and (Limmud International) $500k for programs in Israel and the FSU.

Also this morning, we are adding to our list of Federations indicating no known exposure:

  • Denver Allied Jewish Federation and Jewish Community Foundation
  • The Jewish Federation of St. Louis
  • The Jewish Community Federation of the Greater East Bay
  • The Jewish Federation of Silicon Valley
  • The Milwaukee Jewish Federation and The Jewish Community Foundation