It’s Your Money

Steven Nasatir, president of the Jewish United Fund/Jewish Federation of Metropolitan Chicago, writing in The NonProfit Times:

It’s Your Money – How not to get burned by the next Madoff

In this era of global financial crisis, philanthropic investors are suffering the same fallout from mismanagement, lax oversight and outright thievery that has impacted the private sector. Trust in the realm of resource management arguably is even more precious a currency for philanthropic organizations than it is for profit-making companies. Social welfare charities are the ones charged with translating the altruistic intentions of a concerned public into effective action on behalf of vulnerable populations; fraying of the cord of public confidence endangers the safety net for those who need it most.

As president of a major nonprofit, I know that meriting public trust in our stewardship of resources requires no magic tricks; application of fundamental principles of due diligence is the key.