both from Haaretz: Financiers fear Madoff-style fraud in Israel Senior figures in Israel's financial industry fear that a Madoff-style fraud could happen in Israel. The private investment fund market is considered the most vulnerable arena, since in Israel, as in the United States, it is unsupervised. Madoff funds may have been used to evade taxes Hundreds of Israelis who invested their money in the funds managed by Bernard Madoff and … [Read more...] about The (Israeli) Taxman Cometh
Jewish Philanthropy. Chronicled.
Haviv Rettig writing in this morning's Jerusalem Post: Jewish education programs in the former Soviet Union are in danger of collapse as Israel government funding dries up and the global economic crisis threatens its main donors. The most at-risk institution is the Heftsiba project, an Israeli government-funded program in 45 schools that provides funds, curricula and teachers from Israel for Jewish and Zionist education. Some 10,000 … [Read more...] about Cash Crunch Hits FSU Jewish Programs
from Zeek at Jewcy: The Madoff scandal has exposed the bare underbelly of the Jewish non-profit world: most of its money comes from foundations or very significant private donors. It's a top-down world that's now going belly-up... We are all grateful for foundations and major donors. Tzedakah is a mitzvah, and the Jewish community is remarkable for the generosity of its major donors. The donors are not the problem. The problem is that we … [Read more...] about Madoff: Rethinking Jewish Fundraising
from the Center for Leadership Initiatives: As if scripted into exaggeration by Hollywood writers, the saga of Bernie “Ponzi” Madoff has thrown the Jewish communal world into unprecedented turmoil. We are just beginning to hear the big fiscal numbers and sit in anxious dread watching the “smaller” human numbers unfold – jobs lost, organizations folded, life savings erased, and lives decimated. One week into the fallout from Madoff’s arrest on … [Read more...] about Lessons from Bernie Madoff
You know things must be really tough for Hadassah if Nancy Falchuk, Hadassah's National President, releases an urgent solicitation request on a Friday evening - one of the worst times in the U.S. news cycle for exposure. Here are some excerpts (emphasis eJP): Protecting our mission and our values takes more than planning. That's why we need every member of Hadassah, and generous non-members as well, to be involved. This a critical moment in … [Read more...] about Hadassah Is Really Hurting
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 … [Read more...] about Another Foundation Closes