Los Angeles, CA - Largest Jewish Foundation Lost $18M in Madoff Fraud |
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Marvin I. Schotland (right), president and chief executive officer, Jewish Community Foundation of Los Angeles, presents a $25,000 check to Paul Schulz, CEO, American Red Cross of Greater Los Angeles (AP file photo)Los Angeles, CA - The Jewish Community Foundation (JCF) of Los Angeles announced today that it lost 18 million U.S. dollars in the massive Bernard Madoff investment fraud case.
As the largest manager of charitable assets for Los Angeles area Jewish philanthropists, the JCF said the loss represents less than 3 percent of the JCF’s total assets and about 6 percent of assets in its common investment pool as of the end of 2007.
The JCF released the figure as part of a report completed by a committee appointed to examine the circumstances related to the organization’s investment with Bernard L. Madoff Investment Securities.
Marvin I. Schotland, the JCF’s president and CEO, said the JCF undertook the financial analysis “out of an unwavering commitment to continuing disclosure and accountability that we have stressed since the outset of these events.”
The foundation invested a total of 18 million dollars with Madoff in two stages beginning in March 2004. Immediately following revelations of the 65-billion-dollar fraud, the JCF board began looking into possibly revising policies and practices of its investment committee, Schotland said.
He said the organization remains financially strong, with total assets of 670 million dollars at the end of last year.
Schotland added that the JCF’s mission of supporting the Jewish community in Los Angeles and Israel, along with broader charitable causes, remains unchanged.
“We are responding to the troubled U.S. economy by stepping up financial support for critical programs that reach those with the most profound needs,” he said.
The JCF ranks among the 10 largest Los Angeles foundations. In 2008, the foundation and its donors distributed more than 63 million dollars in grants to hundreds of organizations with programs that span the range of philanthropic giving, Schotland said.
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Read Comments (8) — Post Yours »
1
Apr 01, 2009 at 06:51 PM Anonymous Says:Report as Inappropriate
Why do these irreligous organizations sit on millions of dollars. If your a "non for profit" then give the money to those in need ans not shady investors...... I hope they learned their lesson!!!!!!
2
Apr 01, 2009 at 07:44 PM shelpshitz Says:Report as Inappropriate
“ Why do these irreligous organizations sit on millions of dollars. If your a "non for profit" then give the money to those in need ans not shady investors...... I hope they learned their lesson!!!!!! ”
Well they have to invest that way in troubled times like now when ppl don't give that much money for tzdokea at least that have the money that they earned via investing. Btw. It is a religious fund
3
Apr 01, 2009 at 07:38 PM Dov Says:Report as Inappropriate
“ Why do these irreligous organizations sit on millions of dollars. If your a "non for profit" then give the money to those in need ans not shady investors...... I hope they learned their lesson!!!!!! ”
How primitive - you have no understanding of money - just hand it out to you and your friends.What will they do for money next year? Oh yeah, the moshiach will be here no need to plan for next years.
4
Apr 01, 2009 at 06:08 PM Abe Says:Report as Inappropriate
Supporting jewish causes by donating the the antisemitic red cross?? Yeah, right.
5
Apr 01, 2009 at 11:10 PM Eli Says:Report as Inappropriate
“ Supporting jewish causes by donating the the antisemitic red cross?? Yeah, right. ”
Common misconception, but the American Red Cross is not anti-semitic; the INTERNATIONAL Red Cross is anti-semitic. In fact, the American Red Cross actually boycotted associating with the international red cross because of the way the international group treated Israel, and in fact was instrumental in getting the Magen Dovid Adom accepted as a member group.
6
Apr 02, 2009 at 04:49 AM Red tzelem Says:Report as Inappropriate
(Reply #5) I wouldn't paint that brush so wide it was just the previous president who did all that and she was forced to resign from her position over it.
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Apr 01, 2009 at 11:51 PM the money Says:Report as Inappropriate
fire the money managers. put the money in a vanguard/fidelity fund. spend the money.
8
Apr 01, 2009 at 11:35 PM shliemiel Says:Report as Inappropriate
This sounds like:
A person went collecting for the veyechili foundation. He was asked what do they do? he said we provide volunteers that say veyechilli with people that finish shemoina esra late. Someone asked so why do you need $? He says they have to pay people when the volunteers are away for fund raising or their weekend retreat.