JFN: Foundations Will Provide Bridge Funding for Nonprofits Hurt by Madoff

December 23, 2008

Source: JTA


At a meeting of 35 of the largest Jewish foundations convened in New York on December 23, 2008 by the Jewish Funders Network to discuss responses to the damage caused by the massive alleged Madoff Ponzi - scheme, they decided to set up a clearinghouse to allow nonprofits to share resources, publicize their needs and callout if they are in danger.


The foundations will also establish a pro-bono group of accountants, lawyers, development professionals and strategic planners to provide expertise to those organizations who are currently in need. In addition, they will begin to raise money that will help create bridge financing to assist those organizations more immediately affected.


Madoff's alleged scheme did enormous damage to some of the country's most prominent Jewish foundations and nonprofit organizations.

Updated: Jan. 01, 2009