Jewish Funds for Justice had $3.9 million invested with Madoff
Jewish Funds for Justice, which funds various social action projects, had $3.9 million invested in Bernard L. Madoff Investment Securities LLC, the organization announced Wednesday.
The $3.9 million was from one of the organization’s donor-advise funds.
The loss will not affect JFSJ’s operational funds, it said in a release:
One of the donor-advised accounts held by Jewish Funds for Justice (JFSJ) had a $3.9 million investment with Bernard L. Madoff Investment Securities LLC. Last year, this account made grants totaling $487,000. We are pursuing recovery of these at-risk funds. No other JFSJ accounts have been affected. None of JFSJ's operational funds were impacted.
JFSJ remains committed to our grantmaking program and the important work our grantees do in low-income communities. We are deeply saddened by the catastrophic loss to the non-profit sector of personal and philanthropic dollars, which will continue to have a devastating effect.
3 Comments
Share This
Jewish Funds for Justice,
Madoff
Comments RSS Feed Reader Comments
All people with any feeling of concern and rachmanut for others are deeply saddened, troubled, and shocked by the current shanda which has touched all of our lives. Given that our people are truly one meshpachah, if one is hurting all feel that pain. We seek a collective means of Tikkun Olam at this time. We stand together united as one ready to extend our compassion where it is needed most right now.
Binnie Stein, Woodmere, New York, USA
Leave a Comment
To comment on this article, you must first be registered with JTA.
Not Registered?
There are real advantages to a FREE registration with JTA.org:
- Make your voice heard through comments on articles
- Receive our e-mailed Daily Briefing, an invaluable quick-read
- Help decide what Jewish news matters most with interactive tools
Register Now
Already a JTA member?
Recent Comments
- steve ariza on Rebranding Leonid Nevzlin
- steve ariza on Sharansky unplugged: Jewish Agency chairman sits down with The Fundermentalist
- steve ariza on Sharansky unplugged: Jewish Agency chairman sits down with The Fundermentalist
- steve ariza on Sharansky unplugged: Jewish Agency chairman sits down with The Fundermentalist
- steve ariza on JPost: Israeli govern to give Jewish Agency cash for budget, and JAFI to hold meetings in St. Pete
Mik Moore
12/18/08 12:34 AM
A correction is in order. It is not true that “the $3.9 million was the entirety of the organization’s donor-advise fund.” In fact, the $3.9 million was not even the entirety of a single donor advised account. Jewish Funds for Justice has numerous donor advised accounts, and only one had any investment with Madoff.