Some of the nation’s largest charitable institutions suffered major losses to their endowments in 2008, forcing them to make deep cuts in operations that would have been unthinkable only a year ago. After its endowment lost more than $3-billion in 2008, Shriners Hospitals for Children decided not…
By Ben Gose
Senior Editor
Trustees Could Be Held Liable for Decisions in Madoff Case
These are trying times for the boards of charities and foundations that have seen investments evaporate in the Bernard Madoff fraud. But for the board members themselves, things could get even worse. Attorneys general, lawyers representing the very charities the board members serve, and possibly…
By Ben Gose
Senior Editor
The timing of the alleged fraud committed by Bernard L. Madoff could not have been worse. With just weeks left in what was already shaping up as one of the most challenging fund-raising years ever for charities, Mr. Madoff reportedly admitted on December 11 that his investment-management business…
By Ben Gose
Senior Editor
Princeton University will pay $50-million and almost as much in legal fees to foundations controlled by the heirs of a major donor to the institution, in a settlement that ends a closely watched lawsuit over how strictly colleges must adhere to a donor’s wishes. The bitter dispute centered on an…
By Ben Gose
Senior Editor
After years of struggling to connect with donors, World Concern, a Christian charity that does disaster-relief and development work in 29 countries, saw some promising signs early last fall. Donations had grown 5 percent over 2007 for the three months ending in September, thanks in part to a…
By Ben Gose
Senior Editor
Connecticut Attorney General Examines Liability of Charity Trustees in Madoff Scandal
Liability of nonprofit trustees in Madoff scandal under scrutiny by Conn. attorney general
By Ben Gose
Senior Editor
Charities Calculate Losses in Alleged Ponzi Scheme
Charities calculate losses in alleged Ponzi scheme
By Ben Gose
Senior Editor
Three Foundations Close After Losing Money in Alleged Ponzi Scheme; Other Charities Harmed
The giant Ponzi scheme allegedly perpetrated by Bernard Madoff is rippling through Jewish philanthropy and charities, forcing the closure of at least three foundations and major losses at foundations established by the likes of Steven Spielberg, Elie Wiesel, and New Jersey Sen. Frank R. Lautenberg.…
By Ben Gose
Senior Editor
Businessmen Match Donors With Fast-Growth Charities
The concept is nothing new: Take top-performing charities with demonstrated results and give them the money they need to spread their successful programs throughout the country. That idea was first championed by the many venture-philanthropy funds that sprang up during the Internet bubble, and the…
By Ben Gose
Senior Editor
Princeton and Robertson Family Settle Donor-Intent Dispute
Princeton University will pay $50-million, plus legal fees, to foundations controlled by heirs of a major donor to the institution, in a settlement agreement that ends a closely watched lawsuit over how strictly nonprofit institutions must adhere to a donor’s demands. The bitter dispute centered on…
By Ben Gose
Senior Editor