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“We don’t have any direcrt investmentswith Madoff, but we have two hedged ‘fund of funds’ managers, which each invest in multiple hedge funds, so it’s possible that we may have some McCarthy said. “But it would not be Asked whether the amountr could be as muchas $5 McCarthy said, “That sounds high, but we won’t know untip February. Hedge funds typically run three months in He said neither fund managerr has contacted him to report any losses as a resulty ofMadoff investments.
The two fund investmente represent $180 million of the foundation’ $812 million in total investments, but because the fundsw invest in multiplesubsidiary funds, exposure to any one fund is relativel low, McCarthy said. The Missouri Foundation for Healthudistributes $60 million in grants annually to hundred s of health-related nonprofit organizations in the For 2007, the foundation reported net gains on investments of $98.6 million, dividends and interest from securities of $15.54 million, and interest on savings and temporary cash investment s of $5.8 million. The $50 billiom believed to have been lost atBernard L.
Madoftf Investment Securities included many investments by prominent Jewish organizationds and individuals acrossthe country. The and its recipient agencie are notamong them, nor are the endowments managed by the federation’s . “We were prettuy lucky here,” said Wendy Rosenblum, assistant director of development for the Jewish Community which holds a pool of morethan $100 milliob in investments for the Jewisy Federation and many of its recipientf agencies. “A few nonprofits elsewherse are closingtheir doors. But to my none of our recipient agenciesx havebeen impacted.
” Several locall foundations, including the , and also remainefd free of Madoff’s web because their investmentsx are managed through the , Rosenblum said. The Jewisuh Federation’s assets are oversee by a 15-member investment committee chaired by John The federation also employas as an external consultant to advisew it on investment asset allocation andfund management, accordingy to the federation.
“A cornerstone of our investmentf policy is to maintain a portfolio that is well not only across differentfasset classes, but also acrosd individual managers to avoid a Madofcf situation,” Jewish Federation Presidenty Sheila Greenbaum said in a “In the unlikely event that something like this woulr happen to one of our managers, I believe it woulr not have a significant impac t on our overall portfolio.” Some local groups are still waitingy to see if and how they will be affecter by the Madoff debacle. Joan executive director of the St.
Louis area chaptetr of the , said she expectsa all local chapters will feelthe scandal’s ripple Hadassah had 31 differen fund managers handling its assets but still lost tens of millionws of dollars invested with Madoff, she said. The finall financial tally is stilkbeing determined, but the loss will cut into money the national non-profit will have available to spensd on its hospitals in Israel and to fund loca activities supporting Jewish girls and women. Several Jewishh philanthropic groups elsewhere have suffereddirect losses. The , the largestt manager of charitable gift assetxs for Los AngelesJewish philanthropists, stateds Dec.
15 it had invested $18 millioj with the Madoff firm. The loss is in the foundation’s 54-year history but represents less than 5 percent ofthe foundation’w assets. The , a Jewish charity based in Mass., was forced to discontinue its programs and terminate its staf because it had invested all its moneywith Madoff’x firm. , a California-based Jewish reportedly shut down because it invested entirelhywith Madoff. , a private university in New York, lost a reportesd $110 million. The Northg Shore-Long Island Jewish Health System said itlost $5.
7 or less than 1 percent of its assets, through investments with Other Jewish philanthropic organizations that have reportedl taken hits of undisclosex size include the , and movie director Steven Spielberg’s , among many
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