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L.A.’s Community Foundation loses 11% in Madoff scheme

The L.A. Jewish Journal links to a letter posted on Luke Ford’s site, from the leaders of the L.A. Jewish Community Foundation:

Thankfully, none of the Foundation’s Donor Advised Funds were invested with Mr. Madoff’s firm and thus suffered no loss. However, the Foundation’s Common Investment Pool, which primarily consists of the Foundation’s permanent endowment funds and agency custodial funds, including the United Jewish Fund endowment, invested funds with Mr. Madoff’s firm in an amount aggregating $18 million. At the end of October, the investment was valued at approximately $25.5 million out of a total of approximately $238.6 million, representing approximately eleven percent of the assets in the Common Investment Pool.

The Foundation has engaged counsel and we are in the process of determining and assembling the relevant facts. We intend to thoroughly investigate and evaluate all of the facts surrounding this situation and to review the relevant policies, and we will make appropriate modifications in the event they are warranted. We are not in a position to comment further until we complete our factual investigation. As we acquire additional new and material information, we will keep you informed. Our intention is to be totally transparent as we work through this matter together. Notwithstanding any loss that the Common Investment Pool may experience as a result of Mr. Madoff’s conduct, we are proud of the Foundation’s long term record.

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