JCC Association takes ‘not insignificant’ hit in Madoff scheme — possibly $7 million

The Jewish Community Centers Association of North America, the umbrella group for the country’s JCCs, has lost significant money in the Bernard Madoff scandal, but it officials are still working to determine how much.

“We did have exposure. We lost some money in our endowment and pension fund,” a spokeswoman for the organization, Miriam Rinn, told JTA. “It is not an insignificant amount, but it is far from fatal. It is a lot less than other people lost, and nothing that makes you say ‘Oh my God it is all over.’”

A source with knowledge of the situation said that the JCCA lost $7 million in total, but Rinn would not disclose exact numbers.

An investigation into the matter should be completed shortly, she said. The endowment and the pension fund benefit only the JCCA, and not the JCCs it serves.
 

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