More good news from Cleveland: The Madoff losses


Some major Jewish institutions were caught up in the Madoff scandal, according to the Cleveland Jewish News:

Dozens of Cleveland Jewish nonprofit organizations large and small have received generous gifts from two family foundations that invested considerable sums – and sustained significant losses – with Bernard Madoff.

Those donations, made in 2007 and 2008, are already paid and are not at risk. But whether or not the Cleveland institutions will continue to benefit from such largesse could be one legacy of the $50 billion Madoff investment scam, which has resulted in major losses to a number of Jewish charities, particularly in New York and Florida.

The Irving I. Stone and The Sapirstein-Stone-Weiss foundations, established by the family that controls American Greetings, have assets of $44.2 million and $19.8 million respectively, according to the latest figures filed in November 2008 on IRS Form 990-PF. The forms also contain a list of charitable donations made during the fiscal year.

An “indeterminate” amount of money in the Stone Foundation’s most recent filing and just over $4 million of The Sapirstein-Stone-Weiss Foundation’s November 2007 assets of $18.6 million were “exposed” to loss, according to figures compiled by Daniel E. Smith of Benefit Technology and published Jan. 29 on the blog of New York Times columnist Nicholas D. Kristof.

The story includes a list of Cleveland institutions who had money invested with Madoff.

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