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Tag Archives: Form 990-PF

Picard v. Mets/Wilpon/Katz Madoff Settlement One Year Later – Part III: Was the Michael Katz Form 990-PF Worth the Wait? – Installment 91

Posted in Bernard Madoff

Even though the private foundation of Dayle and Michael Katz (the “Michael Foundation”), like the private foundation of Iris and Saul Katz, took ample time until February 1, 2013 to prepare its Form 990-PF, such Form 990-PF suffers from a scarcity of information as to the Michael Foundation’s involvement with Madoff. However, the Michael Foundation’s situation is very different from that of the Saul Foundation.

Picard v. Mets/Wilpon/Katz Madoff Settlement One Year Later – Part II: Was the Saul Katz Form 990-PF Worth the Wait? – Installment 90

Posted in Bernard Madoff

Even though the private charitable foundation of Saul and Iris Katz took ample time until February 1, 2013 to prepare its 2011 Form 990-PF, such Form 990-PF suffers from a disappointing and manifest scarcity of information as to involvement with Madoff and the Settlement Agreement with Madoff Trustee Picard.

Picard v. Mets/Wilpon/Katz Settlement One Year Later – Part I: Why Were Certain Katz IRS Forms 990-PF so Delayed? – Installment 89

Posted in Bernard Madoff

This blog series has been monitoring the quality of disclosures being made by private charitable foundations of the Wilpon and Katz families in their IRS Forms 990-PF as to involvement with Madoff and the Settlement Agreement made with Trustee Irving Picard approved on May 31, 2012. The Forms 990-PF provide not only a window into the internal operations of the foundations but also allow for analysis of the quality of the disclosures made as to a matter that has received wide and continuous publicity.

The Picard/Wilpon Settlement: Should there be Disclosure in 2011 Forms 990-PF Filed with the IRS by Wilpon Private Foundations? – Installment 87

Posted in Bernard Madoff

It is perplexing that Forms 990-PF filed with the Internal Revenue Service by various Wilpon family private foundations provide no reference to the assignment to Madoff Trustee Irving Picard of their allowed net equity claims and the encumbering of their “Estimated SIPC Recovery – Madoff Theft Loss,” even though such 2011 Forms 990-PF were filed well after Federal District Court approval on May 31, 2012 of the Settlement Agreement dated April 13, 2012 between Picard and the Wilpons.

After Madoff and Other Ponzi Schemes, Have Charities Become More Wary About Donors Bearing Large Gifts? – Installment 83

Posted in Bernard Madoff

The return of grants by a charity to private foundations related to the the sons of Bernard L. Madoff evidence that some charities may be exercising greater caution in their gift acceptance policies as a result of the dramatic and sometimes devastating consequences that highly respected charities have suffered from involvement in Ponzi schemes.

Will JASA Become More Forthcoming in Disclosing its Substantial Losses and Risks from Investing with Madoff? – Installment 62

Posted in Bernard Madoff

There has been a disappointing lack of transparency evidenced by the Jewish Association for Services for the Aged — a defendant in a clawback action recently filed by the Madoff trustee — in its failure to provide meaningful public disclosures of the magnitude of its investments with Madoff and its loss and exposure to risk, either in media releases or in filings of Forms 990 with the Internal Revenue Service.

Can Picard Pull off a Squeeze Play by Using His $5.2 Million Lawsuit Against JASA to Place Pressure on Saul Katz of the Mets? – Installment 61

Posted in Bernard Madoff

Trustee Irving Picard has addressed charities that invested with Bernard Madoff in a perplexing and inconsistent manner, virtually to the point of arbitrariness and unfairness. His new $5.2 million lawsuit against the Jewish Association for Services for the Aged not only reaffirms his erratic behavior in this area, but also suggests that Picard may have other purposes for his actions.

Madoff, Picard and Charities: A Comparison of Treatment of the Lautenberg Foundation and the Wilpon/Katz Foundations – Part 2 – Installment 52

Posted in Bernard Madoff

The comparison of the Wilpon/Katz private charitable foundations with the Lautenberg private charitable foundation indicate that Irving Picard, the Madoff Trustee, has made peremptory and perplexing decisions not only as to the Madoff investors that he has chosen to pursue but also the extent of recovery that he is seeking.

Madoff, Picard and Charities: A Tabular Comparison of the Wilpon/Katz Foundations to the Lautenberg Foundation – Part 1 – Installment 51

Posted in Bernard Madoff

The tabular comparison of the Wilpon/Katz private charitable foundations with the Lautenberg private charitable foundation can be helpful in analyzing, based primarily on the public information filed by the foundations with the IRS, whether Irving Picard, the Madoff Trustee, is dealing uniformly with these foundations and their respective founders.

Madoff and Charities: The Lautenberg Foundation Files its Past Due 2008 Form 990-PF – Installment 41

Posted in Bernard Madoff

This is the forty-first in a series of installments on this blog that are discussing some of the issues arising in the aftermath of the Ponzi scheme perpetrated by Bernard L. Madoff (“Madoff”). Many of the Installments in this series have focused on specific problems and concerns respecting public charities and private foundations that were… Continue Reading

The Litwin Foundation and Madoff: A Review of the Foundation’s Forms 990-PF in Light of Its New Lawsuit Against the SEC – Installment 36

Posted in Bernard Madoff

This is the thirty-sixth in a series of Installments on this blog that discusses issues that have arisen for charities in the aftermath of the Bernard L. Madoff (“Madoff”) Ponzi scheme scandal. A number of Installments have analyzed the Forms 990 and Forms 990-PF filed with the Internal Revenue Service (“IRS”) by specific public charities… Continue Reading

A Revisit to the Lautenberg Private Foundation Lawsuit vs. Peter Madoff – Installment 28

Posted in Bernard Madoff

This is the twenty-eighth in a series of installments on this blog that are discussing some of the issues arising in the aftermath of the Ponzi scheme perpetrated by Bernard L. Madoff (“Bernard”). Many of the Installments in this series have focused on specific problems and concerns respecting public charities and private foundations that were victims… Continue Reading

The Madoff Aftermath and Charities: The IRS Forms 990-PF of the Shapiro and Wilpon Foundations – A Contrast in Transparency – Installment 27

Posted in Bernard Madoff

This is the twenty-seventh in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal. Against the backdrop of the Madoff scandal, Installment 26 of this series discussed certain disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in its… Continue Reading

The Madoff Aftermath and Charities: Should the IRS Adopt the New Requirements for Amending Form 990 for Form 990-PF? – Installment 26

Posted in Bernard Madoff

This is the twenty-sixth in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal. Against the backdrop of the Madoff scandal, prior Installments of this series have discussed and analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service… Continue Reading