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.
This posting will utilize recent publicly-available consolidated financial statements and Forms 990 of Hadassah to review the impact over the last several years of the Madoff scandal on the membership and dues and legal fees of Hadassah.
It was recently reported that the Hadassah hospital in Israel, which is supported and owned by the non-profit Hadassah affiliate that actually paid the $45,000,000 in cash settlement to Trustee Irving Picard in the Madoff bankruptcy, has been unable to meet $2.65 million in payments to suppliers.
With the recent passage of the third anniversary of the arrest of Bernard Madoff, it appears appropriate to review where Hadassah currently stands, as reflected in publicly available documents, in light of its settlement payment of $45,000,000 in March 2011 to the Trustee of the Madoff bankruptcy proceedings.
Hadassah continues its two years of perplexing and conflicting public statements and IRS filings about Madoff in the reporting of its $45 million settlement in the Madoff bankruptcy.
Following two years of perplexing and conflicting public statements and IRS filings about Madoff by Hadassah, it is voluntarily paying $45 million to settle a potential clawback claim of $97 million in the Madoff bankruptcy.