This is the twenty-third in a series of installments on this blog that are discussing issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Installments 3 through 8, Installment 10 and Installments 14 through 22 of this series focused on the concerns of charities that were investors with Madoff and similar schemes. All potential stakeholders should consult professional advisors to have their positions evaluated.
This Installment presents in tabular form and expands Installments 14 and 22 relative to the comparison as to how Hadassah and Yeshiva have disclosed publicly their respective investments with Madoff. Defined terms and links not otherwise contained herein are included in Installments 14 and 22. Readers are encouraged to consult the earlier blog posts as a background for this Installment.
As stated in Installments 14 and 22, it is my view that Yeshiva provided significantly greater disclosure and transparency relative to Madoff and related matters through its Form 990 filing than Hadassah did in its Forms 990. As a result I believe that Yeshiva has been more successful than Hadassah in using the Form 990 reporting process proactively to build new credibility.
The following table updates the tabular information contained in Installment 14 based upon the December Hadassah Form 990 that was first discussed in Installment 22.
(Information in the Hadassah and Yeshiva columns is from the Hadassah Forms 990 and the Yeshiva Form 990, unless otherwise noted; readers may access Forms 990 by visiting Guidestar after making a free online registration. The table below should be read in conjunction with the definitions, links and discussion in Installments 14 and 21 of this series.)