Pew, Penn, other Philly nonprofits shared Madoff foundation cash
Pew, Penn, and other Philly nonprofits that received money from foundations whose endowments were invested by accused Wall Street scammer Bernard Madoff may need other funding sources now that Madoff has been shut down and the donors have lost their money..
The Pew Charitable Trusts, the University of Pennsylvania and nine other Philadelphia nonprofits were partly funded by two foundations that have shut down because the donors' main funding source, accused multi-billion-dollar Wall Street pyramid schemer Bernard Madoff, has been closed by the SEC.
Bloomberg News reporters reviewed the public documents of those foundations, and listed scores of national and regional charities that will have holes in their budgets if they expected Madoff funding going forward. For the full list, cut and paste this address in your browser:
http://www.bloomberg.com/apps/news?pid=20601088&sid=axfCpahVoHxM&refer=home
Madoff-dependent foundations, forced to close, that made grants to Philadelphia-area schools and charities in 2007:
JEHT foundation (supported juvenile justice advocacy) made these grants:
1) Association of Paroling Authorities International, Wallingford, $200,000
2) Center for Health Care Strategies Inc., Hamilton NJ, $59,000
3) Center for Traumatic Grief and Victim Service, Moorestown NJ, $37,500
4) Juvenile Law Center, Philadelphia, $150,000
5) Pew Charitable Trusts, Philadelphia, $750,000
6) Rutgers University Center for Mental Health, New Brunswick, $77,495
7) Trustees of the University of Pennsylvania Research, Philadelphia, $117,500
Picower foundation (supported health and mental retardation programs) made these grants:
8) Melmark Home, Berwyn, $25,000
9) Moving Traditions, Jenkintown, $75,000
10) Pennsylvania State University, $15,000
11) University of Pennsylvania, $400,000
12) University of Pennsylvania School of Medicine, $450,000 (previously reported by AP and in the Inquirer)