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62
September 17 s, 2009
investment committee). It also has
prompted media organizations to
take a second look at the possibility
that Hadassah and other charities
potentially could be forced to return
millions of dollars in profit that they
withdrew over the years from their
Madoff accounts.
At the time that Madoff's scheme
was exposed last year, Hadassah
thought its account was worth $90
million, leading to initial reports
about the losses suffered by the
organization. But later it emerged
that over the years Hadassah actu-
ally had withdrawn $130 million
from its Madoff account.
Weinstein and Hadassah officials
both have said that the first $7 mil-
lion the organization invested with
Madoff in 1988 came from a donor
who insisted the money be handled
that way. Hadassah had invested
another $33 million with Madoff by
1996, a year before Weinstein left the
organization.
Hadassah's Response
When news of Weinstein's book first
broke, Hadassah officials were quick
to insist that it was the first that they
were hearing of the affair; the orga-
nization also stressed that there were
many other members on the com-
mittee that decided to invest some of
Hadassah's money with Madoff.
"Hadassah was shocked to hear the
news reports of Mrs. Weinstein's per-
sonal admissions regarding this rela-
tionship. Indeed, we knew nothing
of her relationship with Mr. Madoff
until today, and her departure was
unrelated to Mr. Madoff," Hadassah's
president, Nancy Falchuk, said in
a message sent to members of the
organization's board of directors.
Hadassah officials will not say
why Weinstein left, but insist that it
had nothing to do with Madoff.
The Chronicle of Philanthropy
reported in 1998 that upon leav-
ing Hadassah after nearly 14 years,
Weinstein received $112,700 for
195 days of accrued vacation and
$300,000 in severance. A Hadassah
official was quoted as saying that the
payments were part of "reaching an
agreement" on her departure from
the organization.
Efforts to reach Weinstein through
her publisher were unsuccessful.
Hadassah insiders who asked
not to be identified offered a mixed
picture on the fund-raising fallout
from the Madoff scandal. On the
one hand, there are loyal support-
ers who have rushed to support
the organization. But there are also
those dismayed at how Hadassah
ended up investing with Madoff in
the first place, and others who say
they are reluctant to donate to an
organization that could be forced to
return money relating to its Madoff
investments.
One insider said it is believed that
no Hadassah board members were
hit by Madoff, though some mem-
bers of the organization — smaller
donors who belonged to the country
clubs in New York and Florida where
Madoff poached — were wiped out.
It is too early to calculate with
certainty whether Hadassah will suf- -
fer a significant drop in fundraising
this year because of the fallout. But
even if donations are down, with so
many organizations experiencing a
drop in support because of the eco-
nomic climate, it would be difficult
to prove a direct link to the publicity
from the Weinstein tell-all. Officials
at many nonprofits say they are
assuming that many donors are sim-
ply hiding behind any excuse they
can to avoid making donations.
Moving Forward
Meanwhile, Falchuk (who also is a
member of JTA's board of directors)
is highlighting several recent fund-
raising successes and hammering
home the message that Hadassah is
moving beyond the Madoff scandal.
AS we near the end of August,
Hadassah has received some good
news:' she said in a recent message.
"A new pledge of $1 million, with
two others in the pipeline, reflect
the excitement, vitality and health of
the organization. To date, over $213
million in gifts and pledges have
supported our commitment to build
the Sarah Wetsman Davidson Tower
at the Hadassah Medical Center in
Jerusalem, approaching our goal of
$318 million without equipment.
[The tower is named for the mother
of the late Detroiter Bill Davidson,
who started the campaign with a
$75 million donation.)
"What a hopeful way to end the
summer and begin the new year:'
Falchuk added. "In three years, 2012,
Hadassah will celebrate our centen-
nial anniversary and dedicate the
new Tower in Jerusalem. We look
forward to a vibrant future for the
organization and continuing our
good work into the next century
— in Israel, America and around the
world." 1-1