Trusts and Estates > Philanthropy > How To Help Foundations From Being Madoffed

May 1, 2009 12:00 PM

How To Help Foundations From Being Madoffed

Follow the complex maze of federal and state laws to (relative) safety

By David T. Leibell & Phyllis Maloney Johnson

If private foundations losing billions to Bernard Madoff's Ponzi scheme and going out of business weren't enough of a cautionary tale for private foundations everywhere,1 add this: At least two state attorneys general are examining the actions of the foundation boards that were caught flatfooted by the Madoff disaster.2 And, of course, the glare of these bad headlines and state investigations comes after a decade of the federal government's increasing scrutiny of how charities handle their money and a recent doubling of the federal excise tax rates on private foundations.

Clearly, now is an excellent time for foundation managers and those who advise them to review the laws and latest decisions governing their investment decisions.

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Private Foundations Life Insurance
2010 Tax Act News Industry Trends Surveys

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