Food Activist Group Felled by Madoff Scheme
The Fair Food Foundation, which was established less than a year ago to improve food access and support urban agriculture in Detroit and the San Francisco Bay area, announced today that it was shutting down because its money was handled by Bernard L. Madoff, the respected investment manager who turned out to be running an alleged $50 billion Ponzi scheme.
“Due to the loss of funding, Fair Food Foundation is no longer in a position to consider any requests for funding,” Oran B. Hesterman, the group’s President and chief executive announced in an email today. “We will be spending the next few weeks closing down our operation.”
When it announced its formation in 2007, the group said it would have a startup budget of between $12 million and $20 million per year, primarily to be awarded as grants to non-profit organizations.
“The loss of the Fair Food Foundation and the potential financial support it would have provided is a stinging blow to the community of activists, advocates, organizers, and funders dedicated to redesigning our broken food system,” Mr. Hesterman said in the e-mail. “All of us at Fair Food Foundation remain totally committed to the mission we have articulated and will find ways to bring our talents, skills and energies to continue working toward a more sustainable and equitable future. We encourage you to do the same!”
NEW YORK (AP) - One of the nation's leading educational philanthropies announced that it would close in the coming months, brought down by the alleged financial fraud orchestrated by Bernard Madoff.
Barbara Picower, who along with her husband, Jeffry, established the Picower Foundation in 1989, said in a statement on Friday that the foundation's grant-making would cease "effective immediately" and that it would "close its doors in the coming months."
... The Picower Foundation has given millions to the Massachusetts Institute of Technology, Human Rights First and the New York Public Library. It also funded diabetes research at Harvard Medical School. It is based in Palm Beach, Fla., and has offices in New York.
... A smaller foundation, the JEHT Foundation, which supported numerous programs that aimed to reduce levels of incarceration and barriers to voting, announced it would close at the end of January. ...