UJA/Federation of Westport Weston Wilton Norwalk has no investments with Bernard L. Madoff Securities, Inc., the Westport group said today. It said its current operations are unaffected by the scandals surrounding Madoff.
“Mr. Madoff’s association with many Jewish philanthropies could cause concern that UJA/Federation of Westport Weston Wilton Norwalk might be affected, and we want our donors and beneficiary organizations to know that our investments are not affected,” said Steven M. Friedlander, executive director of UJA/Federation WWWN.
“This organization’s self-managed funds are primarily in FDIC-insured bank accounts and government securities. Rest assured, we are able to carry out our mission and make good on our commitments for the current fiscal year.”
UJA/Federation WWWN is a member of the Jewish Community Endowment Foundation, based in Stamford.
JCEF manages and invests funds for member organizations and also assists individuals and families in many aspects of planned giving.
Wesporter Henry Feuerstein, president of JCEF, has reassured JCEF members regarding the lack of exposure in the Madoff scandal, the UJA/Federation announcement said.
“The directors of Jewish Community Endowment Foundation have been watching with dismay the unfolding of events involving Bernard Madoff and the funds controlled by him,” Feuerstein said. “None of the assets managed by JCEF is invested with Madoff.”
Concern for the community is heightened as the Madoff losses compound an already difficult year for individual investors as they consider their own charitable contributions. Friedlander said.
“We remain hopeful that our mission to provide efficient, thoughtful, and in many cases critical financial support to Jewish communities, charities and causes in Fairfield County, worldwide and in Israel, will motivate our contributors to continue their support for our vital work,” he said.
