The NonProfit Times - February 1, 2009 - (Page 10) GENERAL RAMBLINGS PAUL CLOLERY Lena Foster: What did you finally invest in, Mr. Miller, do you remember? Daniel Miller: [under his breath] Um, uh cattle. Lena Foster: And what happened to the cattle? Daniel Miller: I don't know. I never got a straight answer. All I know is that their teeth fell out. --“Defending Your Life,” 1991 T Indefensible Foundations and endowments closing because of Madoff deserve it he people who need straight answers regarding the foundations and endowments that lost billions of dollars in the Ponzi scam allegedly run by Bernie Madoff are the clients who desperately needed the services provided by the charities that now have their funding cut because of the scam. Those answering the questions need to be the foundations’ and endowments’ board members. They are the ones who, with a nod and a wink, thought they were getting away with something by investing with a pal, who claimed to be beating Wall Street despite the Dow Jones tanking. More “perp walks” are needed. Madoff shouldn’t be the only one in handcuffs. State attorneys general should be preparing cells for charity officials who shirked their fiduciary responsibilities and put all of the charity’s financial eggs in a rotten basket. Various attorneys general have announced investigations into charities. They need to start with the investment committee members at the charities. Madoff is smart, you’d have to be to pull this off, right? Endowments were his pigeons because Madoff understood all too well that endowments don’t ever dip too deeply into the funds so there wouldn’t be a call for the money. Investment committees were fat and happy with pa- perwork that showed huge gains that had no basis in reality. Madoff is smart, smarter than the investment committees anyway. Rule number one of the investment committee member’s handbook clearly reads that it is not fiscally responsible to put all of an endowment in one investment or with one investment manager. It’s time investment committee members stop treating endowments as if they are not something that need constant attention. You’d think that a deal such as this wouldn’t pass the smell test administered by a seasoned financial professional. But when you look at the long list of people who were scammed, you realize it’s mostly folks who don’t believe their stuff stinks. There are some boldfaced names that are now more red-faced because of this theft. Actors Kevin Bacon and his wife Krya Sedgewick have acknowledged they, too, were swindled. The couple can make a movie and earn millions. But, there are people roaming the streets hungry because of this and don’t have those options. Although as of this writing Madoff remains in his posh penthouse with an electronic ankle bracelet, it’s a matter of time before he’s behind bars. There’s no way he can defend his life, nor can the board members of foundations and endowments who thought they were getting away with something. NPT CALENDAR FEBRUARY 1-3 The 2009 Family Philanthropy Conference, sponsored by the Council on Foundations, will be held in Indianapolis. Info: www.cof.org 7-10 NRB (formerly the National Religious Broadcasters) will hold its annual conference at the Gaylord Opryland Resort and Convention Center in Nashville. Info: www.nrbconvention.org 12-13 The American Marketing Association will hold its training series “Technomarketing: Using the tools and technology of tomorrow to reach your customers today,” in San Diego at the Hilton San Diego. Info: www.marketingpower.com 22-25 The 30th annual Association of Lutheran Development Executives Educational Conference will be held at the Renaissance Austin Hotel in Austin,Texas. Info: www.alde.org MARCH 4-5 The Run Walk Ride Fundraising Council will hold its annual conference at the Omni Mandalay Hotel in Dallas,Texas. Info: www.rwrconference.com 4-6 The Association International Conference will be held at the Marriott Learning Complex in Washington, D.C. Info: www.asaecenter.org 5-6 The American Marketing Association will hold its training series “Technomarketing: Using the tools and technology of tomorrow to reach your customers today,” in Chicago at Gleacher Center. Info: www.marketingpower.com 14-16 The Arts Reach National Arts Marketing Conference 2009 will be held in New York City at the Kimmel Center at New York University. Info: www.artsreach.org 15-17 The Association of Healthcare Philanthropy will hold the AHP New England Regional Conference in Newport, R.I. Info: www.ahp.org 15-18 The Association of Jewish Aging Services will hold its annual conference, “Thriving In An Age Of Change,” at the Hilton Torrey Pines, La Jolla, Calif. Info: www.ajas.org 26 The DMA Nonprofit Federation will hold its annual Critical Issues Facing Nonprofits Conference at Venable, LLP, in Washington, D.C. Info: www.federationofnonprofits.org 29-April 1 The Association of Fundraising Professionals will hold its annual conference at the Ernest N. Morial Convention Center in New Orleans. Info: www.afpnet.org 29-April 1 The National Center for Black Philanthropy will hold its annual conference in conjunction with the Association of Fundraising Professionals at the Ernest N. Morial Convention Center in New Orleans, La. Info: www.ncfbp.net APRIL 15-17 The Social Enterprise Alliance will hold its annual summit at the InterContinental Hotel in New Orleans, La. Info: www.se-alliance.org 19-21 The Association of Healthcare Philanthropy will hold its AHP Pacific Regional Conference in San Diego, Calif. Info: www.ahp.org 26-28 NTEN will hold the 2009 NTC (Nonprofit Technology Conference) at the San Francisco Hilton, San Francisco, Calif. Info: www.nten.org. To have your event considered for this column, fax the information to (973) 4010404. Please send the information at least eight weeks before the event. 10 FEBRUARY 1, 2009 THE NONPROFIT TIMES www.nptimes.com http://www.ncfbp.net http://www.ahp.org http://www.cof.org http://www.rwrconference.com http://www.ajas.org http://www.se-alliance.org http://www.asaecenter.org http://www.nrbconvention.org http://www.ahp.org http://www.federationofnonprofits.org http://www.marketingpower.com http://www.marketingpower.com http://www.marketingpower.com http://www.nten.org http://www.afpnet.org http://www.artsreach.org http://www.artsreach.org http://www.alde.org http://www.nptimes.com
Table of Contents Feed for the Digital Edition of The NonProfit Times - February 1, 2009 The NonProfit Times - February 1, 2009 Attorneys General Focusing On Fiduciary Responsibilities The Urge To Merge Taking Cancer To Court Contents Indefensible Calendar Special Report The Holidays Are Over Health Care Guide NPT Jobs Advertiser Index Resource Directory The NonProfit Times - February 1, 2009 The NonProfit Times - February 1, 2009 - Taking Cancer To Court (Page 1) The NonProfit Times - February 1, 2009 - Taking Cancer To Court (Page 2) The NonProfit Times - February 1, 2009 - Contents (Page 3) The NonProfit Times - February 1, 2009 - Contents (Page 4) The NonProfit Times - February 1, 2009 - Contents (Page 5) The NonProfit Times - February 1, 2009 - Contents (Page 6) The NonProfit Times - February 1, 2009 - Contents (Page 7) The NonProfit Times - February 1, 2009 - Contents (Page 8) The NonProfit Times - February 1, 2009 - Contents (Page 9) The NonProfit Times - February 1, 2009 - Calendar (Page 10) The NonProfit Times - February 1, 2009 - Special Report (Page 11) The NonProfit Times - February 1, 2009 - Special Report (Page 12) The NonProfit Times - February 1, 2009 - Special Report (Page 13) The NonProfit Times - February 1, 2009 - Special Report (Page 14) The NonProfit Times - February 1, 2009 - Special Report (Page 15) The NonProfit Times - February 1, 2009 - Special Report (Page 16) The NonProfit Times - February 1, 2009 - The Holidays Are Over (Page 17) The NonProfit Times - February 1, 2009 - The Holidays Are Over (Page 18) The NonProfit Times - February 1, 2009 - NPT Jobs (Page 19) The NonProfit Times - February 1, 2009 - Resource Directory (Page 20) The NonProfit Times - February 1, 2009 - Resource Directory (Page 21) The NonProfit Times - February 1, 2009 - Resource Directory (Page 22) The NonProfit Times - February 1, 2009 - Resource Directory (Page 23) The NonProfit Times - February 1, 2009 - Resource Directory (Page 24)
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