Spring Break
Univ not affected by stop of Shapiro grants
by Alana Abramson
Staff writer
News | 2/3/09
Posted online at 8:08 AM EST on 2/3/09
Brandeis will not be affected by the Carl and Ruth Shapiro Family Foundation's decision to suspend grants in 2009 as a result of their monetary losses in the Bernard Madoff Ponzi scheme because the University did not expect to receive any donations from the Shapiro family even before the Foundation's decision, according to Senior Vice President of Institutional Advancement Nancy Winship.
The Shapiro Foundation announced last Friday that it will provide neither grants nor capital pledges in 2009 to any organizations to which they had previously donated, according to an article in the Boston Globe.
According to the statement on the Foundation's Web site, "The Foundation made this difficult decision as a result of losing a significant portion of its assets due to the fraudulent actions of Bernard Madoff," and that suspending grants for a year will hopefully "ensure the long-term health and stability of the Foundation." Despite this decision, the Foundation maintained its promise to "honor its current grant commitments for both capital projects and multi-year grants."
The Foundation announced last month that it lost 40 percent of its wealth in Madoff's Ponzi scheme.
Diana Pisciotta, the executive vice president of the Shapiro Foundation, confirmed the report in the Boston Globe.
Winship said that Brandeis won't be affected because the University had no intention of asking the foundation for a pledge in 2009.
Winship said that the Shapiro Foundation was committed to fulfilling its pledges to Brandeis for the $25 million Carl J. Shapiro Science Center, the $14 million Carl and Ruth Shapiro Admissions Center and the $3.5 million Rhonda S. and Michael J. Zinner Forum in the Heller School for Social Policy and Management. "Mr. Shapiro has repeatedly said he will honor all existing pledges," Winship said.
"The Shapiros have done an amazing amount for Brandeis and have helped transform the institution. We never considered asking for new grants this year and did not think of going to Shapiro when it was apparent the University's endowment was shrinking because he has already done so much," Winship said.
The Shapiro Foundation announced last Friday that it will provide neither grants nor capital pledges in 2009 to any organizations to which they had previously donated, according to an article in the Boston Globe.
According to the statement on the Foundation's Web site, "The Foundation made this difficult decision as a result of losing a significant portion of its assets due to the fraudulent actions of Bernard Madoff," and that suspending grants for a year will hopefully "ensure the long-term health and stability of the Foundation." Despite this decision, the Foundation maintained its promise to "honor its current grant commitments for both capital projects and multi-year grants."
The Foundation announced last month that it lost 40 percent of its wealth in Madoff's Ponzi scheme.
Diana Pisciotta, the executive vice president of the Shapiro Foundation, confirmed the report in the Boston Globe.
Winship said that Brandeis won't be affected because the University had no intention of asking the foundation for a pledge in 2009.
Winship said that the Shapiro Foundation was committed to fulfilling its pledges to Brandeis for the $25 million Carl J. Shapiro Science Center, the $14 million Carl and Ruth Shapiro Admissions Center and the $3.5 million Rhonda S. and Michael J. Zinner Forum in the Heller School for Social Policy and Management. "Mr. Shapiro has repeatedly said he will honor all existing pledges," Winship said.
"The Shapiros have done an amazing amount for Brandeis and have helped transform the institution. We never considered asking for new grants this year and did not think of going to Shapiro when it was apparent the University's endowment was shrinking because he has already done so much," Winship said.
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