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Learning from Madoff

Learning from Madoff Product ID: Madoff
Full title: Learning from Madoff: Lessons for Foundation Boards

Published: June 2009

More than 80 percent of foundations that lost between 30 to 100 percent of their assets to Bernard Madoff’s Ponzi scheme had fewer than five trustees serving on their boards. In Learning from Madoff, NCRP research and policy director Niki Jagpal and research assistant Julia Craig examined whether there was any link between board size and diversity, and exposure to Madoff’s fraudulent activities.

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View the tables "Foundations with Possible Exposure to Madoff of 30% or More"
By Number of Board Members and Percent of Assets Possibly Exposed
By Percent of Assets Possibly Exposed and Number of Board Members

Erratum: The correction below is a change that has been made to the report since its initial release on June 29, 2009. This change is also reflected in the revised edition, which is available for free download online.

NCRP corrects the number and names of trustees of the Maryland-based Adler Foundation. On page 2, NCRP corrects the number of foundations listed under bullet 3 from 38 to 39 and 46 to 45. NCRP also corrects these numbers and trustees listed in the corresponding tables. These changes do not influence our findings. All documents can be found online at


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