Robert I. Lappin Charitable Foundation

The Robert I. Lappin Charitable Foundation is a Jewish non-profit organization that operates programs for Jewish youth. Its activities reflects the group's mission of "helping to keep our Jewish children stay Jewish, thus reversing the trend of assimilation and intermarriage." It is based in Salem, Massachusetts and primarily serves 23 cities and towns in the North Shore portion of Greater Boston.

The foundation was founded in 1993 by Robert Israel “Bob” Lappin (born 1922), a retired vacuum cleaner magnate and native of Swampscott, Massachusetts.

The Foundation's largest program was the "(Jewish) Youth to Israel" program, which offers Jewish youth a free trip to Israel. About 1,800 Jewish teenagers were supported by the foundation in their visit to Israel.[1] Lappin had begun the program in 1971.[2]

It also supported enrichment programs for Jewish educators, and interfaith outreach initiatives.[3][4] In 2007 the foundation gave about $1.5 million to Jewish groups.[1]

On December 12, 2008, the Lappin Foundation was temporarily forced to close because its entire $8 million endowment had been invested with Bernard Madoff.[5] Madoff was arrested and charged with securities fraud on December 11, 2008, and subsequently the fact that his fund was "basically a giant Ponzi scheme" leaked out. The group has been noted by many as one of the most severely affected clients of Madoff's firm. It laid off all seven of its employees, and all of its assets had been frozen by the federal courts in the aftermath.[3] Additionally, the foundation had invested its employees' 401(k) fund with Madoff, all of which was presumed lost.[2] Lappin has since donated replacement funding to make the 401(k) whole.

The Foundation's employees worked on a volunteer basis to raise funds to ensure Jewish Youth to Israel could continue in 2009.[2] Between further donations by Lappin and the repayment of grants by previous beneficiaries the program is now back on its feet.

References

  1. ↑ 1.0 1.1 http://www.washingtonpost.com/wp-dyn/content/article/2008/12/12/AR2008121203970.html
  2. ↑ 2.0 2.1 2.2
  3. ↑ 3.0 3.1 http://www.haaretz.com/hasen/spages/1046187.html
  4. ↑ http://www.nytimes.com/2008/12/13/business/13investors.html
  5. ↑

External links