With Madoff-Supported Foundation’s Demise, NYPL Loses Backer
Norman Oder -- Library Journal, 1/14/2009
- Picower Foundation gave millions to NYPL
- No outstanding obligations
- No other reports yet of Madoff effect on libraries
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While no libraries have apparently been hit by losses from direct investments in or support from alleged Ponzi scheme mastermind Bernard Madoff, a foundation that has provided several million dollars since 2000 to the New York Public Library (NYPL), has gone out of business. The NYPL relies significantly on private fundraising for its Research Libraries division. The Palm Beach, FL-based Picower Foundation, which once had $1 billion in assets managed by Madoff, had given $268 million to various organizations, according to the New York Times, but shut down last month.
NYPL spokesman Herb Scher told LJ, "The Picower Foundation has been a great supporter of the Library providing funding for such initiatives as public technology training, our integrated library system project, and the renovation of our Fort Washington Branch children’s room. We are extremely sorry to see them affected by this very unfortunate turn of events. Currently the Foundation has no outstanding obligations to the Library. However the Foundation supported important programs and that support will be sorely missed."
In 2000, for example, NYPL announced a $2.3-million grant from the Picower Foundation to retool ten library sites into public computer training centers. In 2007, LJ reported that $1.3 million from the Picower Foundation was supporting an effort to merge NYPL’s two automation systems and two catalogs, which support the Research Libraries and the Branch Libraries, respectively.
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