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Lifting the Curtain on Philanthropy Advising, "It's a False Dichotomy." This unique canal house, a national monument from 1670, is located in a central. Barbara Picower, President and Chair, JPB Foundation. "He's at the bottom of the pool," says a frantic and crying Mrs. Picower to the emergency operator on the other end of the line. Freilich is the treasurer of the JPB Foundation, and one of its trustees is William Zabel, the longtime lawyer for the Picowers who is a founding partner of the big law firm Schulte Roth & Zabel. Already a member? She is a white, non hispanic female registered to vote in Palm Beach County, Florida. We believe that following the settlement with the Madoff Trustee the substantial assets acquired by Mr. Picower through his many successful investments over the years (separate from Bernard Madoff) will be available and sufficient to fund the new charitable foundation, Zabel said. To advance opportunity in the United States through transformational initiatives that empower those living in poverty, enrich and sustain our environment, and enable pioneering medical research. According to InfluenceWatch, in 2020, the JPB Foundation held over $3 billion in assets. JPB's president, Barbara Picower, identified by Inside Philanthropy as one of the nation's most powerful women in philanthropy, joins the ranks of other radical abortion funders like Melinda Gates, co-chair of the Bill and Melinda Gates Foundation; Carol Larson, president and CEO of the Packard Foundation; and Susan Buffett, chair of the Susan The foundation's medical mission is to support cutting . Supporting bottom-up efforts to catalyze change is one key to JPBs approach, including a $250-milion collaboration on gender equity. Residential Address: Palm Beach, Fl. 875 Third Avenue, 29th Floor, New York, NY 10022. Photograph: Lucien Capehart/Getty. Mrs. Picower told the operator she was with her housekeeper and that she was putting the operator on speaker phone so that they could try to get her husband out of the pool. Picower is again doling out large grants to many of the same institutions and causes that she previously favored, operating in the same under-the-radar manner that characterized her work in the past. The lawyer who represented the Picower family and estate with the U.S. Attorney's office, William Zabel of Schulte Roth & Zabel had also served on the Board of the Jeffry M. & Barbara Picower Foundation which was a major beneficiary of Madoff's crimes, according to the Trustee of the Madoff victims' fund, Irving Picard. To provide vital guidance to JPBs leadership as the Foundation implements, evaluates and expands its programs, in 2018 JPB invited national experts to a new joint Advisory Committee for the Poverty and Environment Programs. The only other funder I know who so wholeheartedly seeks co-investing is Laurene Powell Jobs., Carol Larson, president and CEO of the Packard Foundation, shares Walkers appreciation for Picowers approach. Picower was being sued for the $7.2 billion -- $2 billion more than the trustee in the case demanded in May. JPB funds some direct service, academic research, community organizing, and a wide variety of other interdisciplinary approaches to systems change. A special canal house of approx. Of course, many nonprofit leaders are keen to connect with this deep-pocketed foundation. (Data from Candid shows that CCC has received at least $40 million from JPB.) 10/29/09 2:00 pm. Barbara is president and chair of the board of directors of The JPB Foundation. For each disease it works on, the foundation supports five to eight scientists who agree to conduct their research within a collaborative framework, meeting multiple times over the course of each annual grant period to share insights and discover new directions from individual and joint research. But she really thrives on relationships. Picowers new foundation has since doubled in size, according to a person familiar with its activities, and currently has more than $2 billion of assets. Of course, grantees say nice things because she has so much power over them, but make no mistake, she is the queen and everyone knows she acts like one, that person said. The will, which also sets aside $25 million for Picowers daughter Gabrielle and $10 million in a trust for his longtime assistant April Freilich, was filed in court in New York on Monday, according to Marcia Horowitz, a spokeswoman for the familys lawyer. Picard, who is leading a global search under the Securities Investor Protection Act to recover money for thousands of defrauded investors, has collected about $1.5 billion, but has sued for some $15 billion. 2. "[24], In June 2009, Irving Picard, the trustee liquidating Madoff's assets, filed a lawsuit against Picower in the U.S. Bankruptcy Court for the Southern District of New York (Manhattan), seeking the return of $7.2 billion in profits, alleging that Picower and his wife Barbara knew or should have known that their rates of return were "implausibly high", with some accounts showing annual returns ranging from 120% to more than 550% from 1996 through 1998, and 950% in 1999. One of the newest and most high-profile collaborations for JPB is a massive $250 million fund broadly seeking to mobilize women on the issues central to their daily concerns. By registering you agree to the terms and conditions. The JPB Foundation had $1.1 billion in assets as of the end of 2012, tax records show. The Ford Foundation has been an especially important partner. For some field-building efforts, JPB is the sole funder; for others, were working as part of a larger collaborative.. What brought the organizations together was a shared interest in reducing demand for energy and reducing poverty. As Picower said early in our conversation: We do things differently from a lot of other foundations, and we do it with a lot of dollars.. [11], As an accountant at Laventhol & Horwath in the 1980s, Picower set up questionable tax shelters. If so, please join The Times of Israel Community. The lawsuit brought by the bankruptcy trustee named Picower, his wife Barbara and the Picower Foundation, which gave generously to charities. Barbara Picower President, The JPB Foundation Barbara Picower is the President and Chair of the Board of Directors of The JPB Foundation, a charitable institution founded in 2011 from the proceeds of the estate of her late husband, Jeffry M. Picower. In turn, those directors have a small staffone program officer for each sub-program area, and another senior program executive overseeing the medical research grantmaking. Picower became a member of the board of trustees after creating The Jeffry M. and Barbara Picower Foundation in 1989. 24/7 coverage of breaking news and live events. "I've been doing this for over 30 years," she said, mentioning years of earlier giving for medical research and education. She is unconstrained by ideology, and not limited by narrowly defined program categories. Forbes, which listed Picower at no. Barbara Picower's Address & Maps. Picower wasnt new to philanthropy when she started JPB. The JPB Foundation was established in 2011, after Picower and the estate of her late husband, Jeffry Picower, reached a settlement with the U.S. Attorney in Manhattan to benefit the victims of Bernie Madoffs Ponzi scheme by returning $7.2 billion he earned through investments with Madoff. This is a BETA experience. [17][22] It distributed over $268 million in grants to various American organizations, including Human Rights First and the New York Public Library. And over the years, the collaborative convinced utilities to allocate $450 million of ratepayer funds on energy efficiency in affordable rental housing. [3][4] He was the largest beneficiary of Madoff's Ponzi scheme, and his widow agreed to have his estate settle the claims against it by Madoff trustee Irving Picard for $7.2 billion, the largest single forfeiture in American judicial history. The JPB Foundation seeks to join collaborative efforts, but it is also proud of the collaborations it has actively developed itself. Forbes looks at the renewed giving of Barbara Picower and her JPB Foundation, the successor of the family philanthropy she and her late husband, billionaire financier Jeffry Picower, closed in the wake of the Bernard Madoff scandal. Heres What It Has Learned, Behold the Philanthrosphere: A Wild, Wondrous World. Specifically, Picower is making big bets in organizations such as CCCthe hubsand then going further by funding nonprofits whose work is complementarythe network. See here for a complete list of exchanges and delays. His great wealth was exposed after the collapse of Bernard Madoffs Ponzi scheme in December 2008, when it emerged that Jeffry Picower had received a net of $7.2 billion in distributions over the years from Bernard L. Madoff Investment Securities. The JPB Foundation had $1.1 billion in assets at the end of 2012, more than the Picower Foundation had when it was shut down in 2010, making it one of the 40 largest US foundations. Explore GrantFinder, a powerful resource for IP subscribers. The foundation's assets were managed by his longtime friend, Bernard Madoff. Where is Barbara Picower putting her foundations more than $2 billion of assets now? He and his wife ran the Jeffry M. & Barbara Picower Foundation a not-for-profit foundation with over $614 million assets under management. Operating out of one of Manhattan's most exclusive office towers, Picower has set up The JPB Foundation, which is now one of the nations biggest philanthropic organizations. Barbara Picower President April C. Freilich Chief Operating Officer and Senior Vice President Gerald C. McNamara Chief Investment Officer Dana Bourland Senior Vice President, Environment & Strategic Initiatives Betsy Krebs Vice President, Poverty. Click here to purchase "The Madoff Chronicles" from Amazon.com. Each of the organizations involved in this collaborative had state-level work, but they werent consistently working together. She has a few funders with which she works in partnership frequently, including the Ford, Packard, Hewlett and Schusterman Foundations. (AP Photo/David Karp). Her lawyers even outlined an elaborate argument in an attempt to stop Picard from seeking the relatively small part of the $7.2 billion that entities connected to the Picowers had withdrawn from Madoffs firm during a five-month period between December 2002 and May 2003. She asks, What are you working on I can collaborate on? She is really seeking powerful ideas. The Picowers claimed they only learned about Madoffs fraud when it was exposed in December 2008, but at the time they did not offer to return any of this money. With nearly $4.4 billion in assets, it is among the 25 largest foundations in the nation, and yet it is largely unknown in nonprofit circles. A previous grantmaking entity that she ran with her husband, the Picower Foundation, at one time had $1 billion in Madoff-managed assets before it was forced to shut down in 2008. The New York Times reported in December that in the late 1990s, Jeffry Picowers personal brokerage accounts at Goldman Sachs were worth about $10 billion. The facility, located on Vassar Street near Main Street on the northeast corner of the MIT campus, is made possible with the help of a $50 million gift from the Picower Foundation of Palm Beach, Fla., a private foundation created by Barbara and Jeffry M. Picower. Building agency. Over the decades, he withdrew about $7 billion in The JPB Foundation could still grow much larger soon. "[26] Madoff has suggested that Picower was allowed to remain as a client because he was "the Ponzi equivalent of a bank too big to fail: an investor too big to fire." In less than a decade, Picower has built up JPB into a grantmaking powerhouse that will give away $260 million this year and that takes a hands-on approach to achieving impact in issues areas known for their complexity. [21] Longtime friend Bernard Madoff managed foundation assets listed at over $1 billion. September 10, 2014. Annual IP membership required. Barbara Picower, the widow of Jeffry Picower, the largest beneficiary of Bernard Madoffs Ponzi scheme, has awarded $104 million in grants over two years through a new foundation. 1410 S. Ocean Blvd. The person said Picower's estate would pay $5 billion to settle the civil lawsuit brought by Picard and other $2.2 billion to resolve a civil forfeiture claim by federal prosecutors investigating. As a result, Barbara Picower stopped making big grants out of the Picower Foundation, the charitable organization she ran that had $958 million in assets on the eve of the Madoff scams collapse, less than the new foundation she is currently operating. Barbara has been passionate about womens equality for a long time, and poverty, and has been funding NDWA for years. EFFA is now operating in 12 states and with a flourishing social impact network comprised of over 300 organizations., Shelley Poticha, a managing director at NRDC, confirmed Picowers telling of the collaboratives strained start. Picower's wife, Barbara, who received $200 million in cash in a will dated Oct. 15, wants to "reach promptly a fair and generous settlement with the Madoff trustee," she said in a statement . [30], On December 17, 2010, it was announced that a settlement of $7.2 billion had been reached between Irving Picard and Barbara Picower, Picower's widow, the executor of the Picower estate, to resolve the Madoff trustee suit, and repay losses in the Madoff fraud.