Robert I. Lappin Charitable Foundation
Encyclopedia
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 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. Lappin had begun the program in 1971.
It also supported enrichment programs for Jewish educators, and interfaith outreach initiatives. In 2007 the foundation gave about $1.5 million to Jewish groups.
On December 12, 2008, the Lappin Foundation was temporarily forced to close because its entire $8 million endowment had been invested with Bernard Madoff
. 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. Additionally, the foundation had invested its employees' 401(k)
fund with Madoff, all of which was presumed lost. 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. Between further donations by Lappin and the repayment of grants by previous beneficiaries the program is now back on its feet.
Salem, Massachusetts
Salem is a city in Essex County, Massachusetts, United States. The population was 40,407 at the 2000 census. It and Lawrence are the county seats of Essex County...
and primarily serves 23 cities and towns in the North Shore
North Shore (Massachusetts)
The North Shore is a region in the U.S. state of Massachusetts, loosely defined as the coastal area between Boston and New Hampshire. The region is made up both of a rocky coastline, dotted with marshes and wetlands, as well as several beaches and natural harbors. The North Shore is an important...
portion of Greater Boston
Greater Boston
Greater Boston is the area of the Commonwealth of Massachusetts surrounding the city of Boston. Due to ambiguity in usage, the size of the area referred to can be anywhere between that of the metropolitan statistical area of Boston and that of the city's combined statistical area which includes...
.
The foundation was founded in 1993 by Robert Israel “Bob” Lappin (born 1922), a retired vacuum cleaner magnate and native of Swampscott, Massachusetts
Swampscott, Massachusetts
Swampscott is a town in Essex County, Massachusetts, United States located 15 miles up the coast from Boston in an area known as the North Shore. The population is 13,787...
.
The Foundation's largest program was the "(Jewish) Youth to Israel" program, which offers Jewish youth a free trip to Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
. About 1,800 Jewish teenagers were supported by the foundation in their visit to Israel. Lappin had begun the program in 1971.
It also supported enrichment programs for Jewish educators, and interfaith outreach initiatives. In 2007 the foundation gave about $1.5 million to Jewish groups.
On December 12, 2008, the Lappin Foundation was temporarily forced to close because its entire $8 million endowment had been invested with Bernard Madoff
Bernard Madoff
Bernard Lawrence "Bernie" Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S...
. 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. Additionally, the foundation had invested its employees' 401(k)
401(k)
A 401 is a type of retirement savings account in the United States, which takes its name from subsection of the Internal Revenue Code . A contributor can begin to withdraw funds after reaching the age of 59 1/2 years...
fund with Madoff, all of which was presumed lost. 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. Between further donations by Lappin and the repayment of grants by previous beneficiaries the program is now back on its feet.