NEW YORK — Nonprofits that are struggling because their donors lost money with Bernard Madoff are getting a bailout — but not from the government. Richer foundations are stepping in to help.
Human Rights Watch, the Center for Constitutional Rights and others are already slated to receive more than $1 million in help from philanthropies and donors who share their interests.
And more money is on the way. Large foundations are considering new grant programs in the wake of the financial crisis and the exposure of Madoff’s alleged $50 billion Ponzi scheme.
“We are talking with other donors about possible ways to mitigate the losses suffered by our grantees,” said Laura Silber of the Open Society Institute, a grant-making foundation founded by billionaire George Soros.
