Study: Madoff’s Foundation Victims Had Too-Small Boards

“A majority of more than 100 foundations that lost 30 percent to all of their assets in the Madoff scandal had four or fewer board members, according an analysis by the National Committee for Responsive Philanthropy, a charity watchdog organization. ‘There’s one startlingly simple conclusion here: To avoid falling prey to the next Bernie Madoff who comes along, foundations would be wise to increase the size and diversity of their boards,’ said Aaron Dorfman, executive director.”