Tuesday, December 23, 2008

Despite Madoff, Brandeis continues $154M science center

By Marc Songini

The Boston-based Carl and Ruth Shapiro Family Foundation, one of the foremost victims of money manager Bernard Madoff’s Ponzi scheme, is also a major contributor to life sciences research and medical care in New England. Its latest venture, a new life sciences research facility at Brandeis University, is expected to weather the fallout, however, the foundation has stated.

The foundation divulged last week that it had been an investor in Madoff’s fund, with “significant assets.” The statement on its website continued: “We are currently reviewing the situation and assessing all options available to recover those funds.” In January 2006, the foundation awarded $25 million for the construction of the 175,000-square-foot Carl J. Shapiro Science Center, which is intended to support cutting-edge life sciences research. With a price tag of $154 million, the Shapiro Science Center was, at the time, the largest capital initiative in Brandeis history.

A spokesman for Brandeis University deferred questions about any potential impact to the Shapiro Science Center to the Shapiro Family Foundation. He stated, however, via e-mail: “The project is moving forward as planned.”

Late last week, a Shapiro Family Foundation spokeswoman responded to questions by issuing a blanket e-mail. In it, Carl Shapiro stated: “I was stunned and saddened to learn about the allegations against Bernie Madoff. It is devastating to think that so many charities, individuals and institutions that had put their trust in Mr. Madoff have had their lives so negatively impacted.” However, he said the “foundation will honor all of its existing commitments.”

The foundation has funded many other medical-related projects in the region. To cite just one recent example, last July, the doors opened on the Carl J. and Ruth Shapiro Cardiovascular Center at Brigham and Women’s Hospital in Boston. The state-of-the-art facility received a $25 million gift from the foundation in 2005.

If you have any more information around the Madoff collapse that affects high technology in New England, let us know — leave a message in the comment box below.