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Navigating the Economic Storm for Foundations and Charities
Paul Woldar, CPA Wealth Provider, January 2009

We're taught that God helps those that help themselves, but what about those that help others? During this economic crisis, foundations and charities may need help as much as anyone and instead of motivational rhetoric, they need some concrete suggestions on how to protect and maximize their endowments, continue to raise funds for existing programs as well as capital projects, and manage cash flow needs. Full Article

Press Releases

In Wake of Nicholas Cosmo Scandal, Financial Expert Urges Caution on Who Should Invest Your Money for You
January 27, 2009

No sooner had the fallout from the Madoff scandal leveled off than another Ponzi scheme has been discovered. Nicholas Cosmo, chief of Agape World, was arrested on January 26 after allegedly defrauding 1,500 investors out of $370 million. Paul Woldar, President and Founder of Legacy Financial Management, said one can never be too careful in choosing the proper money manager. Like Mr. Madoff, Mr. Cosmo allegedly promised huge returns on investments, but most of the money went to himself and his associates. Full Press Release

Where Did All The Money Go in the Aftermath of the Madoff Scandal?
January 2009

People have talked about how much money investors have lost in the very elaborate Ponzi scheme concocted by Bernie Madoff, but very few have discussed where all that money went. Paul Woldar, Founder of Legacy Financial Management, says that while we don’t know conclusively yet, he believes the money went into bad investments as Mr. Madoff was distributing funds to himself, his family and friends. Full Press Release

Legacy Financial Management Helps Charitable Groups Stay Financially Afloat In Uncertain Economic Times, New Tax Laws
December 2008

Legacy Financial Management (LFM) is a full-service philanthropy management firm geared toward helping charitable organizations and family foundations. Its experienced staff, led by Paul Woldar, guides individuals through the process of setting up a not-for-profit entity, allowing them to take advantage of the tax benefits that are naturally given to such structures. By keeping fully abreast of the current tax laws and taking steps to shelter income or estate taxes, LFM can free that money that would have otherwise gone to the government toward your goal of philanthropy. Full Press Release

Financial Investment Expert Urges Creative Ways For Charitable Groups to Keep Cash Flow Going During This Economy
December 2008

In the face of this current economic crisis, many charitable foundations are finding their endowments impacted significantly, up to 25-40%. Paul Woldar, Founder of Legacy Financial Management, an asset management/consulting firm for not-for-profits, said that these organizations need to take a hard look at the securities they are holding and — with their financial advisors — determine which pieces have solvency and which may go under. Full Press Release


A Giving Recession? The Downturn Poses
New Challenges for Philanthropy

Economist.com, January 6, 2009

In Weak Economy Loyalty is Stable Currency
Association of Fundraising Professionals

Economy Slows Charitable Giving, Fundraising in 2007
Success Rates Still High, But Gains Much Lower Than 2006

Association of Fundraising Professionals

Parents Must Put Children in the Know
Financial Times, March 25, 2008

The Nonprofit's Guide to Surviving a Downturn
The New York Times, November 11, 2008

Seeking Profits in Nonprofits
The New York Times, November 11, 2008

Tax Laws Popularize the Small Foundation
The New York TImes, June 7, 2008

Key Facts on Family Foundations
Foundation Center, April 2008

Breaking the Silence
The New York Times, March 18, 2008

As Accounts Pile Up, Less Becomes More
The New York Times, March 18, 2008

Breaking Up Is Hard to Do
The New York Times, March 18, 2008

Jittery Market Calls for a Steady Hand
The New York Times, March 18, 2008

Jumping for the Cause Without Being Asked
The New York Times, March 18, 2008

Subprime Losses, Slashed Bonuses Threaten Funding to Nonprofits
Bloomberg Newswire, November 14, 2007

Donors Gone, Trusts Veer from Their Wishes
The New York Times, September 29, 2007

Creating a Mission For Your Foundation
Association of Small Foundations

Creating a Family Legacy

Financial Advisers Less Confident as Philanthropic Advisers
Association of Fundraising Professionals


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