
Unfortunately, the bulk of AICF's endowment was invested with Bernard L. Madoff Investment Securities LLC. For over thirteen years statements received from Madoff showed the funds to be invested in a diversified portfolio consisting primarily of Fortune 500 stocks and U.S. Treasuries. AICF, along with at least 8,000 other investors, appears to be a victim of what is allegedly the largest Ponzi scheme in history. As a result, AICF faces the task of rebuilding after 70 years of amazing work.
For over three generations AICF has supported over 11,000 artists and 600 cultural institutions in Israel. Included are such widely recognized names as Itzhak Perlman, Pinchas Zukerman, Gil Shaham, the Israel Philharmonic, the Batsheva Dance Company, and the Israel Museum.
These artists and institutions represent Israel throughout the world. Israel's need to allocate scarce resources to defense and security necessitates AICF's vital contribution to the arts.
AICF granted over $700,000 to students in the arts this year. We invite you to join our efforts. In spite of these troubling times, please help us continue with our mission developing and enriching the artistic life of Israel.