ACLU Donor Withdraws $20M Gift
David Gelbaum provided one quarter of the budget
We noted earlier today that l’affaire Madoff continues to have an adverse effect on philanthropy. And today brought news of another apparently hard-hit Jewish donor: David Gelbaum, a major clean-tech venture capitalist who has invested in several Israeli start-ups, has withdrawn his annual $20 million donation to the American Civil Liberties Union. (Actually, Gelbaum is an anonymous donor; or is supposed to be, anyway.) The $200 million gift represents a quarter of the ACLU’s operating budget. And the organization has already faced significant cutbacks over the past year … thanks to Madoff.