Rumor has it that the Frist Foundation had $14 million invested with Bernard L. Madoff’s
Investment Securities Ponzi scheme.
Several charitable foundations were forced to shut down in the wake of revelations about the massive Madoff fraud.
If true this would be devastating news to Nashville’s fine arts center, the Frist Center for Visual Arts, which is a major recipient of Foundation funds. Other Nashville charities both large and small receive Frist Foundation grants, from the local chapter of the American Red Cross to the Nashville Children’s Theatre.
I heard this news through my connections in the non-profit world. I’m curious to know if the Tennessean has looked into this at all. Say what you will about the Frist family but their foundation has been a major financial lifeline for local non-profits. If the Frist Foundation is in trouble it will create a huge impact across a wide swath Nashville.