Is there anyone in the non-profit sector who hasn’t read and been shocked by the Ponzi scheme allegedly run by Bernard Madoff, the money manager at the centre of a multibillion-dollar scam?

Among the investors were several non-profits and foundations. They have lost millions – some have had to shut. But by focusing on Mr Madoff as an evil charlatan who snookered a boatload of unsuspecting investors, non-profits and foundations may have missed the most important lessons.