Tips for and explanations of various banking topics
The word fashla is Hebrew colloquial for "screw-up". And yes, even your accountant, an Israeli charity's best friend, can make a few. As a banker I see this particular slip-up more often than you think. Here are two ways to avoid your accountant inadvertently putting your organization in the red. Read more »
"Why or why not should one be incorporated?" is the question American lawyer Don Kramer asked in his Weekly E-Newsletter back in 2010. For Mr. Kramer, the question is a legal one. The pros and cons that he outlines deal with personal liability and procedural/substantive questions. His fantastically succinct answer refers to state statute...Read more »
Paypal is one of the leading Internet-payment options in the world for for-profits and nonprofits, alike. With only a PayPal logo and some code easily inserted onto a website, payments are a breeze. And with over 230 million PayPal users worldwide, the chances are good that your customer or donor either already...Read more »
The fiscal requirements of an American charity have become more complicated in recent years. Increased scrutiny from the IRS, more intricate tax documentation, the recent economic crisis, and donors' need for transparency, are just a few of the challenges facing the sector. When a charity operates internationally these difficulties are only exacerbated. These global...Read more »
In Israel, more than in most countries, foreign currency is an integral part of every facet of the country's daily economic enterprises – private, business, and public sectors, alike. A recent released study showed that 53% of financial support to Israeli charities came from abroad. Thus, making foreign exchange exchange fees, rates, and processing...Read more »
A recent New York Times' article attacked American charities that help build communities in Israel's West Bank and IRS policy that enables donations to these organizations to be tax-deductable. As with any piece about the Palestinian-Israeli conflict, many people have been quick to attack or defend the veracity of the article. To nonprofit...Read more »
Israeli charities (amutot in Hebrew) rely on donations from overseas – no secret there. Many foreign-based charities choose to create an American based nonprofit, more commonly referred to as a “Friends of” organization so donations can be tax-deductible vis-a-vis the American Federal Government. (In a previous post, I spoke about IRS trends when...Read more »
When suggesting this to a director of a nonprofit, he couldn't understand why both parties wouldn't choose to execute the loan in the least-bureaucratic and most inexpensive option and not through a registered financial institution.Read more »
