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 »
This renewed focus may make Israeli charities that get funding from the US a little jittery – particularly following the IRS’s release of two private letter rulings (2010 and 2012) that denied exemption to new organizations seeking exemption for American charities that planned to do fundraising for Israeli charities. In any case, it should...Read more »
After years of rumors, here-say, and unwritten code that outlawed the use of credit cards by Israeli nonprofit organizations, the newest version of the Nihul Takin from Israel's Rasham Ha’amutot clearly permits the use of credit cards by Israeli charities...kind of. Unfortunately, vague unwritten guidelines have now been...Read more »
Once again, the Israeli nonprofit organization Magan David Adom (MDA) and it's American supporting charity, American Friends of Magen David Adom (AFMDA), are in the news after all five members of AFMDA’s executive board resigned, stating that they “refuse to abdicate or compromise in any way our fiduciary duty to AFMDA and its donors.” First,...Read more »
...Those Israeli nonprofits that choose the second option of a Conduit (also referred to as an Intermediary or Fiscal Agent) are in luck, as recent years have seen an quasi-explosion in the number of American charities that offer Conduit services. This being the case, foreign organizations have luxury and liberty -- and some...Read more »
When grants or gifts cannot be made directly to a recipient (individual or organization) many times Fiscal Agents are used. These Intermediate charities are commonly referred to as Conduit Organizations because they are not the intended final recipient, rather just a pass-through. With the right due diligence, control, and by-laws, this type of seemingly-indirect charity...Read more »
The Hebrew word amutah, referring to a charity in Israel, is used both correctly and incorrectly to describe just about any nonprofit organization registered in the country. But wait, it get's more confusing. Not all charities are charities, sometimes they're companies. And sometimes a charity isn't tax-exempt while a company might...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 »
![Defining a Chevrah LeTo’elet Hatzibur [Public Benefit Company]](http://nonprofitbanker.com/wp-content/uploads/factory_smoke.jpg?w=150)
"What do you mean that Israeli charities can be registered as companies?" That was the question someone asked me last year that that had me thinking to myself, yet again, that charity legal/tax structure is a language onto itself and should require its own Ulpan. And so, I shall now endeavor to explain the somewhat contradictory...Read more »
