| Entity | Document Type | Tax ID |
|---|---|---|
| New Israel Fund | IRS Form 990 | 94-2607722 |
| Truth to Power Foundation | IRS Form 990 | 82-5427550 |
| New Israel Fund & Truth to Power Foundation | Audited Combined Financial Statements | multiple |
|
Entity: New Israel Fund Document Type: IRS Form 990 Tax ID: 94-2607722 |
|
Entity: Truth to Power Foundation Document Type: IRS Form 990 Tax ID: 82-5427550 |
|
Entity: New Israel Fund & Truth to Power Foundation Document Type: Audited Combined Financial Statements Tax ID: multiple |
| Name | Title | Compensation | |
|---|---|---|---|
| 1 | Daniel Sokatch | Executive Director/CEO | $414,838 |
| 2 | Jennifer Gorovitz | VP, Finance Operations & Administration | $267,420 |
| 3 | Steven Rothman | VP for National Development | $225,269 |
|
1 Name: Daniel Sokatch Title: Executive Director/CEO Compensation: $414,838 |
|
2 Name: Jennifer Gorovitz Title: VP, Finance Operations & Administration Compensation: $267,420 |
|
3 Name: Steven Rothman Title: VP for National Development Compensation: $225,269 |
CharityWatch's rating of New Israel Fund (NIF) also includes the financial activities of its wholly controlled supporting organization, Truth to Power Foundation, which are combined with NIF's financial activities in the organizations' audited financial statements for the year ended December 31, 2020. All intercompany transactions have been eliminated in the audit combination. The rating does not include the NIF affiliates in Canada, Great Britain, Switzerland, Germany, and Australia, which are separately controlled entities. According to the New Israel Fund (NIF) combined audit of December 31, 2020 (Note 1 re: Organizations): "NIF has offices in several U.S. cities. It[s] largest offices are in New York City, San Francisco, and Israel. ... Included in the combined accompanying [audited] financial statements are the amounts from financial statements for the NIF – Israel office... At December 31, 2020, the audited financial statements of the NIF – Israel office have been included with the accounts of NIF. All intercompany transactions between the U.S. and Israel have been eliminated and are not shown in the [audited] combined financial statements. "Founded in 2018, Truth to Power Foundation (the 'Foundation') is a wholly controlled supporting organization of the New Israel Fund established to honor the memory of beloved NIF Board member William S. Goldman. The Foundation is designed to award the annual William S. Goldman Truth to Power Award in the U.S. and Israel, convenes the public and activists working to build a more just and democratic society in each country, and is building a network of awardees and activists to sustain, enhance and elevate pro-democracy work."
"NIF has entered into Memoranda of Understanding with affiliates in Canada, Great Britain, Switzerland, Germany, and Australia, whereby these separate entities each conduct programming and raise funds that support NIF's grant making in Israel. The financial information of the Affiliates is not included in the [audited] combined financial statements of the Organizations [New Israel Fund and Truth to Power Foundation]." |
According to the New Israel Fund (NIF) combined audit of December 31, 2020 (Note 10, Paycheck Protection Program): "On May 3, 2020, NIF received loan proceeds in the amount of $927,700 under the Paycheck Protection Program (PPP). Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the promissory note must be used for certain expenditures within a 24-week period to ultimately be forgiven by the Small Business Administration. "During the year ended December 31, 2020, NIF expended and tracked the PPP funds for purposes outlined in the CARES Act guidance and believes they have met all conditions set forth for full forgiveness. Accordingly, under [accounting standards] guidance...NIF has recognized the PPP funding as a conditional grant by which all conditions have been met. NIF deemed the forgiveness by the SBA to be highly probable, an administrative task only, and not a barrier to recognition. Grant revenue of $927,700 is included in federal contribution on the accompanying [audited] Combined Statement of Activities and Changes in Net Assets. On January 29, 2021, NIF received forgiveness from their lender and is awaiting final forgiveness from the Small Business Administration." |
According to the New Israel Fund combined audit of December 31, 2020 (Note 1 re: Risks and uncertainties): "The Organizations [New Israel Fund and Truth to Power Foundation] invest in various investment securities. Investment securities are exposed to various risks such as interest rates, market, foreign exchange and credit risks. "Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the [audited] combined financial statements." According to the New Israel Fund (NIF) combined audit of December 31, 2020 (Note 1 re: Economic uncertainties): "On March 11, 2020, the World Health Organization declared the Coronavirus disease (COVID-19) a global pandemic. As a result of the spread of COVID-19, economic uncertainties have arisen which may negatively impact NIF's operations. The overall potential impact is unknown at this time." |
According to the New Israel Fund (NIF) combined audit of December 31, 2020 (Note 14, Severance): "Under Israeli law, for Israeli based employees, NIF has recorded a liability reflecting the difference between the total obligation for severance pay, less the amounts that have been deposited in pension and provident funds and management insurance policies. "Such severance, pension and provident funds in Israel reflect amounts deposited in a central severance pay fund as required by law. The fund has an accrued severance liability of $169,735, payable upon termination of employment in Israel." |
