The prominence of the Third Sector in Israel’s economy is driven by exponential growth of the country’s social welfare, educational and cultural needs, even as the Government continues to cut back on funding for such programs.A broad range of foundations, funds, friendship societies (e.g "American Friends of…")‘ and general charities both in Israel and overseas, help cushion the blow of shrinking government funding. As their importance to the Israeli economy has grown, these not-for-profit organizations have become increasingly sophisticated both operationally and financially. At the same time, government regulations and monitoring of Third Sector activities have become more complex and stringent, especially since the tragic events of 9/11. This is true both in Israel and the United States, and especially so for American organizations that transfer funds to other countries.Because official fiscal oversight and regulations are vastly more complex today than they were just a few years ago, there is a real need for professional financial services that are tailored to the Third Sector and attuned to the evolving changes in the regulatory environment.In other words, not-for-profit organizations need to be able to count on the sameof banking specialization that businesses have enjoyed all along.
Such specialization requires an intimate knowledge of relevant laws and regulations in Israel, as well as expertise in American procedures and non-profit structures such as 501.C.3s and working with the PEF.
- Services for our Non-Profit Client
- Setting up an "American Friends of" 501C3
- Cash-Flow Management
- Services for Donors
- Frequently asked questions
The Bank of Jerusalem brings this same acute focus and degree of expertise to the financial management of Third Sector clients..
The aim of the Bank is to free up administrators and executives at client organizations so that they can focus on their primary roles as philanthropists and fundraisers.
The bank accomplishes this by:
A.Customizing its operational procedures to the needs of the individual client organization. Our third Sector banking offers specialized agreements, timely reports and notices, and work procedures that are in step with those of the sector;
B. Fielding a team of expert bankers who understand the needs of the nonprofit sector, and understand the way non-profit organizations are structured and how they operate.
Our Third Sector bankers are sensitive to the needs of each particular fund, institutionor organization. They make it their business to understand the climate in which the organization operates, as well as its sources of funding. They are aware of the pace at which the organization’s resourcesare used. They know how to structure an investment profile that is suited to the individual organization’s cash flow.
The world of financial services has become increasingly complex, instant and global. Where once a large financial institution might attempt to be all things to all customers, this is no longer the case.Sophisticated customers — both individual and institutional — are dependent on specializeddepartments that are staffed by niche experts who have the right qualifications and the necessary contacts.
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