A NIS 350 Million Shortfall
Ahead of a major manger’s forum in the chareidi world taking place this week, it was announced earlier today that Israeli tzedaka organizations estimate a loss this year of NIS 350 million as a direct result of the declining dollar against the shekel and the world-wide credit crisis.
The statistics are based on data furnished by 80 organizations including Yad Sarah and Ezer Mizion. The organizations involved provide schools for over 100,000 students and collectively are supported by over 1 million donors.
When asked how they plan to cope, 72% stated harder work; 32% by streamlining operations and cost-cutting; 22% by increasing fundraising activities in Eretz Yisroel; and 17% by local investments to generate income.
23% of the organizations admit they are concerned regarding their future, while 11% are not.
tip to Joel Katz.