General
JGive is a digital online contribution platform which operates under the “Asor Fund” (R.A. 580586998), an independent, tax-exempt registered charity in Israel recognized by the Israeli Tax Authority (“ITA”) as a Section 46 eligible organization. JGive also includes JGive - Friends of Asor Fund USA, Inc., our sister organization in the USA, which is recognized by the IRS as a 501(c)(3) organization (these two organizations comprise “JGive”). JGive is permitted by the ITA to grant funds to other Israeli organizations that also are recognized under Section 46 and have a certification of Proper Management (Ishur Nihul Takin). JGive is governed by an independent management committee and is subject to an annual independent audit.
The following pages lay out the guidelines, policies and procedures necessary to establish a personal “JGive Platinum” Donor-Advised Fund (“DAF”). By opening a DAF with JGive Platinum, you agree to comply with these Terms & Conditions.
In order to establish Your Fund, an initial contribution of NIS 50,000 is required. Upon deposit, you will receive an immediate tax deductible receipt (under Section 46 of the Israeli Tax Ordinance or under Section 501(c)(3) of US Internal Revenue Code, as applicable). Similarly, you will receive an immediate tax credit at the time of all additional contributions. Each contribution to Your Fund is irrevocable. You may choose to allocate some of the money deposited in Your Fund to our investment tracks in order to maximize your charitable impact. Monies deposited in Your Account will be utilized for your future grant recommendations, as per these Terms & Conditions, as well as per applicable law.
Fundholders
Each Platinum Account may have two Fuldholders. The person establishing the account is considered the principal account holder and they may designate one secondary account holder who shall have full rights and access to the account.
Fundholders are individuals ages 18 and older who act as heads of the fund and enjoy all of the following privileges:
Please note: In the event that one of the Fundholders and/ or successors is a corporation, the corporation is required to designate at least two principal account Fundholders who are officers and are authorized signatories of the corporation. Every transaction by a corporation in such a fund requires approval by at least two of the authorized signatories.
At any point you may deposit into Your Fund and receive a tax deductible receipt (in the US or in Israel, depending on the source of your contribution) for each contribution at such time.
JGive shall record all contributions to JGive Platinum DAF funds in its records and shall disclose such information (including donor details and information) as per applicable law and regulation in its annual reports.
Contributions may be received from individuals, corporations, private foundations, other DAFs and/ or bequests from Israel or overseas.
Once a donation has been made, Fundholders have no right to control the donated asset nor may the Fundholder prevent JGive from exercising its legal control over the assets.
Cash Donations
JGive Platinum accepts donations of ILS and foreign currencies accepted by Israeli banks. Donations to Your Fund may be made in any of the following ways:
Contributions which are received in USD via JGive - Friends of Asor Fund USA, Inc., shall be transferred to the JGive Platinum escrow bank account in Israel which is managed by the Asor Fund (R.A.) and shall be converted into NIS based on the conversion rates given to us at the time of transfer by the bank. Additional bank or wire transfer fees may be applicable and the final amount of NIS, after deduction of any applicable bank fees, will be credited to Your Fund. We shall notify you of Your Fund’s current NIS balance as soon as the funds have been transferred and converted. All grants made from Your Fund to organizations shall be in NIS.
Donation of Other Assets
JGive Platinum also accepts cash equivalents, from Israel and abroad, including money market holdings, short-term government bonds, treasury bills and publicly traded securities.
Other assets and securities, including real estate will be individually evaluated and will be approved on a case-by-case basis. Certain assets may be rejected if deemed too risky or too difficult to process.
Upon donation of assets, JGive will issue a receipt for the contribution with a value that reflects the estimated fair market value of said contribution. Your Fund will be credited with the net proceeds from the sale of the contributed asset, reduced by costs associated with the sale, such as brokerage commissions, legal fees and other professional services. Non-cash assets will be converted into cash as quickly as possible. JGive reserves the right, according to its discretion, to hold the asset until deemed appropriate to dispose thereof. No grants may be made by the Fundholder from Your Account until the asset is sold, unless there are other balances in Your Fund.
JGive takes no responsibility regarding the tax deductibility and valuation of the contributed asset. It is recommended that you consult a tax advisor regarding the aforementioned considerations.
The following information should not be construed as tax or legal advice. JGive recommends that Fundholders consult with qualified tax advisors and legal counsel who have relevant experience in the field. Additionally, upon signing you affirm that you have been given the opportunity to seek such advice regarding the opening of such a fund, its ramifications and any possible risks.
As mentioned above, you are entitled to receive an immediate tax receipt for each contribution to Your Fund. Even though Fundholders may choose to make their recommendations over time, said Fundholder may claim a tax deduction in the tax year the contribution.
Those claiming tax benefits for their contributions from the ITA should consider that under Israeli tax law, a 35% tax credit is allowed for contributions from individuals, of up to 30% of taxable income, at a ceiling of ILS 9 million per year. Corporations should consult the tax credit limit as determined by the corporate tax regulations at the time of contribution.
Please be advised that certain tax jurisdictions may dictate deductible donation ceilings. Kindly contact your tax adviser to confirm that you are aware of any and all tax consequences.
Additionally, JGive Platinum donors enjoy the benefits of the innovative JGive philanthropic platform. Thus, Fundholders can manage and control their receipts in one place, online. For donors filing with the ITA, you may elect to (i) download the original receipt and file with the ITA directly or (ii) download a copy of the receipt for your files, and have JGive assist you with the tax refund pursuant to its unique collaboration with the ITA.
JGive Platinum has received special approval and guidelines from the ITA regarding all of the above-mentioned structure. In addition, it has obtained legal and tax-related guidance regarding the tax treatment and structure of the DAF from KPMG, Yigal Arnon and Yaron Keidar, former head of Israel’s Registrar of Associations (Rasham HaAmutot). We are happy to share these materials with you and/or your legal and tax advisors upon request.
In opening a DAF account with JGive Platinum, you hereby acknowledge and understand that the status of JGive Platinum, and its tax treatment, are subject to Israeli law and to the relevant changes thereof.
The following procedures are designed to streamline the administration of your grant recommendations.
Granting to Qualified Charitable Organizations
You or your Authorized Representative (if such a choice was selected in the sign up form) may recommend grants from Your Fund by logging onto the JGive website or by sending us a formal grant request. We may ask to verify your identity (via a call back etc.) if such a request is not made via our online platform.
Fundholders have the privilege of recommending an unlimited amount of grants to qualified organizations from specified sectors (selected in your initial sign up application form but can be modified at your convenience), according to the causes you care about most. There is NO MINIMUM to individual grant amount.
The full amount of a grant from Your Fund is transferred to the grantee of your choice. However, if you wish to recommend a grant from Your Fund to one of the JGive PRO campaigns on our platform, there may be additional fees involved.
Grants from Your Fund may be made to any qualified organization that has 1) been approved by the ITA under Section 46 of the Israeli Tax Ordinance and 2) has a valid Certificate of Proper Management from the Registrar of Associations (Ishur Nihul Takin, or has submitted relevant documents and is in its first two years of activity). Each organization recommended for a grant is reviewed by our staff to verify its tax-exempt status.
Many such organizations are currently enrolled on the JGive platform (see our website for the complete list of 1,300+ participating organizations). If a qualified organization of your choice is not yet associated with the JGive platform, let us know and we will be happy to guide them through our simple enrollment process. Note that in order for an organization to receive your grant, it must be a qualified organization but it does NOT need to be enrolled on the JGive platform.
If your recommendation cannot be processed (for reasons such as, but not limited to, the organization losing its Section 46 status), JGive will update you and we will work together on alternate solutions for your grant recommendation. JGive reserves the right to reject a recommended grant to a charitable organization if such grant is inconsistent with its policies and procedures or with the laws and regulations governing public organizations and the JGive Platinum funds. We do accept grants to individuals or to private, non-operating foundations.
Depending on the date of your grant recommendation and on processing considerations, we will endeavor to ensure that each organization receives your grant as soon as possible and no later than 7 business days following your grant recommendation date or the enrollment date (if applicable) of the organization on the JGive platform.
Grants made from Your Fund do not entitle you to an additional tax deduction at the time of granting. In addition, you understand and accept that no personal benefits may be received by granting to organizations via Your Fund.
You may add a dedication or comment to your recommendation at the time of granting, which will be passed on to the receiving organization. The default is to disclose the names of both the Fundholder (grantor) and the receiving organization (grantee). Options for anonymity may be selected per grant.
If a Fundholder recommends that a grant be used by the grantee for a particular approved purpose, JGive assumes no responsibility for enforcing compliance by the organization with respect to the recommended purpose. In the absence of a recommended purpose, the grant will be unrestricted and for general use.
Prohibited Grants
Grant recommendations cannot be made, inter alia, to any of the following:
Minimum Grant Activity
In order to ensure tax benefits for contributions made within the JGive Platinum structure, such contributions will be distributed over a fixed period, with grants made periodically as described below.
JGive Platinum Fundholders must make allocations from their fund at least once a year, with at least 5% of the annual balance distributed in any given year (35% for funds with a remaining balance of between 5,000 and 50,000 NIS).
In the event that such grants have not been recommended from Your Fund by November 30th of a given tax year, JGive will reach out to you in order to receive instruction regarding the distribution of the necessary funds. In the event that in the period after such request we do not receive guidance from you and/or you do not cooperate and/or you are not available and/or your Authorized Representative or Successors are not available, we will contribute in accordance with the preferences you express on the sign up application form and distribute the remaining funds as per your recommended sectors and organizations. Such decisions shall be made upon receiving approval from our independent and external Public Grant Committee. As detailed below, this committee is headed by leading public, legal and business figures appointed by JGive for such purposes, and in accordance with applicable legal opinions and regulations.
Recurring Grant Recommendations
Fundholders may recommend recurring grants to eligible grantees, scheduling future grants at predefined intervals, such as once a month or once a year. JGive will review the organization every time prior to distribution to ensure that the grantee is still in good standing with the ITA.
Custom Grant Recommendations
Fundholders may wish to recommend custom grants that require in-depth due diligence, site visits and customized grant agreements. JGive Platinum (or one of our affiliated advisors, upon our discretion), offers these professional services for an additional fee that may be deducted from Your Fund. Please note that these recommendations may take longer than usual to process. Further details upon request.
1. Processing fees
Incoming bank and wire transfers may have associated bank fees and if the incoming donation is in USD, said donation will be converted into NIS based on the current exchange rate and may incur bank fees. Once relevant fees are deducted and the monies have been converted, the deposit will be credited to Your Fund and we will notify you regarding the amount and completion of said transaction.
Contributions via credit cards will be charged according to JGive’s standard credit card processing fees which currently stand at 2.5% plus VAT (for American Express and US credit cards currently at 3.5% plus 30 cents). These fees are subject to change.
In order to maximize your donation, we recommend wires, bank transfers or checks as a preferred method of contribution (rather than credit cards).
2. Administrative Annual Management Fees
JGive shall charge Your Fund a graduated administrative management fee at the end of each calendar year, prorated based on the average balance of Your Fund during such year, as follows:
Minimum annual fee = NIS 750
Funds which have investment activity shall be subject to an additional 0.5 % added to their Annual Fee, in addition to any applicable investment management and activity fees by the bank.
3. Investment Management Fees- see below.
I understand and agree that JGive reserves the right to deduct any legal fees and expenses from my account that JGive may incur as a result of any claim and/or regulatory requirement and/or as a result of any third party claim. It is clarified that the above refers only to unlawful actions carried out by myself and/or my Authorized Representative with regards to my account.
In coordination with Meitav Dash Investment House, JGive Platinum enables Fundholders to maximize and grow their charitable funds by investing them in certain approved and supervised investment tracks.
Accounts with a balance of over NIS 50,000 may select to invest funds from their Platinum account, with a minimum initial balance of NIS 50,000 per investment track. At any given time, ten percent or more of the balance of Your Fund must be kept in either the first track (detailed below) or uninvested, in order to have a minimum level of liquidity. Therefore, upon every grant to your fund and/or during the lifetime of your fund, you may select to invest up to 90% of the balance of Your Fund in our designated investment track comprising 20 % stock, 80% bond.
In order to maximize your philanthropic impact, it is recommended that once funds are allocated in a selected track, they remain there for a minimum of one year.
Any money made from investments will be added to Your Fund but you will not receive an additional tax-refund for the profit. Similarly, any money lost on investments will be deducted from Your Fund.
Upon opening an account, Fundholders may recommend how their funds are to be allocated among the various available investment options. If no investment allocation is indicated for the initial contribution at the time of establishment of Your Fund, the monies will remain as cash in the bank. Fundholders will be asked to provide an investment / cash selection each time an additional contribution is made to Your Fund.
JGive Platinum’s investment tracks are curated in accordance with the Takanat Hame’emanut as per our ITA ruling and all other applicable law. The tracks shall be invested under the direction of a specially appointed committee as outlined below. JGive Platinum reviews the performance of all its investments, has full discretion over the investment of account balances, and reserves the right to change or revoke the current investment program and procedures at any time, with or without notice.
In addition to above-mentioned JGive Platinum operational fees, there is an additional investment management fee of up to 0.5% of the invested funds for those Fundholders who chose to allocate a portion of their funds into our investment tracks. These fees shall be deducted directly from Your Account.
JGive does not provide tax or legal advice and before entering into any transaction or selecting any investment activity Fundholders should independently consider the financial risks and impacts. JGive assumes no risk or responsibility in regards to any investment activity and potential losses of monies from Your Fund.
The overall management of JGive Platinum’s investment tracks is under the responsibility of an independent and external Investment Committee. The committee is composed of leading financial advisors and banking figures who have tailored the investment tracks to the needs of JGive Platinum and oversee the investment activities thereunder. The committee meets on a quarterly basis.
Successor Individuals (not relevant for corporations/ foundations)
The provisions of this section apply upon the passing and/or incapacitation (permanently or temporarily for the duration of incapacity only) of the Fundholder.
Successors are individuals named by the Fundholder, placed in order to upkeep the fund and continue their legacy. Successors assume all privileges previously held by the Fundholders, including but not limited to making grant and investment recommendations, and naming their own Successors. A Successor does not have to be of legal age (18) when appointed; a temporary “successor” may be named to act until the primary Successor is of legal age.
JGive Platinum affords you the opportunity to create a long-lasting legacy of charitable giving in whichever way you see fit. The Fundholder can indicate whether the account will continue to be managed as a single, undivided account or will alternatively be split into several accounts. There is no limit to succession on Your Fund, as long as there is still money in the account. Each subsequent generation may name their own successors. Successor choice(s) can be changed by the Fundholder at any time prior to the passing of the last Fundholder. You may leave assets to Your Fund through your will. Alternatively, you may submit a succession plan in writing to JGive during your lifetime.
In the event that no Successor was defined and no organization was recommended for receipt of the balance of the assets in the fund, JGive will donate the balance of the account in accordance with the provisions of the Last Will of the Fundholder. In the absence of such provisions, JGive’s Grant Committee will donate the balance of the fund according to the fields of interest indicated upon sign-up.
Fundholders may alternatively define a succession plan that will include recommendations of grants to organizations that will receive the balance of the value of the funds in your account upon the death and/ or incapacitation of all Fundholders.
Successor Organizations (not relevant for corporations/ foundations)
Successor organizations are organizations that receive grants from residual assets after the passing of the Fundholder on a fund in order to continue their charitable legacy.
It is clarified that if you do not provide JGive with written instructions regarding Successor Organizations and/or areas of charitable activities to grant any remaining monies in Your Fund, and in the event that you or your Successors/Authorized Representatives are no longer available to make such decisions, then the income and principal remaining in the fund shall be distributed to other approved Section 46 charitable organizations as per the sole discretion of JGive’s Public Grant Committee who shall be appointed to make such decisions regarding remaining funds and succession grants. The Public Grant Committee shall use its best efforts to emulate your previous grant recommendations and make succession grants within your preferred sectors, all subject to its final and sole discretion and to any applicable law.
JGive Platinum offers customized philanthropic services to Fundholders, both through JGive and in partnership with our affiliated advisors (upon our discretion). These processes can include both philanthropic mission-statement building, strategic planning and grantmaking advice. JGive Platinum works with professionals who are equipped to offer programs aimed at building a giving structure tailored to the Fundholder’s interests and needs, due diligence, research, site visits and much more. Fees for these services may be deducted from your account. For further information, ask us about our programs.
Our site and any other telephone, email, or other oral or written communication made to you by JGive, includes content and information provided and/or posted by JGive and/ or third parties, including information with respect to the business and/or financials and/or activities of such third parties which such third parties may deem as ‘confidential’ (“Confidential Information”). Users shall not, without the prior written approval of JGive and/ or such third parties, publish or otherwise disclose to others, or use any such Confidential Information for any purpose other than for purposes of grant recommendation.
JGive owns the copyright in the site and its content, including its overall appearance, graphic designs and the trademark name “JGive”. You may download or copy material from our Site, only for your own personal, non-commercial use. Any other use is forbidden. Except as permitted above, you may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, create derivatives of, or use for any public or commercial purpose the contents of this site without the prior written permission of JGive. The entire contents of this site are protected by copyright and/or other intellectual property rights. No copyright notices, other intellectual property or legal notices or other identifying information may be removed from downloaded materials. You may not link to or frame this Site or any portion hereof.
JGive’s name and other JGive services, names and logos referenced in our site are trademarks of JGive and its affiliates. Rights in other marks and logos which appear on our site are reserved to the owners thereof, and JGive is not affiliated with and does not endorse such entities. You may not separate from our site, or copy or download separate from our site, or otherwise use any of these trademarks or logos. Nothing contained in this site should be construed as granting any license or right to use any of these trademarks or logos.
You agree to indemnify and hold harmless JGive and any of its licensors, including GuideStar, and their respective parents, affiliates, subsidiaries, and related companies, and all of their respective officers, directors, employees, shareholders, legal representatives, agents, successors and assigns, from and against any damages, liabilities, costs and expenses (including reasonable attorneys fees and court costs) arising out of any claims based on or related to your use of the JGive website or any third party services, or any breach by you of these Terms & Conditions.
These Terms & Conditions may be changed at any time by JGive. A current version of these Terms & Conditions is available on our website. These Terms & Conditions are in addition to the general terms and conditions as appear on the JGive website and as are updated from time to time. By agreeing to these terms and conditions you hereby agree to be bound by the general terms and conditions and privacy policy as well.
By opening a JGive Platinum account, you understand that you are opting-in to receive our newsletters and other promotional outreach.
To finalize the establishment of the JGive Platinum Fund and for further information: http://platinum.jgive.com or email us at [email protected]
JGive Platinum is honored that you are choosing to join us in leading the giving revolution in Israel. We invite you to maximize your charitable giving - anywhere, anytime, and to build your charitable legacy in Israel, all with a few clicks!
Last updated: nov 2024