2012-08-10T09:07:41-05:00 2011-09-30 MCGLADREY LLP 1185 AVENUE OF THE AMERICAS NEW YORK NY 100362602 990 2010-10-01 132909403 INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION INTE 2126837772 135 WEST 29TH STREET NO 303 NEW YORK NY 10001 JANICE G STOLAR 2126837772 2012-08-10 1 MARTIN GREIF 2123721000 2010 2016-02-24 21:20:13Z JANICE G STOLAR 135 WEST 29TH STREET NO 303 NEW YORK NY 10001 4686098 0 X WWW.ISEF.ORG X 1977 NY INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S MISSION IS TO NARROW ISRAEL'S SOCIO-ECONOMIC GAP THROUGH HIGHER EDUCATION. ITS UNIQUE METHODOLOGY COMBINES SCHOLARSHIP SUPPORT FOR GIFTED YOUNG PEOPLE FROM DISADVANTAGED BACKGROUNDS WITH COMMUNITY SERVICE, LEADERSHIP TRAINING, AND SOCIAL CONSCIENCE-BUILDING. 25 25 8 60 0 0 1817692 3018790 0 0 229229 236636 535865 -38347 2582786 3217079 2714959 2517529 0 0 402707 417458 45000 45000 353294 316571 341478 3479237 3321465 -896451 -104386 6026982 5698701 9480 17527 6017502 5681174 X INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S MISSION IS TO NARROW ISRAEL'S SOCIO-ECONOMIC GAP THROUGH HIGHER EDUCATION. ITS UNIQUE METHODOLOGY COMBINES SCHOLARSHIP SUPPORT FOR GIFTED YOUNG PEOPLE FROM DISADVANTAGED BACKGROUNDS WITH COMMUNITY SERVICE, LEADERSHIP TRAINING, AND SOCIAL CONSCIENCE-BUILDING. 0 0 2588878 2517529 THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION PROVIDES FUNDS TO ITS AFFILIATE ORGANIZATION IN ISRAEL, THROUGH WHICH SCHOLARSHIPS ARE PROVIDED TO ISRAELI CITIZEN STUDENTS STUDYING IN ISRAEL, AT THE UNDERGRADUATE, GRADUATE AND POST-GRADUATE LEVELS. DURING THE ACADEMIC YEAR 2010-2011, APPROXIMATELY 551 STUDENTS IN ISRAEL RECEIVED ASSISTANCE THROUGH THIS PROGRAM. IN ADDITION, 36 INTERNATIONAL SCHOLARS, ALL ISRAELI CITIZENS, RECEIVED INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION SCHOLARSHIPS FOR THE ACADEMIC YEAR 2010-2011, SO THAT THEY COULD PARTICIPATE IN PHD, MD, LAW OR POST DOCTORATE PROGRAMS AT VARIOUS UNIVERSITIES IN THE UNITED STATES, CANADA AND EUROPE. 2588878 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 0 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 18 0 1 8 1 0 1 IS 0 0 0 1 1 0 0 0 0 X 25 25 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X ANITA SCHNEE 2126837772 135 WEST 29TH STREET NEW YORK NY 10001 NORMAN BELMONTE 1.00 X 0 0 0 ABRAHAM E BARRY COHEN 1.00 X 0 0 0 CARLOS BENAIM 1.00 X 0 0 0 YVONNE COHEN 1.00 X 0 0 0 DAREL M BENAIM 1.00 X 0 0 0 DAVID DANGOOR 1.00 X 0 0 0 LISA SASSON CHETRIT 1.00 X 0 0 0 SAMUEL ELIA 1.00 X 0 0 0 ROYSI ERBES 1.00 X 0 0 0 SIMON ELIAS 1.00 X 0 0 0 HARVEY M KRUEGER 1.00 X 0 0 0 EZRA MARCOS 1.00 X 0 0 0 JOSEPH NAJAR 1.00 X 0 0 0 JOSEPH ROSE 1.00 X 0 0 0 ALBERT NASSER 1.00 X 0 0 0 JACQUES NASSER 1.00 X 0 0 0 DR JUDY ROSENBERG 1.00 X 0 0 0 MAYER ROSENWEIG 1.00 X 0 0 0 RICHARD ROTHBERG 1.00 X 0 0 0 NINA A WEINER 1.00 X 0 0 0 DANIEL ROUBENI 1.00 X 0 0 0 WALTER H WEINER 1.00 X 0 0 0 ROBERT SHASHA 1.00 X 0 0 0 JUDITH WOLFF 1.00 X 0 0 0 KATRIN YAGHOUBI SOSNICK 1.00 X 0 0 0 RICHARD CORMAN 35.00 X 128800 0 6151 JANICE G STOLAR - FROM JUNE 2011 35.00 X 0 0 0 128800 0 6151 1 0 0 0 0 726553 2292237 1424 3018790 246702 246702 1363206 1373272 -10066 -10066 -10066 57400 726553 95747 -38347 -38347 3217079 0 0 198289 2517529 2517529 159250 15925 71663 71662 202633 31987 79202 91444 24340 24340 31235 4227 12618 14390 60599 60599 45000 45000 70104 19210 14407 36487 88173 4802 83371 33794 33794 15857 15857 45497 45497 10940 10940 2791 2791 MISCELLANEOUS EXPENSES 8153 8153 BAD DEBT EXPENSE 5570 5570 3321465 2588878 379293 353294 481811 367735 174310 52336 19967 16385 6373 3582 5352162 5262722 12326 12326 6026982 5698701 9480 17527 9480 17527 X 2212461 1770893 524424 383414 3280617 3526867 6017502 5681174 6026982 5698701 X -104386 -231942 X 0 1 1 X 0 X 2126131 3328552 2574012 1817692 3018790 12865177 2126131 3328552 2574012 1817692 3018790 12865177 7315614 5549563 344615 249611 106992 178220 246702 1126140 64779 64779 14056096 3191906 0.39480 0.32720 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3280617 246250 3526867 3170617 110000 3280617 2927217 468400 225000 3170617 1.00000 0 0 19967 16385 3582 3582 3217079 3321465 -104386 -312777 80835 -231942 -336328 3235149 -312777 44361 286486 18070 3217079 0 3217079 3809296 44361 443470 487831 3321465 0 3321465 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ALL OF THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S ENDOWMENT FUNDS ARE PERMANENTLY RESTRICTED. THE PRINCIPAL IS SAFEGUARDED AND THE INVESTMENT EARNINGS ARE USED FOR THE ISEF OPERATING BUDGET. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT EVALUATED ISEF'S TAX POSITIONS AND CONCLUDED THAT ISEF HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. GENERALLY, ISEF IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2007. PART XI, LINE 8 - OTHER ADJUSTMENTS: FOREIGN CURRENCY TRANSLATION GAIN 80,835. PART XII, LINE 2D - OTHER ADJUSTMENTS: ISEF ISRAEL INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 2,478,398. ELIMINATION AMONG FINANCIAL STATEMENTS -2,191,912. PART XIII, LINE 2D - OTHER ADJUSTMENTS: ISEF ISRAEL INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 2,635,382. ELIMINATION AMONG FINANCIAL STATEMENTS -2,191,912. 1 MIDDLE EAST GRANTMAKING 2191912 0 0 0 0 0 0 2191912 0 2191912 X MIDDLE EAST GENERAL SUPPORT/CHARITABLE ACTIVITIES 2191912 WIRE TRANSFER 1 0 EDUCATIONAL GRANT MIDDLE EAST 36 325617 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: GRANTMAKING AND OTHER ASSISTANCE TO A RELATED ORGANIZATION FOR USE IN ITS CHARITABLE PROGRAMS. OTHER INFORMATION SCHEDULE F, PART V SCHEDULE F, PART II, LINE 1: FOR INDIVIDUAL GRANTS, THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S STUDENT AFFAIRS COMMITTEE, COMPRISED OF BOTH PROFESSIONAL STAFF AND VOLUNTEERS, DETERMINE THE INTERNATIONAL SCHOLARSHIP RECIPIENTS. THE CANDIDATES ARE SCREENED AND INTERVIEWED BY THE ISRAEL SCHOLARSHIP COMMITTEE. THEIR RECOMMENDATIONS ARE REVIEWED BY THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S STUDENT AFFAIRS COMMITTEE AND FINAL DECISIONS ARE MADE IN COLLABORATION WITH ISRAEL. X X X X X X 1 BARBI ZAKIN 370 EAST 76TH STREET SUITE B503 NEW YORK NY 10021 FUNDRAISING FOR ANNUAL BENEFIT DINNER 0 879863 45000 834863 879863 45000 834863 NY GALA EVENT 783953 726553 57400 71722 24025 783953 726553 57400 71722 24025 95747 -38347 FORM 990, PART VI, SECTION A, LINE 2 THE FOLLOWING BOARD MEMBERS HAVE FAMILY RELATIONSHIP: - NINA A. WEINER AND WALTER H. WEINER - CARLOS BENAIM AND DAREL M. BENAIM - ABRAHAM E. (BARR) COHEN AND YVONNE COHEN FORM 990, PART VI, SECTION B, LINE 11 FORM 990 WAS PROVIDED TO INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S BOARD MEMBERS IN ELECTRONIC FORM. FORM 990, PART VI, SECTION B, LINE 12C ON ANNUAL BASIS THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO EACH RESPECTIVE BOARD MEMBER AND HE/SHE WAS REQUIRED TO COMPLETE THE DISCLOSURE STATEMENT AND RETURN THE DOCUMENT TO THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S EXECUTIVE DIRECTOR. THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S EXECUTIVE DIRECTOR ALSO SENDS OUT AN ELECTRONIC COPY OF THE DOCUMENTS TO THOSE BOARD MEMBERS WHO ARE NOT PRESENT AT THE BOARD MEETING, ASKING THEM TO COMPLETE AND RETURN THE DISCLOSURE STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS THAT ISEF'S EXECUTIVE COMMITTEE USES TO DETERMINE COMPENSATION FOR THE POSITION OF EXECUTIVE DIRECTOR AS WELL AS TOP MANAGEMENT POSITIONS INCLUDES ACCESSING COMPARABILITY DATA AS PART OF THE DELIBERATION AND DECISION MAKING. AT THE SEPTEMBER 29, 2009 EXECUTIVE COMMITTEE MEETING, THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S EXECUTIVE COMMITTEE REVIEWED COMPARABLE NON PROFIT ORGANIZATION SALARIES IN LIGHT OF THE DOWNTURN IN THE ECONOMY. THE EXECUTIVE COMMITTEE DETERMINED THAT THE ENTIRE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S STAFF, INCLUDING THE EXECUTIVE DIRECTOR, WOULD REDUCE THEIR SALARIES BY 8% FOR THE 2009-2010 FISCAL YEAR. AT THEIR MEETING ON SEPTEMBER 22, 2010, ISEF'S EXECUTIVE COMMITTEE DECIDED TO MAINTAIN THE 8% SALARY REDUCTION FOR THE 2010-2011 FISCAL YEAR DUE TO THE CONTINUING DOWNTURN IN THE ECONOMY. FORM 990, PART VI, SECTION C, LINE 19 THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY PROVIDING COPIES ON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -312,777. FOREIGN CURRENCY TRANSLATION GAIN 80,835. TOTAL TO FORM 990, PART XI, LINE 5: -231,942. FORM 990, PART V, LINE 4A ISEF HAD AN INTEREST IN OR SIGNATURE AUTHORITY OVER A BANK ACCOUNT IN ISRAEL DURING TAX YEAR 2010. ISEF HAS BEEN TOLD THAT THE TD F 90-22.1 FOREIGN BANK ACCOUNT FORM DOES NOT HAVE TO BE FILED FOR 2011 SINCE ISEF'S BANK ACCOUNT IN ISRAEL HAS BEEN CLOSED AS OF NOVEMBER 23, 2010. ISEF ISRAEL PO BOX 20201 10 KARLIBACH STREET TEL AVIV ISRAEL IS 67132 FUNDRAISING AND GRANT MAKING IS AMUTA LAW AMUTA LAW 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 ISEF INTERNATIONAL EDUCATION FOUNDATION Q 2191912 CASH