2011-05-12T14:52:20-05:00 2010-09-30 RSM MCGLADREY INC 1185 AVENUE OF THE AMERICAS NEW YORK NY 100362602 990 2009-10-01 132909403 INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION INTE 2126837772 135 WEST 29TH STREET No 303 NEW YORK NY 10001 Joseph Rose 2126837772 2011-05-12 1 2123721000 2009 2016-02-24 21:20:13Z Joseph Rose 135 WEST 29TH STREET No 303 NEW YORK NY 10001 4995329 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 10 60 0 0 2574012 1817692 0 15292 229229 560589 535865 3149893 2582786 430386 2714959 0 513102 402707 45000 45000 329091 2408056 316571 3396544 3479237 -246651 -896451 6923208 6026982 52276 9480 6870932 6017502 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 2793468 2714959 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 2009-2010, APPROXIMATELY 600 STUDENTS IN ISRAEL RECEIVED ASSISTANCE THROUGH THIS PROGRAM. IN ADDITION, 38 INTERNATIONAL SCHOLARS, ALL ISRAELI CITIZENS, RECEIVED INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION SCHOLARSHIPS FOR THE ACADEMIC YEAR 2009-2010, SO THAT THEY COULD PARTICIPATE IN PHD, MD, LAW OR POST DOCTORATE PROGRAMS AT VARIOUS UNIVERSITIES IN THE UNITED STATES, CANADA AND EUROPE. 2793468 1 1 0 0 0 0 0 0 1 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 1 21 0 1 10 1 0 1 IS 0 0 0 1 1 0 0 0 25 25 0 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 MR NORMAN BELMONTE 1.00 X 0 0 0 MR ABRAHAM E BARRY COHEN 1.00 X 0 0 0 MR CARLOS BENAIM 1.00 X 0 0 0 MRS YVONNE COHEN 1.00 X 0 0 0 DR DAREL M BENAIM 1.00 X 0 0 0 MR DAVID DANGOOR 1.00 X 0 0 0 MRS LISA SASSON CHETRIT 1.00 X 0 0 0 MR SAMUEL ELIA 1.00 X 0 0 0 MS ROYSI ERBES 1.00 X 0 0 0 MR SIMON ELIAS 1.00 X 0 0 0 MR HARVEY M KRUEGER 1.00 X 0 0 0 MR EZRA MARCOS 1.00 X 0 0 0 MR JOSEPH NAJAR 1.00 X 0 0 0 MR JOSEPH ROSE 1.00 X 0 0 0 MR ALBERT NASSER 1.00 X 0 0 0 MR JACQUES NASSER 1.00 X 0 0 0 DR JUDY ROSENBERG 1.00 X 0 0 0 MR MAYER ROSENWEIG 1.00 X 0 0 0 MR RICHARD ROTHBERG 1.00 X 0 0 0 MRS NINA A WEINER 1.00 X 0 0 0 MR DANIEL ROUBENI 1.00 X 0 0 0 MR WALTER H WEINER 1.00 X 0 0 0 MR ROBERT SHASHA 1.00 X 0 0 0 MRS JUDITH WOLFF 1.00 X 0 0 0 MS KATRIN YAGHOUBI SOSNICK 1.00 X 0 0 0 RICHARD CORMAN 35.00 X 131623 0 6114 131623 0 6114 1 0 0 0 0 40214 1777478 1817692 178220 178220 2345817 2294808 51009 51009 51009 653600 40214 117735 535865 535865 2582786 0 0 765094 2714959 2714959 138276 12934 67139 58203 212677 41475 75896 95306 22563 22563 29191 4884 11456 12851 35804 35804 45000 45000 75640 19216 14412 42012 69416 69416 77379 77379 12645 12645 6303 6303 2791 2791 MISCELLANEOUS EXPENSES 30273 30273 BAD DEBT EXPENSE 4000 4000 STAFF DEVELOPMENT 2320 2320 3479237 2793468 356678 329091 985851 481811 228112 174310 7268 19967 13594 9165 6373 5680486 5352162 12326 12326 6923208 6026982 52276 9480 52276 9480 X 2952276 2212461 748039 524424 3170617 3280617 6870932 6017502 6923208 6026982 X 0 1 1 X 0 X 2701000 2126131 3328552 2574012 1817692 12547387 2701000 2126131 3328552 2574012 1817692 12547387 8051538 4495849 249118 344615 249611 106992 178220 1128556 64779 64779 13740722 4165307 0.32720 0.31860 X THE ORGANIZATION MEETS THE 10% FACTS AND CIRCUMSTANCES TEST UNDER REGULATIONS IN THAT IT CURRENTLY HAS IN PLACE A PROGRAM WHICH IS MAINTAINED CONTINUOUSLY FOR THE SOLICITATION OF FUNDING FROM THE GENERAL PUBLIC, COMMUNITY, GOVERNMENTAL UNITS AND OTHER PUBLIC CHARITIES. THE SOURCES OF SUPPORT FROM THE GENERAL PUBLIC ARE IN THE HUNDREDS OF DONORS, IT IS THE DONATION OF A RATHER LARGE DONATION FROM A FOREIGN PRIVATE FOUNDATION, THAT SKEWS THE PUBLIC SUPPORT TEST TO BELOW THE 33 1/3 PERCENT LEVEL. IN TWO YEARS, THIS RATHER LARGE DONATION WILL FALL OUT OF THE PUBLIC SUPPORT TEST AND NO LONGER INCLUDED IN THE FRACTION AND WHICH AT THAT TIME WILL ALLOW THE ORGANIZATION'S PUBLIC SUPPORT PERCENTAGE TO BE ABOVE THE 33 1/3 PERCENT LEVEL ON WHAT IS ANTICIPATED TO BE A CONSISTENT BASIS. THE ORGANIZATION'S GOVERNING BODY IS MADE UP OF PERSONS THAT REPRESENT THE BROAD INTERESTS OF THE GENERAL PUBLIC AT LARGE AND IT IS DEDICATED IN ENSURING THAT THE ORGANIZATION MEETS AND THEN CONTINUES TO MEET ITS PUBLIC SUPPORT NATURE BY OVERSEEING AND EXPANDING THE CURRENT PUBLIC SUPPORT SOLICITATIONS OF FUNDS FROM THE GENERAL PUBLIC. FOR 2009, THE PUBLIC SUPPORT PERCENTAGE ROSE TO A HIGHER LEVEL THAN IN 2008 AND IS EXPECTED TO BE ABOVE 33 1/3 PERCENT FOR THE 2010 TAX YEAR CALCULATIONS. Schedule A, Part II, Line 10, Explanation of Other Income: MISCELLANEOUS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3170617 110000 3280617 2927217 468400 225000 3170617 1.00000 0 0 19967 13594 6373 6373 2582786 3479237 -896451 26773 16248 43021 -853430 2934108 26773 53259 271290 351322 2582786 0 2582786 3651813 53259 119317 172576 3479237 0 3479237 Part V, Line 4: Description of Intended Use of Endowment Funds: 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. Part X: Description of Uncertain Tax Positions Under FIN 48: ON OCTOBER 1, 2009, ISEF ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. ISEF MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE-LIKELY-THAN-NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. 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 XII, Line 2d - Other Adjustments: ISEF Israel included in consolidated financial statements: 2615256. Elimination among Financial Statements: -2343966. Part XIII, Line 2d - Other Adjustments: ISEF Israel included in consolidated financial statements: 2463283. Elimination among Financial Statements: -2343966. 1 MIDDLE EAST GRANTMAKING 2343966 EUROPE FUNDRAISING 0 0 2343966 MIDDLE EAST GENERAL SUPPORT/CHARITABLE ACTIVITIES 2343966 WIRE TRANSFER 1 EDUCATIONAL GRANT MIDDLE EAST 38 370993 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. 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 FUNDRAISING FOR ANNUAL BENEFIT DINNER 0 653600 45000 608600 653600 45000 608600 NY GALA EVENT 693814 40214 653600 83902 33833 693814 40214 653600 83902 33833 117735 535865 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 AT THE DECEMBER 8, 2009 BOARD OF DIRECTORS MEETING, THE CONFLICT OF INTEREST POLICY WAS 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 SENT OUT AN ELECTRONIC COPY OF THE DOCUMENTS TO THOSE BOARD MEMBERS WHO WERE NOT PRESENT AT THE BOARD MEETING, ASKING THEM TO COMPLETE AND RETURN THE DISCLOSURE STATEMENT. PRIOR TO THE DECEMBER 8, 2010 ISEF BOARD MEETING, THE BOARD DISCLOSURE STATEMENTS WERE REVIEWED TO INSURE THAT ISEF IS IN COMPLIANCE WITH THIS POLICY. Form 990, Part VI, Section B, line 15 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. Form 990, Part VI, Section C, line 19 THE INTERNATIONAL SEPHARDIC EDUCATION FOUNDATION'S FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY PROVIDING COPIES ON REQUEST. FORM 990, PART XI, LINE 2C NO CHANGE FROM PRIOR YEAR. ISEF ISREAL 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 1 0 isef international education foundation Q 2343966