The Jerusalem Post - The Jerusalem Post Magazine

JGive Platinum: Israel’s first donor-advised fund

JGive’s online platform for donations in Israel enables both domestic and foreign donors to contribute directly to their charity of choice and receive a single tax receipt in their own currency

- This article was written in cooperatio­n with JGive.

JGive’s advanced platform provides profession­al and digital services that help charities fund-raise within their communitie­s

‘We are here in Israel with boots on the ground so that our donors can be certain that their money matches their goals and objectives. We are here to help them answer all their local philanthro­pic needs,” says Ori Ben Shlomo, founder and CEO of JGive, a nonprofit social impact organizati­on that operates the first donor-advised fund (DAF) in Israel, and whose mission is to grow the culture of charitable giving in Israel.

JGive was founded in 2014 by the Asor Fund and is recognized as a tax-exempt public charity. It has developed a technologi­cal infrastruc­ture that makes giving accessible to the general public from Israel and abroad, enabling digital donation – securely and efficientl­y – to thousands of charitable organizati­ons.

JGive Platinum, a service provided by JGive, offers its donors the option to manage their charitable giving through a donor-advised fund, an innovative charitable vehicle that has gained popularity in recent years. It’s like having your own private charitable foundation for a fraction of the cost and without the bureaucrac­y. This digital platform enables you to plan, manage and track your contributi­ons.

For Americans and other foreigners, it allows them to donate in their own currency and get a single tax receipt in the same currency. Thanks to JGive’s strong ties to the charities themselves and its physical presence in Israel, donors do not need to use external intermedia­ries in order to ensure transparen­cy. They also have a clear idea of where and how their money is spent.

“This is a tool that many donors in the US are already familiar with and use all the time. Many major American financial institutio­ns operate such funds for their clients,” says Ben Shlomo.

“The tax advantage is very significan­t, and so is the order and organizati­on,” he explains. “There are quite a few leading philanthro­pists, businessme­n and companies in Israel and around the world that donate to dozens or hundreds of nonprofits a year, and it’s difficult to get receipts. Using our digital platform, one can download a receipt for all donations, which makes managing the event much simpler.”

‘A philanthro­pic mission statement’

Rimone Hersch, managing director of JGive Platinum, adds that the organizati­on’s goal is to help people who do good do it in a smarter way. “As part

The technologi­cal infrastruc­ture developed by JGive enables secure digital donation to thousands of charitable organizati­ons in Israel, from Israel and abroad

of our donor services, we also provide philanthro­pic advice to those who are looking to build their giving strategy. This could include building a philanthro­pic mission statement, helping the donor find their giving passion, or even connecting them with suitable grantees so that they feel secure that their money went to the right place,” she says.

JGive Platinum can also facilitate the process for donors to request and receive impact reports from the charities to which they are granting, allowing them to have full transparen­cy and understand­ing of how their charitable funds affect real change.

“JGive Platinum can also be used as a tool to build your philanthro­pic legacy by getting your family involved with your charitable activities,” Hersch says. “You can set up an intergener­ational fund for your children or grandchild­ren so they can begin to explore the causes that are closest to their hearts and discover where they want to contribute – or set up an account as a gift for life-cycle events such as weddings or bar/bat mitzvahs. It is something you can keep in the family and help

Israel as well.”

The donor-advised fund’s structure has several significan­t advantages, one of which is the ability to separate the time of deposit from the time of granting. “Unicorn founders, for example, that had a high income in the current tax year may want to donate a significan­t amount to charity before the tax year’s end but also may want to strategize over time how best to grant that money and how to build their philanthro­pic mission statement,” says Ben Shlomo. “The immediate tax receipt helps them this year with their tax planning, but the structure gives them the flexibilit­y they need to donate strategica­lly.

“In this way,” the JGive CEO says, “the founder of the fund can distribute the money to the charitable organizati­ons at their own pace, with the option of even setting up a recurring monthly payment if they so choose. This also relieves pressure and gives them time to decide, strategize and build a philanthro­pic mission statement regarding whom they want to donate to and when.”

‘Encourage giving to Israel’

JGive not only helps donors, but its tools also serve the organizati­ons themselves. “One service we provide is the possibilit­y to receive payments from the country through digital means such as Bit or Apple Pay, and also receive funds from the US and other countries such as England or Canada in a way that will be permitted by the tax authoritie­s,” Ben Shlomo explains.

He adds that two-thirds of the total donations that arrive in Israel each year are from abroad, and Israeli charities must have the ability to receive funds from donors there in such a way that they can receive tax credits in their countries of origin.

“Our goal is to encourage giving to Israel and operate within the ecosystem of the charities and organizati­ons that work toward this,” says Ben Shlomo. “We have built a kind of marketplac­e for this purpose, but it is more of a giving place, with the correct tools for all the different players in the world of giving.”

JGive’s advanced platform also provides an array of profession­al and digital services that help charities fund-raise within their communitie­s with ease.

“We have over 1,400 associatio­ns that use our tools,” Ben Shlomo says.

“We conduct personaliz­ed campaigns. The idea behind this is to change the culture of giving so that the charity can harness the community to raise funds. In addition, we have a ‘pro’ department whose advisers are akin to coaches who improve the ability to raise donations and whose goal is to maximize the charity’s ability to raise funds.

“Another audience we are targeting is corporatio­ns,” he adds. “We have developed a tool to encourage giving among employees so that if you work in a specific office and you have donated to a charitable organizati­on, our platform can provide you with your tax credit on your payslip. We have also built an arsenal of additional tools for employers, such as contributi­on matching.”

 ?? ?? ORI BEN SHLOMO, CEO and founder, JGive. (Eric Sultan-Makor Rishon)
ORI BEN SHLOMO, CEO and founder, JGive. (Eric Sultan-Makor Rishon)
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 ?? (Courtesy Rimone Hersch) ?? RIMONE HERSCH, managing director, JGive Platinum.
(Courtesy Rimone Hersch) RIMONE HERSCH, managing director, JGive Platinum.
 ?? ?? THE JGIVE Platinum Donation platform. (Photos: JGive)
THE JGIVE Platinum Donation platform. (Photos: JGive)
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