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
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.”