AISH HaTorah New York

MISSION:
Aish New York (ANY), www.aishny.com provides cutting-edge
social and learning opportunities for young Jewish professionals
in New York City in a warm, welcoming, and open atmosphere.
Whether you want business networking events, a crash course in
Hebrew, Jewish wisdom for living, or the Israel adventure of a
lifetime, Aish New York offers you access to more of the value
in being Jewish. Since 1974, Aish has been dedicated to
revitalizing the Jewish world by reintroducing Jews everywhere
to their heritage. Today it is a dynamic, rapidly expanding Jewish
social and educational network committed to a worldwide
renaissance of the Jewish people.

FINANCIAL EFFICIENCY EVALUATION:
According to Charity Navigator
(http://www.charitynavigator.org/),
America’s leading charity evaluator, ANY has an overall
rating of four stars (four stars is the highest rating.)
Charity Navigator provides the following financial
breakdown of ANY based on 990 tax returns through
2006:

Overall Rating: Four Stars ****
Organizational Efficiency:
Efficiency Rating: Three stars ***
Program Expenses: 89.6%
Administrative Expenses: 5.5%
Fundraising Expenses: 4.8%
Fundraising Efficiency: $0.10
(ANY spends $0.10 to raise $1.)

Organizational Capacity:
Capacity Rating: Four stars ****
Primary Revenue Growth: 1.9%
Program Expenses Growth: 15.2%
Working Capital Ratio (years): 1.44
(ANY can sustain itself for 1.44 years
without generating new revenue.)
Organizational capacity refers to an organization’s
ability to sustain itself over time. Charities that exhibit
consistent revenue and expenses growth are more
likely to sustain their programs and services over the
long haul.

Compensation for its Executive Director, Kenneth Greenman,
was $143,823 which represents 2.41% of expenses. For comparison
purposes, compensation for the President of the American Jewish
World Service, Ruth Messinger, was $191,000 which represents
0.79% of expenses.

As of fiscal year 2006, ANY had total assets of $10,311,117. Of
this figure ANY had investments of publicly traded securities
of $0, cash-non-interest bearing investments of $339,298 and
savings and temporary cash investments of $8,852,169. It had
pledges receivable of $0. ANY had fixed assets of land, buildings
and equipment less accumulated depreciation of $941,977. In fiscal
year 2006, ANY operated at a deficit of $2,642,724.

As of fiscal year 2007, ANY had total assets of $11,189,280. Of
this figure ANY had investments of publicly traded securities of
$161,842, cash-non-interest bearing investments of $348,925 and
savings and temporary cash investments of $8,625,984. It had
pledges receivable of $0. ANY had fixed assets of land, buildings
and equipment less accumulated depreciation of $1,921,502. In
fiscal year 2007, ANY operated with an excess of $912,800

Its 990 2007 tax return Line 54a: Investments of publicly traded
securities “A- Beginning of the year"(2007) should agree with
its 2006 line 54a “B End of the year"(2006); these should be the same
figures; they are not: it is 0 in 2006 and it is $122,678 in 2007.


DISCUSSION:
1) As of fiscal year 2007, ANY had 77% of its total assets in liquid
savings and temporary cash investments. This is more than one
year’s expenses without generating any new support. Thus, ANY will
be able to survive the present economic downturn.
2) In 2006, ANY operated at a deficit of $2,642,724. In 2007, ANY
greatly increased its public support and turned the deficit into an
excess of $912,800. Continuing this support may be difficult in the
current economic downturn.
3) ANY had no exposure to Madoff investments.

RECOMMENDATIONS:
The recent financial turmoil, caused by the Wall Street and Madoff
scandals, has also affected the relationship between donor and
non-profit. The turmoil has caused donors to become uncertain and
more selective in giving to non-profits. Non-profits that are
transparent about their finances will regain the lost trust of its
donors sooner than those non-profits that are not transparent about
their finances. In order to reach out to more selective donors, ANY
should be more transparent about its finances.
ANY should provide the following information on its web site:
1) It should provide its three most recently filed tax returns.
2) Since ANY has done a superb job in keeping most of its assets in
cash, it was probably able to avoid taking a big hit in its total assets.
Accordingly, ANY should provide its investment philosophy and
a breakdown of its investments on a semi-annual basis.
3) It should provide information about its exposure to Madoff
investments on the homepage of website, especially since it had
NO exposure to Madoff.
4) ANY should publicize its overall four star rating from Charity
Navigator.