The ailing US dollar is cause for continued concern to many, not just in North America. In Israel, Mosdos and tzedaka organizations estimate the loss this year at NIS 350 million as a direct result of the declining dollar against the shekel and the credit crisis around the world. The information was released ahead of the third Forum Menahalim (Managers Forum) to be hosted in Yerushalayim’s Binyanei Ha’uma (Jerusalem Convention Center).

The statistics are based on data furnished by 80 organizations such as Yad Sarah and Ezer Mizion, as well as educational institutions including Migdal Or, Belz and Vishnitz. The organizations represented provide schools for over 100,000 students and the organizations collectively are supported by over 1 million donors.

On the average, donations comprise 43% of an organization’s annual income, with the average decline now bringing that number down to 31%. 23% of the organizations admit they are concerned regarding their future, while 11% are not concerned.

When asked how they plan to cope, 72% stated harder work; 32% by streamlining operations and cost-cutting; 22% by increasing fundraising activities in Eretz Yisroel; and 17% by local investments to generate income.

The Menahalim Forum, sponsored by Hamodia economic desk, will be held on 12 and 13 Tammuz (15-16 July) – hoping to draw 3,000 participants from the local and international chareidi communities.

According to Rav Chaim Biton, who heads the Migdal Or operations under the auspices of HaRav Yitzchak Dovid Grossman Shlita, responsible for some 30 institutions, many of the donations from Israel are linked to a 4:1 exchange rate so that is fine but the dollars coming from abroad are unlinked so they do feel the loss.

HaRav Avraham Schor of Mosdos Karlin explains he estimates the loss for his institutions this year at about 35%.

(Yechiel Spira – YWN Israel)