B'NAI ISRAEL FOUNDATION
Leaders of B'nai Israel discussed for several years their vision of a permanent support arm for the Congregation. These leaders had the foresight to want to perpetuate the Congregation's existence as a beacon of Reform Judaism in the South, and provide the means for permanent financial support.
Thus the Foundation was incorporated by the Congregational Board of Trustees in 1999 as a separate non-profit tax exempt corporation. The Foundation was created to solicit and accept contributions for the purpose of fulfilling this vision of establishing a permanent base of financial support for the Congregation along with consistent financial management of the donated funds. An annual report is made of Foundation assets each year at the Congregational meeting. The assets of the Foundation are restricted and can be used solely and exclusively for the support of the Congregation. The members of the Foundation Board are all past presidents of the Congregation. The Foundation also administers the Congregational dedicated perpetual care funds (dedicated to Cemetery perpetual care under state law) and the separate Farnbacher-Kahn and Billy Quine Trust funds.
In order to preserve, maintain, and foster the growth of the Foundation's assets, the Foundation adopted an investment policy. Consistent with the investment policy, and as is typical with most foundations, the Foundation considers requests from the Congregation for funds necessary for the support of general and specific Congregational projects, as well as general budget supplementation. Further, as is the practice with most foundations, the B'Nai Israel Foundation can only distribute a certain percentage of the income generated each year from its assets to the Congregation. The Foundation is not permitted to dip into its asset base.
The Foundation continues to solicit and receive donations, including cash, bequests in wills, and insurance policy beneficiary designations. Donations are tax exempt to the extent permitted by law. Please consider the Foundation as part of your charitable giving to the extent of your ability.
Each member of the Congregation is encouraged to consider the Foundation when making any charitable contribution. For more information, please contact the Foundation President, Deborah Sternberg.