Israeli law requires that all Israeli NGOs follow legal financial accounting standards in general, and as these organizations exist for the public benefit and not for profit, they are held to a very high standard.\u00a0 Proper accounting must be maintained either within the amutah <\/em>or by another person who does so on behalf of the NGO.\u00a0 Additionally, every financial transaction<\/em> must be recorded, and any relevant documentation must be organized.\u00a0 This includes, among other things, withdrawal and receipt for money taken out or received, and all invoices and receipts.\u00a0 Furthermore, other documents relevant to financial transactions must be kept.\u00a0 The NGO must ensure that someone is responsible for bookkeeping and continually updating the NGO\u2019s financial transactions.\u00a0 It is also important to note that only those entrusted with the authority to sign their signatures for the NGO (amutah <\/em>signatories) are allowed to withdraw money from the NGO.<\/p>\n

Record Keeping for an Israeli NGO<\/h4>\n

Israeli NGO record keeping must abide by section 35 of the law, which discusses the various aspects of the NGO accounting system.\u00a0 All of the items discussed must be recorded.\u00a0 This includes, among other things, donations, gifts, and receipt books detailing what the Israeli NGO received from others (including governmental organizations).<\/p>\n

Any Israeli NGO that turns over more than 750,000 NIS a year must follow a double entry bookkeeping method.<\/p>\n

Contact Us<\/h4>\n

If you are interested in starting an Israeli non-governmental organization (whether an amutah<\/em> or cheletz<\/em>) or have any questions about financial management and record keeping, give us a call!<\/p>\n

Advocate Joshua Pex specializes in Israeli NGO law and would be happy to discuss the needs of your NGO with you.<\/p>\n

[author_and_contact_info]<\/p>\n

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Israeli laws for NGOs (non-governmental organizations or nonprofit organizations, amutah in Hebrew) require that account books be kept and maintained, accurately reflecting the financial situation of the Israeli NGO.\u00a0 All financial transactions of the Israeli NGO must follow the regulations for Israeli income tax and bookkeeping. This Series of Posts Our law firm specializes in…<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[185],"tags":[],"class_list":["post-8874","post","type-post","status-publish","format-standard","hentry","category-non-profit-organizations-en"],"acf":[],"yoast_head":"\n