Be it resolved that following the recommendation of the Budget and Finance Committee the Executive recommends to the Board of Governors to resolve as follows:
Whereas: The Jewish Agency for Israel (hereinafter: ‘JAFI’) has established and operates Ben Yakir youth village, a leading residential educational establishment for the benefit of immigrant youth and youth at risk;and
Whereas: JAFI and Mr. Benny Levin (hereinafter together:‘the Partners’) are interested in jointly operating Ben Yakir, andwish to participate inthe annual budget of Ben Yakirin the amount of US$300,000 each,per annumfor the period of school years5773 – 5775 (Sep. 2012-Aug. 2015), subject to a matching multi-year commitment of the other party, and provided that JAFI establishes a non-profit company (‘Company’) for the operation of the Ben YakirYouth Village as a leading residential educational establishment for the benefit of immigrant youth and youth at risk;and
Whereas: JAFI is advancing the process of establishing the company according to the BOG resolution held in February 2012; and
Whereas: the Partners wish to sign an agreementarranging, inter alia, the obligations of the Partners for funding the annual budget of Ben YakirYouth Village in the amount of US$300,000 each,per annum,for the period of 5773 – 5775 (Sep. 2012 – Aug. 2015);and
Whereas: signing the agreement is subject to theapproval of the multi-year commitment;
Therefore be it resolved that:
1. Subject to the signing of the agreement between the Partners, and subject to Mr. Benny Levin’s commitment to participate in the annual current budget of Ben YakirYouth Village for the period of school years 5773 – 5775 (Sep. 2012-Aug. 2015) in the amount ofUS$300,000, a multi-year commitment of US$300,000,per annum, is approved for JAFI's participation in the annual budget of Ben YakirYouth Village for the period of school years 5773 – 5775 (Sep. 2012-Aug. 2015).
2. The Finance Unit is authorized to incur, on a multi-year basis, financial and other obligations for implementation of the undertakings of JAFI as described hereinabove.