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NIF 2011 Financial Staterments

NIF 2011 Financial Staterments

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Published by WeAreNIF
New Israel Fund Financial Statements for the Year Ending December 31, 2011
New Israel Fund Financial Statements for the Year Ending December 31, 2011

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Published by: WeAreNIF on Aug 15, 2012
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06/04/2013

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F
INANCIAL
S
TATEMENTS
N
EW
I
SRAEL
F
UND
F
OR
 
THE
Y
EAR
E
NDED
D
ECEMBER
31, 2011W
ITH
S
UMMARIZED
F
INANCIAL
I
NFORMATION
 
FOR
2010
 
NEW ISRAEL FUNDCONTENTSPAGE NO.
INDEPENDENT AUDITORS' REPORT2EXHIBIT A -Statement of Financial Position, as of December 31, 2011, withSummarized Financial Information for 20103 - 4EXHIBIT B -Statement of Activities and Change in Net Assets, for the Year EndedDecember 31, 2011, with Summarized Financial Information for 20105EXHIBIT C -Statement of Cash Flows, for the Year Ended December 31, 2011, withSummarized Financial Information for 20106NOTES TO FINANCIAL STATEMENTS7 - 17INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL FINANCIALINFORMATION18SCHEDULE 1 - Combining Schedule of Financial Position, for the Year EndedDecember 31, 201119 - 20SCHEDULE 2 - Combining Schedule of Activities, for the Year Ended December 31,201121SCHEDULE 3 - Combining Schedule of Change in Net Assets, for the Year EndedDecember 31, 201122SCHEDULE 4 - Schedule of Grants, for the Year Ended December 31, 201123 - 30SCHEDULE 5 -Schedule of Functional Expenses, for the Year Ended December 31,201131 - 321
 
G
ELMAN
, R
OSENBERG
& F
REEDMAN
C
ERTIFIED
P
UBLIC
A
CCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Board of DirectorsNew Israel FundWashington, D.C.We have audited the accompanying statement of financial position of the New Israel Fund (NIF)as of December 31, 2011, and the related statements of activities and change in net assets and cashflows for the year then ended. These financial statements are the responsibility of NIF's management.Our responsibility is to express an opinion on these financial statements based on our audit. We did notaudit the financial activity of the New Israel Fund-Israel office, located in Jerusalem, Israel, which reflecttotal assets of $3,902,963, total revenue and expenses net of intercompany transactions of
$10,970,734
was $4,025,002 and $3,293,969, respectively. The financial activity of the New Israel Fund-Israel officewas audited by other auditors, whose reports dated
May 31, 2012
, expressed an unqualified opinion. Tothe extent that it relates to the amounts included for the foreign programs, our opinion is based solely onthe report of other auditors. The prior year summarized comparative information has been derived fromthe 2010 financial statements and, in our report dated June 20, 2011, we expressed an unqualifiedopinion on those statements.We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. An audit includesconsideration of internal control over financial reporting as a basis for designing audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofNIF's internal control over financial reporting. Accordingly, we express no such opinion. An audit alsoincludes examining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements, assessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. We believe that our audit provides areasonable basis for our opinion.In our opinion, the financial statements referred to above present fairly, in all material respects,the financial position of NIF as of December 31, 2011, and its change in net assets and its cash flows forthe year then ended in conformity with accounting principles generally accepted in the United States ofAmerica.May 31, 2012
4550 M
ONTGOMERY
A
VENUE
· S
UITE
650 N
ORTH
· B
ETHESDA
, M
ARYLAND
20814(301) 951-9090 · F
AX
(301) 951-3570 ·
WWW
.
GRFCPA
.
COM
___________________________M
EMBER
 
OF
CPA
MERICA
I
NTERNATIONAL
,
AN
 
AFFILIATE
 
OF
H
ORWATH
I
NTERNATIONAL
M
EMBER
 
OF
 
THE
A
MERICAN
I
NSTITUTE
 
OF
C
ERTIFIED
P
UBLIC
A
CCOUNTANTS
' P
RIVATE
C
OMPANIES
P
RACTICE
S
ECTION
2

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