F
INANCIAL
S
TATEMENTS
N
EW
I
SRAEL
F
UND
F
ORTHE
Y
EAR
E
NDED
D
ECEMBER
31, 2010W
ITH
S
UMMARIZED
F
INANCIAL
I
NFORMATIONFOR
2009
NEW ISRAEL FUNDCONTENTSPAGE NO.
INDEPENDENT AUDITORS' REPORT2EXHIBIT A -Statement of Financial Position, as of December 31, 2010,withSummarized Financial Information for 20093 - 4EXHIBIT B -Statement of Activities and Change in Net Assets, for the Year EndedDecember 31, 2010,withSummarized Financial Information for 20095EXHIBIT C -Statement of Cash Flows, for the Year Ended December 31, 2010,withSummarized Financial Information for 20096NOTES TO FINANCIAL STATEMENTS7 - 16INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL FINANCIAL INFORMATION17SCHEDULE 1 - Combining Schedule of Financial Position, for the Year EndedDecember 31, 201018 - 19SCHEDULE 2 - Combining Schedule of Activities, for the Year Ended December 31,201020SCHEDULE 3 - Combining Schedule of Change in Net Assets, for the Year EndedDecember 31, 201021SCHEDULE 4 - Schedule of Grants, for the Year Ended December 31, 201022 - 29SCHEDULE 5 -Schedule of Functional Expenses, for the Year Ended December 31,201030 - 311
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, 2010, 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 not auditthe financial activity of the New Israel Fund-Israel office, located in Jerusalem, Israel, which reflect totalassets of $4,568,458, total revenue of $8,106,009 and total expenses of $7,956,099. The financial activityof the New Israel Fund-Israel office was audited by other auditors, whose reports dated May 1, 2010,expressed an unqualified opinion. To the extent that it relates to the amounts included for the foreignprograms, our opinion is based solely on the report of other auditors. The prior year summarizedcomparative information has been derived from the 2009 financial statements and, in our report datedJuly 23, 2010, we expressed an unqualified opinion 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 of NIF'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 auditprovides 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, 2010, and its change in net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.June 20, 2011
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ONTGOMERY
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VENUE
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UITE
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ORTH
· B
ETHESDA
, M
ARYLAND
20814(301) 951-9090 · F
AX
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WWW
.
GRFCPA
.
COM
___________________________M
EMBEROF
CPA
MERICA
I
NTERNATIONAL
,
ANAFFILIATEOF
H
ORWATH
I
NTERNATIONAL
M
EMBEROFTHE
A
MERICAN
I
NSTITUTEOF
C
ERTIFIED
P
UBLIC
A
CCOUNTANTS
' P
RIVATE
C
OMPANIES
P
RACTICE
S
ECTION
2
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