5. The Jewish Agency - Gaydamak Fund
WHEREAS a donor agreement was signed on January 12, 2006, between Mr. Arcadi Gaydamak and the Jewish Agency for Israel regarding the establishment of an Endowment Fund (herein: "the Fund") to be used for the following purposes: to benefit the needs of Jewish youngsters in the Former Soviet Union, allowing them to participate in summer and winter camps and to enable them to visit Israel within organized groups; the Hefziba Program; to benefit the needs of children at risk in Israel (herein: "the Purposes of the Fund"); and
WHEREAS in order to fulfill the Purposes of the Fund, Mr. Gaydamak undertook to make an designated donation to JAFI in the sum of $50 million (U.S. dollars) (herein: "the Donation"); and
WHEREAS Mr. Gaydamak has transferred until now an amount of $10 million (U.S. dollars), $5 million (U.S. Dollars) of which is for use during the 2006 budget year (herein: "the Amount"); and
WHEREAS, at this point in time, in order to allocate the Amount for the Purposes of the Fund, it is necessary to decide on the distribution of the Amount among the programs which fulfill the Purposes of the Fund; and
WHEREAS a recommendation is being brought forward from the Budget and Finance Committee, for the approval of the Board of Governors as to the distribution of the Amount, as set out in the proposal attached hereto as Appendix A, which is in keeping with: the Purposes of the Fund; the JAFI Strategic Plan and JAFI's Validated Unmet Needs approved by the Board of Governors in October 2005 and set out in the 2006 Budget:
NOW THEREFORE BE IT RESOLVED:
To approve the distribution of the Amount in accordance with Appendix A attached hereto.