A “philanthropic bank” linking American Jewish donors and an Israeli foundation is revolutionizing education and social-welfare charity in northern Israel, writes The Jerusalem Post.
Established by Joseph Hyman, a New Yorker active in Jewish giving, the Center for Entrepreneurial Jewish Philanthropy launched an initiative in 2006 partnering U.S. donors—including Peter Hochfelder, founder of Brahman Capital Corp., and Bed Bath & Beyond co-chairmen Leonard Feinstein and Warren Eisenberg—with the Rashi Foundation, which focuses on disadvantaged and special-needs youth.
The effort steers investment into the historic city of Safed in Galilee, which was seeing children’s programs close as families moved to other towns. In the last three years Safed has boosted its student population and opened a cultural center, academic facilities, and other services.
“Our goal is to give these philanthropists a level of service they get when they hire Goldman Sachs to make their investments,” Mr. Hyman said. “We want to help them evaluate their philanthropic options in the same way that they would buy companies.”