Bet Tzedek

“The clients trust accounts are a part of the organization's normal operations. The accounts includes funds that are held in a trust on behalf of clients for the purposes of rendering legal services.”

“The organization has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the organization must hold in perpetuity or for a donor-specified period(s) as well as board-designated funds. Under this policy, as approved by the board of trustees, the endowment assets are invested in a manner that is intended to produce total returns (net of inflation) in excess of the endowment spend-out rate, thus allowing for real growth of endowment assets while assuming a moderate level of investment risk.”

“In accordance with financial accounting standards board ("fasb") accounting standards codification ("asc") topic no. 740, "uncertainty in income taxes" ("asc 740") (formerly fasb interpretation no. ("fin") 48, "accounting for uncertainty in income taxes - an interpretation of fasb statement 109"), the organization recognizes the impact of tax positions in the financial statements if that position is more likely than not to be sustained on audit, based on the technical merits of the position. To date, the organization has not recorded any uncertain tax positions. During the year ended august 31, 2016, the organization performed an evaluation of uncertain tax positions and did not note any matters that would require recognition in the financial statements or which may have an effect on its tax-exempt status. The organization's income tax returns remain subject to examination for all tax years ended on or after august 31, 2012 with regards to all tax positions and the results reported.”

“Nationally recognized for its pro bono model, bet tzedek leverages the donated services of thousands of volunteers to dramatically increase the impact of its staff's work. In 2016, bet tzedek recruited, trained and mentored 1,403 pro bono attorneys, paralegals and law students who provided 52,617 hours of service to our clients, which management values at $13,771,581. In 2016, the organization changed its accounting policy for how it accounts for donated pro bono legal services. As the organization is an intermediary, it is not required to recognize contribution revenue and related expense for pro bono legal services provided the accounting policy is consistent. Hence the large decrease in reported donated services for fiscal year end august 31, 2015.”