The KAM Isaiah Israel Foundation is the successor to foundations created pre-merger by KAM Congregation and Isaiah Israel Congregation.  Thus, the Foundation has been in existence for more than 35 years.  It was intended as an endowment fund to receive and hold in trust restricted gifts, larger donations, and bequests.  Its purposes are described in one document as follows:

“[To] provide the reserves with which to meet unforeseen emergencies or financial difficulties; to enable the Congregation to develop new and important programs aimed at the social and cultural development of our youth and adults; to do an even better job of religious education; [and] to enlarge our Congregation’s horizons so that we may serve more of the people of every age in our community.”

Use of “income” (measured on a “total return” basis).  The by-laws state that “The income of the Foundation shall be used in the discretion of the Foundation Trustees by and with the consent of the Board of Directors, to encourage, promote and maintain the religious, educational, cultural, social and philanthropic activities of the Congregation.”  Any income not so used is to be added to principal.  The Trustees have interpreted those provisions to mean that, on a total return basis, a fraction (usually 5% of assets measured on the basis of a three-year moving average as of the end of the Foundation’s fiscal year, subject to annual review) of the Foundation’s unrestricted assets shall be transferred to the Congregation’s General Fund each year. 

Use of “principal”:  The by-laws provide further that the Foundation’s principal is to be “classified in accordance with the instructions and intent of the donor,”  but where funds are transferred to the Foundation without restrictions, those sums are to be invested and in extraordinary circumstances may be used “For property expansion, major repairs and rehabilitations”.

The Foundation continues to grow through the generosity of members and the community.  If you would like to make a contribution, please call 773.924.1234 or email info@kamii.org.  Click funds for a complete listing of operating and foundation funds.