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May 20, 2009

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shalom rav jon,

i read your entry with keen interest. very well said, and nice connections - good Torah! yasher koach.

i had heard about tzedec, but now, looked online. i read their 990 (their IRS filed form), and i see that they had a budget last year of about $6,600,000, of which at least 17% was overhead (i think it was more, but i didn't have the time to do all the calculations). in addition, they have about $15,000,000 in assets.

i also looked at their grants that they make. of those listed (totalling about $2,000,000), none of them were for loans and it was hard to tell if any went to community development, including affordable housing.

i am concerned because if i give them $100, no more than $83 will be given to organization/program 'x'. of course, that organization/program has their own expenses as well (let's say 15% - though some have less and most have more). that means that another $12 goes to their overhead, leaving them with a 'net' tzedakah contribution of $71.

doesn't seem good, does it?

arnie draiman
www.draimanconsulting.com

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