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FAQ - Donors
FAQ - Non Profits
FAQ - Donors
What is Tmura?Tmura The Israeli Public Service Venture Fund is a nonprofit organization (amuta) established in 2002 by the Israeli venture capital and high-tech communities. Tmura aims to support charitable activities in Israel, by sharing a portion of the wealth created by the country's technology sector with education-and youth-related initiatives.How does Tmura work?Tmura receives donations of equity stock and stock options from private (and, to a lesser extent, public) companies. Once a companys shares are liquid, Tmura exercises the options and sells the shares, and allocates the proceeds of those donations to worthy non-profit causes in Israel, with a focus on education/youth-related organizations. While not its focus, Tmura also accepts cash donations. Who decides which charities to support once these stock options are converted to cash?Upon a successful exit, the donor company will be encouraged to select a grant recipient or recipients from Tmura's list of recommended projects. This list is comprised of organizations which Tmura's grants committee has evaluated and visited, and which we feel confident in recommending for your support.Alternatively, if the donor company prefers, it may also direct the proceeds to a project of its choice. To be consistent with Tmura's objectives and in order to ensure that the funds are directed to recognized and worthy organizations, we ask that should the donor company choose this route, the recipient still meet a few basic criteria. For details about these criteria or Tmura's recommended projects, please see the Our Grantees and Grantee Guidelines sections of our website.At the time of exit, we leave it to our discretion to allocate up to 10% of the proceeds from the liquidation event to help secure our ongoing budget and allow us to continue our work with the community. Tmura is actively engaged in fundraising from the venture capital community as well as other sources so that ultimately 100% of your proceeds will be directed to charity; however, we would like to leave this option open should there be a need.Who decides when to convert the stock options to cash?Tmura's Board will decide when to convert the options the Fund has been granted and when to sell the shares. Generally, these options and shares will be liquidated at the earliest possible opportunity, in order to provide cash allocations to the not-for-profit organizations.What benefits do companies derive by becoming involved with Tmura?Tmura's participating companies enjoy improved employee pride, morale and commitment, an advantage in recruiting and retention, improved corporate culture, increased visibility, and longer term, a stronger community in which to do business. And the knowledge that they are helping to develop Israeli society and improve educational opportunities for its youth.Which companies should donate shares to Tmura?All Israeli (and Israel-related) high-technology companies are encouraged to support Tmura. Our focus is on early-stage companies with the potential for high capital appreciation, and we generally approach such companies either through their venture capital investors or directly. Other companies are invited to contact us as well. How can my company support Tmura?Venture capital firms, professional service organizations, and others are encouraged to make cash grants to Tmura in order to help finance the Fund's ongoing operating expenses. (These expenses are being kept to a minimum, thanks in part to our generous pro-bono service providers.) See a current list of our supporters.How does my company contribute stock options to Tmura?The process is very simple. All you need to do is ask your board to approve a board resolution granting the options and send us a copy of the warrant. Israeli companies may also need to adopt a small amendment to your company's articles of association. Please refer to the Donate 123 section on this web site for details and the documentation, or contact us and well be happy to help.How many shares, or what dollar value, is required from each participating company?The number of shares varies with every company, but it is less than 1% of the outstanding shares (generally 0.5% - 1.0%). While no minimum number of shares is officially required, in order to make a significant impact upon a liquidity event, we request that you grant stock options a) equal to or greater than the number of options you would grant a senior engineer OR b) common stock valued at $50,000 (in the case of a very early-stage company) at the most recent investment price.Is it appropriate for young companies to give stock to an organization like Tmura?Yes. As a small company, this is a very effective tool that can be used to leverage their community involvement and participate in something bigger. There is no cash impact on the donor companies as a result of the grant, and the very minimal P&L impact is generally irrelevant at these early stages.Will companies be required to give additional stock to Tmura?While companies will of course not be required to make additional contributions, several companies have in fact generously done so in order to minimize our dilution following subsequent financing rounds.What happens if a company never has a liquidity event and/or goes out of business?These stock options will be worthless. We hope you will consider making a grant from your next, more successful, venture as well.If you have further questions regarding your contribution to Tmura, please contact Baruch Lipner at 03-607-4506, or email him at baruch_tmura.org.
FAQ - Non Profits
In which areas does Tmura make grants?Tmura’'s primary focus is in the area of education and other youth-related projects that help bridge gaps in Israeli society. Tmura prefers to contribute to projects where it will have an impact and where our involvement is an important contributor to getting a project off the ground.What are the eligibility requirements for grants?In order to be considered for funding, applicants must meet the following criteria:The organization is recognized as a public institution for purposes of donations as per section 46 of the Income Tax Code.The organization operates according to the law and in accordance with its by-laws.The organization complies with principles of non-discrimination.הסנכה סם תדוקפל 46 ףיעס יפל תומורת ןיינעל ירוביצ דסומכ הרכה שי התומעלהתומעה ןונקתל םאתהבו קוחה תושירד יפ לע תלהנתמ התומעההיילפאמ תוענמה לש תונורקע תמייקמ התומעהHow can we apply for a grant?To be considered for support, organizations must first submit a Letter of Inquiry to Tmura. The letter should not exceed three pages in length and should include the following:A brief summary of the mission, history, and goals of your organizationA summary of the goals and specific activities to be supported by the Tmura grant. Please describe the population(s) you intend to serve.A description of the outcomes you intend to achieve and how you will know if your program is successful.A summary of the qualifications of the person in charge of the activities to be supported by the Tmura grant. (We encourage you to attach a bio or resume if you have one.)Budget and staff figures: a) grant amount requested from Tmura; b) projected program or project budget for next fiscal year; c) projected organization budget for the next fiscal year; d) total amount your organization spent for most recent fiscal year; e) other funding sources; f) total staff size.Names of 2 – 3 references and their contact information.Letters of Inquiry may be submitted in Hebrew.What documents need to be submitted with a grant application?Together with the Letter of Inquiry, please include the following documents with your application:Certificates testifying to the legal status of the organization: certificate of registration, approval as a non-profit organization from the VAT authority, approval of exemption from deducting tax at source, approval of books and records as per the law.Approval of recognition as a public institution for purposes of donations as per section 46 of the Income Tax Code.Approval of proper administration from the Registrar of Non-Profit Organizations.The organizations by-laws.Audited financial statements for the most recent year.A list of the organization's board members.Approved budget for the current year.:ןוגראה לש יקוחה דמעמה לע תודיעמה תודועת התומע םושירל הדועת- מ"עממ ר"כלמ רושיא-רוקמב סמ יוכינ רוטפ לע רושיא- קוחכ םיסקנפ לוהינ רושיא-.הסנכה סמ תדוקפל 46 ףיעס יפל תומורת ןיינעל ירוביצ דסומכ הרכה לע רושיא.ףקותב תותומעה םשר לש ןיקת לוהינ רושיא.התומעה ןונקת.הנורחאה הנשל רקובמ יפסכ ח"וד.להנמה דעווה ירבח תמישר.תיחכונ הנשל רשואמ ביצקתWhat is required from grantees following receipt of a grant?Please note that Tmura's grants are made in two installments, with the second installment being transferred to the grantee upon the accomplishment of a pre-defined milestone. At the time of the second installment, all eligibility criteria and documentation listed above must still be in effect.Grant recipients are required to submit two reports to Tmura (at six months and twelve months) describing the progress of the funded project, measurement against the stated goals, and the use of funds. Recipients may also be asked to host Tmura representatives on site from time to time.What else do we need to know?Please note that only those applications that include the Letter of Inquiry together with all of the above-requested documents will be reviewed.Tmura will acknowledge receipt of applications, and following review, will contact selected applicants with next steps. Tmura's Grants Committee will evaluate potential recipients and make grant recommendation to the Board of Directors. Final funding decisions and grant amounts are determined by Tmura's Board of Directors and are also dependent on funds available for disbursement.Where we can send the application?Applications may be sent to:Tmurac/o Gross Kleinhendler1 Azrieli CenterTel Aviv 67021
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