Approval of the 2021 Budget

Whereas: On July 14, 2020 the Board of Governors approved the budget for the Fiscal Year January 1, 2021 through December 31, 2021 (hereinafter – "the Budget" and "the Fiscal Year"); and
Whereas: At the time that the Board of Governors approved the Budget, the extent of the decrease in income was not yet clear; therefore the budget cuts were shown in two tiers, assuming $10M or $20M decrease in the projected 2021 unrestricted income vs. the original 2020 Budget; and
Whereas: The Board of Governors approved implementation of the two tiers as follows:
1. To implement the first tier of changes ("Tier 1") immediately (i.e. as of July 2020).
2. To implement the second tier of changes ("Tier 2") if, as of November 2020, the decrease in expected unrestricted income for 2021 vs. the original 2020 budget (the budget approved in February 2020), exceeds $10M. It was further stipulated that the Chairperson of the Budget and Finance Committee shall advise the Board of Governors of any determination to implement Tier 2; and
Whereas: At this time, due to the continuation of the COVID-19 crisis, the extent of the decrease in unrestricted income for 2021 is still not clear; JAFI's constituent partners, JFNA and Keren Hayesod, are in the process of consolidating their forecasts regarding the unrestricted income that they will each provide for JAFI in 2021. Furthermore, due to the continuation of the COVID-19 crisis, there is a high degree of uncertainty regarding the scope of some of JAFI's activities during 2021.

Therefore be it resolved as follows:
1. To postpone the decision regarding Tier 2 implementation and to authorize the Executive to make the decision regarding full or partial implementation of the Tier 2 budget cuts. The decision regarding full or partial implementation of the Tier 2 budget changes will be made no later than the February 2021 BOG meetings.
2. The Chairperson of the Budget and Finance Committee shall advise the Board of Governors of any determination to implement Tier 2 in part or in full.