Contents Page no.
Auditor’s report
Balance sheet
Operating statement
Statement of changes in net assets
Cash-flow statement
Comments to financial statements
Auditors’ Report to the Directors
of
akim israel – national association for the habilitation of the mentally retarded (a non-profit organization)
We have audited the balance sheets of AKIM Israel – National Association for the Habilitation of the Mentally Retarded (a non-profit organization) (henceforth AKIM) appended below, for Dec. 31 of the years 2008 and 2007 as well as the unified balanced sheets for these dates, the operating statements and the net asset change statements (AKIM and unified), and the cash-flow statements for the years ending on said dates. The management and directors of AKIM are accountable for these financial statements. Our duty was to provide an opinion on these statements based on our audit.
We did not perform an audit of the unified corporation, whose assets belonging to the unified organization constitute approximately 1.2% and 1.3% of the unified assets as of Dec. 31, 2008 and Dec. 31, 2007, respectively, and whose income included in the unified organization constitutes approximately 2.9% and 2.8% of the total unified income for the years ending on Dec. 31, 2008 and Dec. 31, 2007, respectively, respectively. The financial statements of that corporation were audited by other accountants, whose reports were made available to us. Our opinion, in so far as it concerns sums deriving from that corporation, are thus based on the reports of these other accountants.
The audit was performed in keeping with accepted accounting standards, including those mandated by the Auditors’ Regulations (Operating Methods of Certified Accountants) - 1973. These regulations require that the audit be performed in a manner that will make it reasonably certain that the financial statements do not contain any material misrepresentations. The audit must also include an examination of representative documents which provide evidence for the sums and other information contained in the statements. It also includes an examination of the accounting principles used and of significant estimates made by the management of AKIM, as well as an evaluation as to the overall propriety of the facts represented in the financial statements. We believe that the audit performed by us provides an appropriate basis for our evaluation.
The following financial statements have been made on the basis of the convention of original cost at par value. Information concerning reported sums in accordance with the standards of the Israel Institute for Accounting Standards has not been included in the financial statements below
It is our considered opinion that, with the exception of the non-inclusion of the information mentioned in the previous paragraph, the financial statements under consideration do, in all significant aspects and according to accepted accounting practice, appropriately reflect the financial situation - of AKIM and unified - as for Dec. 31, 2008 and 2007, the results of its activities and the report on changes in net assets (of AKIM and unified) and AKIM’s cash-flow during each of the years ending on the dates in question, in accordance with accepted accounting practices in Israel (Israeli GAAP).
Tel-Aviv
July 21, 2009
Ziv Haft
Accountants
AKIM-Israel, National Association for the Habilitation of the Mentally Handicapped
Balance sheets (in thousands of NIS)
Unified AKIM
Comments 31.12.08 31.12.07 31.12.08 31.12.07
Current Assets
Cash and cash equivalent
Cash in bank and on hand 7143 8937 6768 8735 NIS bank deposits 3 7284 6581 7284 6581
14427 15518 14052 15316
Foreign currency bank deposits 1917 1028 1917 1028
Short-term investments 3 258 246 - -
Receivables
Income receivable 4 7081 7222 6892 6991
AKIM Guardian Association 250 199 250 199
Other receivables and debit balances 1263 1219 1200 1094 *
8594 8640 8342 8284
Total current assets 25196 25432 24311 24628
Long-term investments
Investment in held corporation 5 - - 902 936
Investments in net assets 6 27000 27000 27000 27000
27000 27000 27902 27936
Fixed assets 7 45726 42322 45511 42127
97922 94754 97724 94691
* Reclassified
The comments on the financial reports are an inseparable part of the reports.
Unified AKIM
Comments 31.12.08 31.12.07 31.12.08 31.12.07
Current liabilities
Cheques payable and suppliers 5556 6339 5535 6229
Payables and credit balances 8 8682 6682 8442 6503
Current maturity of long-term loan 9 142 86 142 86
14380 13107 14119 12818
Long-term liabilities
Credit from a banking corporation 9 2954 1624 2954 1624
Net reserve for workers’ rights
upon retirement 10 1029 615 1092 841
3983 2239 4046 2465
Contingent liabilities 16
Net assets
Net assets without limitations:
Net assets for use in activities 5870 9001 5870 9001
Net assets used for permanent property 45511 42127 45511 42127
Net assets allocated by Board of Directors 17 27000 10000 27000 27000
Net assets used as investment in held
Corporation 902 936 902 936
79283 79064 79283 79064
Net assets with temporary
limitations 276 344 276 344
79559 79408 79559 79408
97922 94754 97724 94691
July 21, 2009 _______________ ____________ _____________ ____________
Date of approval Chairman Treasurer CEO Financial Manager
of the financial of the Board Avi Anava, Ms. Sigal Baruch Meidan,
statements Mr. Reuven Samuel CPA Perez-Yahalomi CPA
AKIM-Israel, National Association for the Habilitation of the Mentally Handicapped
Operating statements (in thousands of NIS)
Unified AKIM
For the year ending For the year ending
Comments on December 31 on December 31
2008 2007 2008 2007
Income from activities:
Contributions, annual fundraiser and bequests 11 18740 16104 18740 16104
Income from services and
operation of institutions 12 58108 53482 58108 53482
Release of net assets
limited to activities 557 744 557 744
77405 70330 75083 68166
Activity costs:
Salaries and attendant expenses for
enterprises and services 13 32118 27831 30769 26783
Activities in the community 14 34045 32007 33313 31122
Public relations 273 556 273 556
Rent 785 782 785 782
Legal counseling and advocacy of
mentally retarded people 2140 1970 2140 1970
Depreciation 4548 4551 4505 4217 73909 67707 71785 65440
Net income from activities 3496 2623 3298 2726
General and administrative
expenses 15 3299 3006 3149 2757
Fundraising expenses 5146 4177 5146 4177
Total expenses, before financing (5421) (4853) (5380) (4600)
Net financing income 265 1688 255 1689
Taxes on income (3) 1 - -
Net income (expenses) after financing (5159) (3164) (5125) (2911)
Other income and differentials
from previous years (112) (129) (112) (129)
Net income before subsidiary profits (5271) (3293) (5237) (3040)
Subsidiary profit (loss) - - (34) (253)
Annual net income (5271) (3293) (5271) (3293)
The comments on the financial reports are an inseparable part of the reports.
AKIM-Israel, National Association for the Habilitation of the Mentally Handicapped
Statements of changes in net assets (in thousands of NIS)
Net assets without limitations
For For Permanent Allocated Used for Net Assets Total
Activities Assets by Board investment with a
of in held temporary
Directors corporation limitation
________ ______________ __________ ___________ _______ _____
Balance on Jan. 1, 2007 25742 36846 10000 1189 * 1184 74961
Increments (deductions) during the year:
Allocations by Board of Directors (17000) - 17000 - - -
Contributions and financing income - - - - 8474 8484
Surplus of expenses over income (3293) - - - - (3293)
Losses of subsidiary 253 - - (253) - -
Sums freed from limitations - - - - (744) (744)
Sums freed from limited net assets used for
permanent assets - 8580 - - (8580) -
Transfer of sums without limitations used
for permanent assets (1081) 1081 - - - -
Sums transferred to cover
depreciation 4380 (4380) - - - -
Balance on Dec. 31, 2007 9001 42127 27000 936 * 344 79408
Increments (deductions) during the year:
Allocations by Board of Directors -
Contributions and financing income - - - - 5979 5979
Surplus of expenses over income (5271) - - - - (5271)
Losses of subsidiary 34 - - (34) - -
Sums freed from limitations - - - - (557) (557)
Sums freed from limited net assets used for
permanent assets - 5490 - - (5490) -
Transfer of sums without limitations used
for permanent assets (2563) 2563 - - - -
Sums transferred to cover
depreciation 4669 (4669) - - - -
Balance on Dec. 31, 2008 5870 45511 27000 902 * 276 79559
* Designated for equipping and construction of hostels.
The comments on the financial reports are an inseparable part of the reports.
AKIM-Israel, National Association for the Habilitation of the Mentally Handicapped
Cash-flow statements (in thousands of NIS)
for the year ending on
Dec. 31, 2008 Dec. 31, 2007
Current activities cash-flow:
Annual net income (expenses) (5271) (3293)
Adjustments needed to represent
current activities cash-flow (Appendix A) 5640 4700
Net cash resulting from current activities 369 1407
Cash-flow from investment activity:
Foreign currency deposits (889) 1193
Acquisition of permanent assets (8053) (9661)
Receipts from investment activity 5979 8484
Aqcuisition (Sale) of short-
term investments and
net assets 315 1815
Payments for investment activity (5979) (8484)
Net cash from investment activities (8627) (6653)
Cash flow from financing operations:
Receipts from contributions and
participations whose use is limited to
net assets limited to investment in
permanent assets 5979 8484
Cash allocation for investment as part of net assets (315) (5625)
Net short-term bank credit - (22)
Receipt of long-term loan 1396 - *
Retirement of long-term loan (66) (100) *
Net cash flow from financing operations 6994 2737
Drop in cash and cash-equivalent (1264) (2509)
Cash and cash-equivalent balance at
the beginning of the year 15316 17825
Year-end cash and cash-equivalent
balance 14052 15316
* Reclassified
The comments on the financial reports are an inseparable part of the reports.
AKIM-Israel, National Association for the Habilitation of the Mentally Handicapped
Cash-flow statements (in thousands of NIS)
for the year ending on
Dec. 31, 2008 Dec. 31, 2007
Appendix A: Required adjustments for the purpose of presenting cash and cash-equivalent from current activity:
Income and expenses not involving cash flow:
AKIM’s share in subsidiary company’s losses 34 253
Net rise (fall) in commitments due to severance of
employer-employee relations 251 (146)
Depreciation 4669 4380
Revaluation of long-term loans 56 117 *
Sums freed from net assets with limitations (557) (744)
Changes in assets and commitments sections
Rise (fall) in suppliers and checks payable (694) 2799
Rise in credit and credit balances 1939 1263
Fall in debit (58) (3222)
5640 4700
* Reclassified
Appendix B: Activities which do not involve cash flow:
In accordance to a decision by AKIM’s Board of Directors, the sum of NIS 27,000 has been allocated out of short-term investments for investing in net assets.
Composition (in thousands of NIS):
On Dec. 31,
2006 2007 2008
Investment in securities 21060 21375 10000
Bank deposits 5940 5625 -
Total sums allocated for net assets 27000 27000 10000
The comments on the financial reports are an inseparable part of the reports.
AKIM-Israel, National Association for the Habilitation of the Mentally Handicapped
Comments on the financial statements for Dec. 31, 2008 (in thousands of NIS)
Comment no. 1 – general
A. AKIM activities:
1. AKIM is a registered non-profit organization whose purpose is to provide for, rehabilitate, and ensure the future and status of the mentally handicapped, in cooperation with government ministries, local authorities and other public organizations involved in the care for the mentally handicapped.
2. AKIM works on behalf of mentally handicapped people in community institutions, in public and private hostels, and wherever else they may be, in order to encourage them, among other things, to work in the community.
3. AKIM undertakes to initiate and encourage the establishment of institutions for the mentally handicapped, including the construction, leasing and operation of kindergartens, crèches, day-care centers, protected work-places, hostels, clubs, summer camps, social centers and other institutions for the mentally handicapped.
4. AKIM also maintains contact with parents and other family members of the mentally handicapped, in every aspect of the society in which they live.
B. AKIM’s assets and income serve to further the above aims. Its income is received with no intent to benefit the donors.
C. AKIM’s net assets may not be distributed to its members.
D. AKIM operates as a “public institution” in accordance with Section 9(2) of the Income Tax Law and as a “non-profit organization” for purposes of the Valued Added Tax Law. AKIM is registered as non-profit organization no. 58-003492-4 with the NGO Registrar.
E. AKIM is a recognized charity contributions to which are tax deductible.
F. AKIM’s name in Hebrew was changed in February, 2006, from “AKIM Israel – National Association for the Habilitation of the Mentally Retarded in Israel (a non-profit organization)” to “AKIM Israel – National Association for the Habilitation of Mentally Retarded People in Israel (a registered non-profit organization)”.
G. This financial statement contains financial data concerning the activities of AKIM and its various branches throughout Israel, as detailed in comment 18.
Comment no. 2 - accounting policy principles
A. Definitions:
AKIM “AKIM Israel – National Association for the Habilitation of Mentally Retarded People in Israel (a registered non-profit organization)”.
Index The Consumer Price Index published by the Israel Central Bureau of Statistics.
Net assets The difference between AKIM’s assets and obligations.
Limitation Restrictions on the use of net assets as demanded by contributors, supporters or donors to AKIM.
Temporary limitation A restriction which expires or is removed upon the occurrence of a certain event or after the passage of a given time period or which can be removed by performing certain acts, in accordance with the conditions imposed by the donors or the external organizations which have provided the resource.
Subsidiary The Rehovot Community Services Development Corporation, Ltd. See comment 5.
The Group AKIM and its subsidiary.
B. Assets and liabilities in foreign currency or linked to foreign currency
1. Assets and liabilities listed in foreign currencies were converted to NIS at the exchange rate published by the Bank of Israel for the day of the Statement.
2. Consumer-index linked assets and liabilities were listed at their value according to the indexing conditions of each balance.
3. Index and exchange rate differentials are listed in the financial statements as they are created.
4. The Consumer Price Index and the exchange rate of the US dollar were as follows:
On Dec. 31 of the year
2008 2007
Consumer Price Index (points) 106.4 102.5
1 US dollar (at NIS per $1) 3.8020 3.846
Percentage change during
the year ending on Dec. 31
2008 2007
Consumer Price Index 3.8 3.4
US dollar (1.14) 8.97
C. Principles of financial statement unification
1. The unified financial statements contain the financial statements of AKIM and of its subsidiary, in which AKIM has a controlling share.
2. Mutual balances between AKIM and its subsidiary which were unified, as well as unrealized profits, were canceled.
3. Unified corporation financial statement balances were included in the unified financial statements after having made the necessary adjustments due to the introduction of uniform accounting rules by the Group.
D. Entry base
AKIM lists its liabilities, income and expenses cumulatively.
E. Cash and cash-equivalent
Cash equivalent are highly fluid investments, such as, for example, short-term bank deposits, whose period of realization at the time of depositing does not exceed three months. They do not include short-term deposits made for the purpose of financing investments in net assets according to decisions made by AKIM’s Board of Directors.
F. Short-term investments
These are investments in deposits and negotiable securities held for a short time as a current investment. Investments in negotiable securities are recorded at their market value on the last trading day of the year of the audit, and in the case of mutual funds at their value at maturity. Changes in the values of short-term investments were credited in part to the operating statement, where they can be found under the headings of “Net financing income” and “Net assets with limitations”.
G. Permanent assets
1. Permanent assets are listed according to cost minus accumulated depreciation. Depreciable assets were depreciated according to the “straight line” system in keeping with the asset’s estimated period of use. A depreciation allowance was made whenever the asset’s bookkeeping value was greater than its value to the organization (the latter is usually calculated as the higher among the asset’s use value and its realization value).
2. The main annual depreciation rates are the following:
Computers and software: 33%
Electronic equipment: 15%
Furniture and related equipment: 7%
Improvements in buildings: 10%
Construction: 4%
H. Contributions, allocations and grants
Contributions, allocations, subsidies, grants, bequests and gifts that were promised but not received by the day of the audit were listed as income if the following conditions were met:
1. There exists an unconditional and irreversible commitment by the donor for the audit period.
2. The promise was kept after the close of the audit, or it can be enforced and realized using legal means.
3. The realization of the promise is not conditional on any future eventuality.
I. Use of estimates
When these financial statements in question were prepared, formulated and presented using accepted accounting practice, the Board and Management of AKIM were required to make estimates and assumptions which have an effect on the financial statements and the attendant comments. It is in the nature of estimates and assumptions that the eventual results will differ from them.
J. Cash-flow
No unified cash-flow report has been provided, nor are there cash-flow reports for the subsidiary, since in the estimation of the management of AKIM such reports would not provide any significant information beyond what can be found in the balance sheets.
Comment no. 3 – Short-term investments
A. Composition
Unified AKIM
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
Short-term investments 21318 21621 21060 21375
Part classified for investment within
net assets (see B below) (21060) (21375) (21060) (21375)
Total 258 246 - -
B. In accordance with the decision of AKIM’s Board of Directors part of the investments were classified as long-term, in line with net assets allocated for use (see Comment 6 below).
Comment no. 4 – Income receivable
Composition
Unified AKIM
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
Income receivable from the
Ministry of Welfare 5614 2406 5425 2175
Income receivable from the
Ministry of Welfare’s 30% Fund 956 3274 956 3274
From Social Security, municipalities, etc. 511 1542 511 1542
Total 7081 7222 6892 6991
Comment no. 5 – Investment in held corporation
AKIM has a 99.9% ownership of a subsidiary, “Tamshav – Services and Construction Systems Operation, Ltd.” (henceforth: Tamshav) Tamshav is a holding company, with no activity.
AKIM’s investment in the corporation, NIS 486,000, was used for the purpose of constructing and operating the hostel in Rehovot, through a daughter-company holding 99.9%, “The Rehovot Community Services Development Corporation, Limited” (henceforth: the Development Corporation).
Comment no. 6 – Investments under net assets:
A. Composition
AKIM and unified
Dec. 31, 2008 Dec. 31, 2007
Short-term investments (see Comment 3 above) 21060 21375
Deposits 5940 5625
Total 27000 27000
B. In accordance with the decision of AKIM’s Board of Directors part of the investments were classified as long-term, in line with net assets allocated for use
Comment no. 7 – Fixed assets
Composition
Buildings Improvements Furniture Computers Total
in leased and peripheral
assets equipment
Cost:
Balance on Jan. 1, 2008 37110 9585 7971 1507 56173
Additions 4810 2260 766 217 8053
Deductions - - 251 200 451
Balance on Dec. 31, 2008 41920 11845 8486 1524 63775
Accumulated depreciation
Balance on Jan. 1, 2008 5606 3028 4284 1128 14046
Additions 2739 950 769 211 4669
Deductions - - 252 199 451
Balance on Dec. 31, 2008 8345 3978 4801 1140 18264
Depreciated balance on 33575 7867 3685 384 45511
Dec. 31, 2008
Depreciated balance on 31504 6557 3687 379 42127
Dec. 31, 2007
Comment no. 8 – accounts payable and credit balances
Unified AKIM
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
Composition
Employee salaries and other
salary-related commitments 3092 3032 2937 2900
Reserves for vacation 1098 969 1098 969
Funds, hostels and welfare 1717 1643 1717 1643
Expenses to pay 1142 511 1562 474
Others 1142 527 1128 517
Total 8682 6682 8842 6503
Comment no. 9 – Long-term credit from a banking corporation
A. These are loans were given to ten wards under Ministry of Housing conditions and used for financing the construction of the Bat-Yam, Herzliyya and Ashkelon hostels. AKIM joined as an additional lender, who has sole responsibility for returning the loan. The loans are linked to the consumer price index and the interest on them is as listed below. As security for the loan’s return the plot and the hostel built on it were mortgaged.
B. Composition:
Dec. 31, 2008 Dec. 31, 2007
Lender Loan Date Due Interest Revaluated balance
Bank Mizrahi Tfahot 104 June 2025 4.07% 94 86
Adanim Bank 244 June 2028 4.07% 233 213
Adanim Bank 432 June 2015 0% 202 255
Adanim Bank 234 April 2033 4.07% 239 264
Adanim Bank 929 April 2030 4.07% 932 892
Jerusalem Bank 281 October 2036 4.00% 279 -
Jerusalem Bank 1115 October 2033 4.00% 1117 -
3096 1710 Minus current maturity: (142) (86)
Total: 2954 1624
Comment no. 10 – Net reserves for retiring workers’ rights
A. Composition
Unified AKIM
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
Liability for ending
workers’ employment 5683 6431 5316 6093
Minus deposits in compensation fund (4654) (5816) (4224) (5252)
Total 1029 615 1092 841
B. Additional details
1. The Group’s commitment to pay retirement compensation, calculated in accordance with labor laws and current labor contracts, is partly covered by regular deposits in recognized pension funds and/or insurance company policies, and the balance is covered by liabilities noted in the financial statements.
2. Sums accumulated in managerial unemployment insurance policies are listed in the employee’s name. On account of these liabilities we list only surpluses of liability for the fund, if there is any.
3. The fund listed above includes sums deposited in compensation funds, plus profits accrued up to the audit date. In accordance with the Severance Pay Law, these sums cannot be withdrawn or mortgaged as long as the employer’s liabilities for compensation according to law have not been met.
Comment no. 11 – Contributions, annual fundraiser and bequests
A. Composition
Unified AKIM
For the year ending on For the year ending on
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
Bequests 338 547 338 547
Contributions in Israel 9574 8343 9574 8343
Contributions from abroad 2360 2674 2360 2674
Fundraising drives and others 6468 4540 6468 4540
Total 18740 16104 18740 16104
Comment no. 12 – Income from services and from management of institutions
A. Composition
Unified AKIM
For the year ending on For the year ending on
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
From the Ministry of Welfare 39556 33178 37234 31014
From local authorities and Social Security 3187 5094 3187 5094
30% Fund of the Ministry of Welfare 8870 10885 8870 10885
Parental participation, wards and others 2093 1868 2093 1868
“Another Way” occupational project 4402 2457 4402 2457
Total 58108 53482 55786 51318
B. The Board of Directors and the Management of AKIM believe that income from government ministries and institutions and from local authorities were used for their intended purposes.
C. Parental participation, wards and others – under this section we have entered income from wards’ participation in hostels’ cultural and welfare activities, as well as income from parental participation in AKIM activities such as summer camps, crèches, clubs and other cultural activities.
Comment no. 13 – Salaries and auxiliary expenses for projects and services
A. Composition
Unified AKIM
For the year ending on For the year ending on
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
Salaries and benefits at AKIM branches 27584 22893 26235 21845
Salaries and benefits at AKIM Center 4534 4938 4534 4938
Total 32118 27831 30769 26783
Comment no. 14 – Community activity expenses:
Composition
Unified AKIM
For the year ending on For the year ending on
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
Residences: Wards’ expenses 5710 6052 4978 5500
Culture, art, sports and leisure activities 1744 1973 1744 1973
“Another Way” occupational project 3660 1746 3660 1746
Dental expenses 5557 4716 5557 4716
Maintenance of residences and branches 8530 9270 8530 8937
Operation, transportation, outings and clubs 5771 6465 5771 6465
Summer camp and other summer activities 3073 1785 3073 1785
Total 34045 32007 33313 31122
Comment no. 15 – Management and general expenses
Composition
Unified AKIM
For the year ending on For the year ending on
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2008 2007 2008 2007
Wages and benefits 1522 1560 1522 1560
Legal and other fees 723 607 676 562
Phone, mail and office expenses 244 248 214 218
Office maintenance, taxes, electricity
and insurance 428 299 300 256
Vehicle maintenance, transportation
and volunteers 171 168 137 136
Travel and hospitality expenses 141 122 141 122
Services and manpower resources 378 132 378 132
Depreciation of furniture and office
equipment 164 163 164 163
Total 3771 3299 3532 3149
Comment no. 16 – Pending liabilities
A. A number of law suits deriving from its regular activities have been filed against AKIM for a total of about NIS 185 thousand. AKIM’s management, based on the opinion of its legal advisors, believed the chances for a ruling against the organization are slim. As a result, no financial provision has been made for such an eventuality.
B. AKIM has given guarantees of some NIS 496 thousand to government ministries and local authorities for bids for services to the mentally retarded and for building projects.
C. Some of AKIM’s accounts in foreign currency are mortgaged for guarantees (see section B. above) and for the organization’s everyday activities.
D. Pledges – see comment 9.
Comment no. 17 – Net assets without limitations allocated by the Board of Directors
In accordance to a decision by AKIM’s Board of Directors, surpluses accruing from the operation of residences in previous years were listed under the heading of net assets allocated by the Board of Directors.
AKIM and unified
Dec. 31, 2008 Dec. 31, 2007
Residence Development
and Maintenance Fund 27000 27000
Total 27000 27000
Comment no. 18 – List of AKIM branches
The following AKIM branches are included in the Financial Statement for Dec. 31, 2006:
1. Azur 33. Maghar
2. Eilat 34. AKIM Center
3. Eilat, residences 35. Nahariya
4. Iblin 36. Nes Ziona
5. Ashdod 37. Nazareth
6. Ashdod, residences 38. Nazareth Illit
7. Ashkelon 39. Netanya (branch, occupation)
8. Ashkelon, occupation 40. Acre
9. Ashkelon, hostel 41. Afula
10. Beer Tuvia 42. Arad
11. Beersheba 43. Petach-Tikva
12. Bnei-Brak * 44. Safed
13. Bat-Yam 45. Safed, hostel
14. Bat-Yam, hostel 46. Kerayot
15. Givatayim 47. Kiriyat Ono
16. Gedera 48. Kiriyat Gat
17. Dimona 49. Kiriyat Shmona
18. Dimona, hostel 50. Rosh Haayin
19. Even Yehuda, hostel 51. Rishon Lezion
20. Herzliyya 52. Rehovot
21. Herzliyya, hostel 53. Rehovot, occupation
22. Holon (AKIM branch and residences) 54. Ramla
23. Tiberias 55. Ramat Gan
24. Tirat HaKarmel * 56. Ramat HaSharon
25. Yavneh 57. Ramat HaSharon, hostel
26. Yahud 58. Raanana
27. Kfar Sava 59. Raanana, hostel
28. Kfar Yasif 60. Raanana, occupation
29. Karmiel* 61. Sedot Negev
30. Lod 62. Sderot *
31. Migdal Haemek 63. Shefar’am
32. Modiin 64. Tel Aviv
* Branches not included in the report
