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February 15, 2002/Adar 3 5762, Vol. 54, No. 22
Israel Bonds to close local office
BARRY COHEN
Editor
The national Israel Bonds headquarters is closing its Arizona office.
"We received a mandate from the Israeli government to economize," said Raphael Rothstein, national director of marketing and public relations for Israel Bonds, located in New York City.
The Israeli government, which funds Israel Bonds, reduced its worldwide budget from $42 million to $40 million, Rothstein said. With the ongoing violence of the Palestinian intifada, greatly reduced tourism and a weakened economy, times are difficult in Israel, he explained.
Israel Bonds' Los Angeles office will expand to serve Arizona, and the Houston office will serve New Mexico and El Paso, he said.
Offices in San Francisco, San Diego and Westchester, N.Y.,are also being closed.
Since 1951, State of Israel Bonds "has had a presence in the Valley," according to Tina Sheinbein, executive director of the local office.
The local Bonds board met with Leon Ziv, director of the Los Angeles Israel Bonds office, Feb. 13, "to outline plans of how we will continue to work together," said Dan Abrams, Phoenix campaign chairman.
Local volunteers and board members will remain in place, he said, and "most of the board feels strongly about Israel Bonds and will continue (serving)."
Abrams noted that the local Bonds annual community event, scheduled for May 19, will be postponed because of the decision to close the area office. As a result, he expects Bonds sales to fall 20-25 percent below projections.
"Initially, there is going to be a shortfall," he predicted. But "we'll be selling as much if not more in the coming year."
The local office sold $2 million in bonds in 2000 and $3 million in 2001, Sheinbein said. Of this total its New Leadership Division sold $475,000 in 2000 and $975,000 in 2001.
"Arizona has played a substantial role in reaching our annual fund-raising goal," noted Rothstein.
In a Feb. 11 press release, Sheinbein is quoted as saying, "We've made some extraordinary friends over the years, and it's with a great deal of sadness that we'll close the doors at our office. But the work that Israel Bonds is doing, truly vital work, will continue."
The local office, which employed four paid staff members, will remain open until Feb. 28.
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