FIDF's available-for-general-expenditure rose 63% to $140 million during wartime. Program grants held at $139 million. The board has not disclosed a target reserve ratio.
Unrestricted net assets: $67 million in 2023. $87 million in 2024. $137 million in 2025. Program grants reported as expenses: $136 million. $140 million. $139 million. During the most intense period of IDF operations since 1973, FIDF's discretionary balance sheet doubled while annual grant-making held steady.
FIDF's 2025 audited financial statements — filed August 6, 2026, audited by Grant Thornton LLP — quantify this divergence. The audit's own liquidity disclosure (Note 6) calculates $139.7 million available for general expenditure within one year, up 63% from $86 million in 2024. That is the measure that matters — not gross investments or total net assets, which include restricted and endowment funds the board cannot spend at discretion.
FIDF Available-for-General-Expenditure: The Liquidity Calculation
Total financial assets: $391.5 million.
Less donor-imposed restrictions: −$176.1 million.
Less contractual/internal restrictions: −$75.6 million.
Available for general expenditure within one year: $139.7 million.
Against this, FIDF carries $66.8 million in grants payable — firm commitments for construction ($54 million) and multi-year well-being programs ($16 million). Maturity: $29.2 million within one year, $40.9 million in one to three years.
FIDF Reserves: Three-Year Trend
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Net Assets | $288M | $305M | $313M |
| Unrestricted Net Assets | $67M | $87M | $137M |
| Donor-Restricted | $221M | $218M | $176M |
| Total Assets | $336M | $384M | $400M |
| Investments | $256M | $307M | $298M |
| Program Grants (expense) | $136M | $140M | $139M |
| Available for Gen. Expenditure | N/A | $86M | $140M |
Source: FIDF audited financial statements (Grant Thornton LLP).
FIDF's $298 Million Investment Portfolio
| Asset Class | Amount | % of Portfolio |
|---|---|---|
| U.S. Treasury & Gov't Agency | $159.1M | 53% |
| Corporate Bonds | $60.8M | 20% |
| Cash Equivalents | $37.8M | 13% |
| Mutual Funds & ETFs | $25.0M | 8% |
| Common Stock | $15.5M | 5% |
| State of Israel Bonds | $274K | <1% |
Source: FIDF 2025 audit, Note 3.
The portfolio is conservatively managed — 73% in Treasuries, government agencies, and corporate bonds. Common stock exposure is 5%. The investment generated $14.8 million in 2025 ($6.8 million income, $8.0 million gains). Of $298 million in investments, only $274,000 is in State of Israel bonds.
Why Available-for-General-Expenditure Rose 63% in One Year
1. Revenue exceeded program grants. FIDF raised $192 million and recorded $139 million in program grants. Total expenses were $184 million. The surplus flowed to unrestricted net assets.
2. Restricted funds were released as conditions were met. Donor-restricted net assets fell from $218 million to $176 million as October 7 campaign funds met their restrictions and were spent. The audit records net assets released from restriction at $139.0 million, while new restricted contributions were $74.4 million.
3. Investment returns. $14.8 million in 2025. Unrestricted investment gains accrue to unrestricted net assets.
4. Program grants were flat. The central policy question: despite an active war, an emergency campaign, and expanded programs, total program grants were $139 million in 2025 — virtually identical to $140 million in 2024 and $136 million in 2023.
The CharityWatch Benchmark
CharityWatch calculated FIDF's available net assets at 1.93 years of annual expenses as of year-end 2023 — below CharityWatch's 3-year downgrade threshold. CharityWatch has never downgraded FIDF in 12 years of coverage. Given the 2024 and 2025 reserve buildup, the current ratio is likely higher than 1.93 years.
FIDF holds a Charity Navigator four-star rating for 11 consecutive years — achieved by 2% of U.S. charities — and Candid's 2025 Platinum Transparency Seal.
Three Questions for the FIDF Board
1. What is the target reserve? How much liquidity does the board consider appropriate? Is $140 million in available-for-general-expenditure the goal, the floor, or an unintended consequence of deployment timing?
2. What is the drawdown plan? As $91 million in emergency commitments are paid through 2029, will available-for-general-expenditure decline? Or will new revenue replenish the cushion?
3. Is the current liquidity level intentional? Former chairman Morey Levovitz and former CEO Steven Weil both resigned in July 2025. Interim Chairman Nily Falic and CEO Nadav Padan now lead the organization. Did the previous board set this reserve trajectory? Does the current board endorse it?
What This Story Is — and What It Isn't
FIDF is not hoarding money. It has contractual commitments of $250 million. It transferred $159 million to Israel. It operates programs serving hundreds of thousands of soldiers. Its watchdog ratings are strong.
But the numbers say this: during the most intense period of IDF operations since 1973, FIDF's available-for-general-expenditure rose 63% while annual program grants held flat. Wartime fundraising produced substantially greater financial flexibility without producing substantially greater annual grant-making.
The filings show the result. They don't explain the rationale.
For the full FIDF financial analysis — three-year overview, program-by-program breakdown, emergency campaign status, grant pipeline, salaries, and expanded FAQ — see Olam's FIDF authority page.
Sources
FIDF 2025 Audited Financial Statements — Grant Thornton LLP, August 6, 2026.
FIDF 2024 Audited Financial Statements — Grant Thornton LLP, October 22, 2025.
FIDF 2024 IRS Form 990 — EIN 13-3156445.
CharityWatch — "Charity Supporting Israel Defense Forces Faces Internal Crisis," March 2026.
Charity Navigator — Rating for FIDF, EIN 133156445, FY2024.