Nefesh B'Nefesh USA reported $11.4M in FY2024 revenue and $6.9M in net assets. See 14 years of Form 990 data, executive pay and governance disclosures.
Nefesh B'Nefesh's U.S. fundraising entity, legally filed as Nefesh Bnefesh Jewish Souls United, reported $11,448,382 in total revenue and $8,009,200 in total expenses for fiscal year 2024, ending the year with $6,883,522 in net assets, according to its Form 990. The same filing reported first-class or charter travel for a key employee, and conflict-of-interest transactions, as it has in each of the last six fiscal years, 2019 through 2024.
What is Nefesh B'Nefesh USA?
Nefesh B'Nefesh (EIN 22-3804152), based in Paramus, New Jersey and tax-exempt since August 2001, is the U.S. fundraising and outreach arm supporting Nefesh B'Nefesh's aliyah programs. Aliyah is immigration to Israel, which Olam covers in its guide to aliyah and wealth migration in 2026. The organization was founded in 2001 by Rabbi Yehoshua Fass and businessman Tony Gelbart, and helps American and Canadian Jews move to Israel by removing financial, professional and logistical obstacles, according to Wikipedia and the organization's own public statements. Since 2002 it has brought more than 80,000 immigrants to Israel, the organization says.
Tony Gelbart serves as President and Treasurer. Rabbi Yehoshua Fass, listed on Form 990 as "Joshua Fass, Director of Development," is the co-founder and executive director.
What do the FY2024 numbers show?
| Metric | FY2024 |
|---|---|
| Total revenue | $11,448,382 |
| Total expenses | $8,009,200 |
| Net income | $3,439,182 |
| Total assets | $7,108,316 |
| Total liabilities | $224,794 |
| Net assets | $6,883,522 |
| Executive compensation | $190,000 (2.4% of expenses) |
| EIN | 22-3804152 |
Source: Nefesh Bnefesh Jewish Souls United, Form 990 for the fiscal year ended December 31, 2024, filed October 21, 2025. The full filing history is on ProPublica's Nonprofit Explorer.
Why has Nefesh B'Nefesh USA's revenue swung so sharply?
According to its Form 990 filings, revenue has moved in two distinct eras. From 2011 through 2016, annual revenue ran between $16.2 million and $22.9 million. It then fell to roughly $2.1 million to $2.3 million a year for fiscal years 2017 through 2019, a drop of more than 85%, before partly recovering: $7.25 million (2020), $3.59 million (2021), $5.24 million (2022), $9.93 million (2023) and $11.45 million (2024).
The filings do not explain the 2017 drop in the summary data. It coincides with a change in compensation reporting: the organization's reported executive compensation fell from $271,342 in fiscal year 2016 to $90,000 in 2017, and Joshua Fass's listed pay fell from $190,354 to $90,000. Olam notes the timing but does not claim a cause.
How should readers interpret Schedule J and Schedule L?
Schedule J of a Form 990 reports compensation details for officers, directors and highly paid employees, including items such as first-class or charter travel. Schedule L reports transactions between the organization and "interested persons", such as officers, key employees, their family members, or businesses they control. A flag on either schedule means a disclosure exists. It does not by itself show wrongdoing, and the dollar amounts and counterparties sit in the full schedules.
What governance disclosures does the Form 990 report?
Per ProPublica's Nonprofit Explorer, the organization reported providing first-class or charter travel to a key employee or officer on Schedule J in fiscal years 2015 and 2016 and in every year from 2019 through 2024. It reported conflict-of-interest transactions on Schedule L in each year from 2019 through 2024.
Which employee received the travel, and which parties were involved in the reported transactions, are itemized only in the full Schedule J and Schedule L filings. Olam has not reviewed those schedules, so this report does not describe the specific transactions.
How much does leadership earn?
| Executive | FY2024 compensation | Other |
|---|---|---|
| Joshua Fass (Rabbi Yehoshua Fass), Director of Development | $190,000 | $0 |
Per Form 990, Fass's listed compensation was $206,809 in fiscal year 2015, $190,354 in 2016, $90,000 in 2017, $202,740 in 2019 and 2020, and $190,000 in each year from 2021 through 2024. The organization's total reported executive compensation line was $650,404 in fiscal year 2011 (4.2% of expenses), $271,342 in 2016 and $90,000 in 2017. President and Treasurer Tony Gelbart and the rest of the small board, including Cherna Moskowitz, Laurie Moskowitz Hirsch, Robert Goldberg, Russell Robinson and Secretary Doris Brandstatter, receive no compensation.
Has Nefesh B'Nefesh USA ever had negative net assets?
Yes, in three years, according to its Form 990 filings. Net assets were negative $9,173,934 in fiscal year 2011 and negative $2,010,038 in 2012, meaning liabilities exceeded assets. They turned positive in 2013 ($1.37 million), dipped to negative $352,112 in 2018, and have been positive since, reaching $6,883,522 in 2024.
Total liabilities fell from $5,638,399 in fiscal year 2021 and $3,641,817 in 2023 to $224,794 in 2024, a liabilities-to-assets ratio of roughly 3%.
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Nefesh B'Nefesh USA FAQ
How much money does Nefesh B'Nefesh USA raise?
In fiscal year 2024 it reported $11,448,382 in total revenue on its Form 990, up from a low of roughly $2.1 million to $2.3 million a year between fiscal years 2017 and 2019.
Did it disclose first-class travel for executives?
Its Form 990 reported first-class or charter travel for a key employee or officer in fiscal years 2015, 2016 and 2019 through 2024. Details are itemized only in the full Schedule J filings.
Did it disclose conflicts of interest?
Yes, in fiscal years 2019 through 2024. These disclosures cover loans, grants or business transactions with officers, key employees, their family members, or businesses they control.
Where can I read the actual tax filings?
Form 990 filings for Nefesh Bnefesh Jewish Souls United, going back to 2011, are public on ProPublica's Nonprofit Explorer.
Sources
Financial figures come from Nefesh Bnefesh Jewish Souls United's Form 990 filings for fiscal years 2011 through 2024, hosted by ProPublica's Nonprofit Explorer, and Olam checked them against that page on October 14, 2026. Organizational history comes from Wikipedia and the organization's own public statements.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
