# Association for Development of Israel, Inc. The Association for Development of Israel, Inc. is the New York nonprofit membership corporation that is the sole shareholder of Development Corporation for Israel (DCI), the U.S. broker-dealer counterparty to all documented Arkansas state-government Israel Bonds purchases. The Association acquired its 75%-or-more ownership of DCI in March 1955, contemporaneous with DCI's April 25, 1955 SEC registration as broker-dealer 8-4218. The Association was originally named "American Society of Resettlement & Rehabilitation in Israel, Inc." and renamed itself "Association for Development of Israel, Inc." in March 2014. The Association is the parent organization documented at the Arkansas Securities Department FOIA production at [[securities-foia-r1-4-20-26]] in the DCI Direct Owners filing. ## Organizational profile **Legal form**: Not-for-profit membership corporation, New York State. **Headquarters address (per legacy ASD-136 disclosure)**: 730 Broadway, New York, NY 10003. **Ownership of DCI**: Sole Shareholder. Ownership Code: 75% or more. Status Acquired: 03/1955. **Verbatim status entry (per ASD-023 Direct Owners filing)**: > "ASSOCIATION FOR DEVELOPMENT OF ISRAEL, INC. F/K/A AMERICAN SOCIETY OF RESETTLEMENT & REHABILITATION IN ISRAEL, INC. | Domestic Entity | SOLE SHAREHOLDER - ASSOCIATION FOR DEVELOPMENT OF ISRAEL, INC., IS A NOT-FOR PROFIT MEMBERSHIP CORP. (NEW ENTITY NAME 3/2014) | 03/1955 | 75% or more | N | N | 1456 IRS#" > ASD-023_Direct-Owners-Executive-Officers-CRD-Redacted.pdf, page 1 The "1456" IRS# is the registered employer identification number stub documented in the production. The "N" "N" columns indicate the Association is neither a control person reporting requirement individual nor a public reporting company. ## The March 2014 name change The Association changed its name in March 2014 from "American Society of Resettlement & Rehabilitation in Israel, Inc." to "Association for Development of Israel, Inc." per the ASD-023 filing. The name change is temporally clustered with a substantial reconstitution of DCI's board: nine of DCI's 21 currently-named individual directors and officers carry an effective date of 05/2014 per [[development-corporation-for-israel]] (Hutter, Lewis, both Herbstmans, Grant, Segal, Pines, Fox); two more carry 11/2014 (Kruger) and 05/2019 (Mulvey). The May 2014 board cluster and the March 2014 parent name change are documented as contemporaneous; whether the events are causally connected is not documented in the production. The pre-2014 name "American Society of Resettlement & Rehabilitation in Israel, Inc." reflects the Association's original 1950s mission framing (humanitarian relief for Holocaust survivors and immigrants to the new State of Israel). The 2014 renaming to "Association for Development of Israel" reflects a structural broadening from the post-1948 relief-and-resettlement framing to a contemporary Israel-economic-development framing consistent with DCI's documented institutional role as the U.S. fundraising and bond-distribution arm for State of Israel sovereign debt. ## Sister entity: Capital for Israel, Inc. Per the Arkansas Securities Department's Legacy DE Disclosure History at ASD-136 and ASD-137, the Association is also the parent of a separate NASD-member broker-dealer: > "DCI and Capital for Israel, Inc. (NASD member) are both wholly owned by American Society for Resettlement and Rehabilitation in Israel, Inc. (nonprofit corporation, New York State, 730 Broadway, New York, NY 10003)." > (Phase 1 Explore agent summary of ASD-136, ASD-137 Legacy DE Disclosure History records) The wiki has no other documented information on Capital for Israel, Inc. — its current operational status, whether it is still NASD/FINRA-registered, whether it sells different Israel-related securities, and whether it has any Arkansas-state-government counterparty role are open questions for follow-up. ## International affiliate network DCI's affiliate filings at ASD-121 document an international network of related corporate entities through which Israel-bond fundraising and distribution operate outside the U.S.: - **Development Company for Israel (Holdings) Ltd.** — Intermediate holding company organized under English/Welsh law; sole shareholder of three international subsidiaries - **Development Company for Israel (International) Ltd.** — International affiliate (multi-jurisdiction operations) - **Canada-Israel Securities Ltd.** — Canadian affiliate (Israel bonds in Canada) - **Development Company for Israel (Europe) GmbH** — European affiliate (Israel bonds in Europe / Germany) The international affiliate structure operates under DCI's affiliate disclosure rather than under the Association directly. The international entities are documented as sister entities of DCI through the affiliate chain, not as direct subsidiaries of the New York Association. The structural arrangement creates a vertically-integrated international Israel-bond distribution network with the New York Association as the U.S. nonprofit-corporate root and DCI as the U.S. broker-dealer node. The wiki's documented Arkansas pension systems' Israel Bonds purchases (Treasury 2018-2026 documented at [[state-treasurer-israel-bonds-holdings]]; planned APERS at [[apers-israel-bonds-authorization]]; planned ATRS at [[atrs-resolution-2025-22]]) all operate through DCI as the U.S. counterparty, not through the international affiliates. The international affiliates would be the counterparty pathway for any Arkansas pension systems' Israel-bond purchases via Canadian or European subsidiaries, but the wiki has no documented Arkansas Israel-bond purchases through those pathways. ## Relationship to Israel Ministry of Finance The wiki's [[development-corporation-for-israel]] entity page documents DCI's operational subordination to Israel Ministry of Finance directives on what to sell and at what spreads, with five specific examples from R2 Sub-batch 3 production records. The Association as DCI's nonprofit parent is documented in the production at the corporate-ownership level but not at the Israel-Ministry-of-Finance directive level; the production does not document whether the Israel Ministry of Finance directives flow through the Association to DCI or through DCI directly. The standard institutional arrangement for nonprofit-parent broker-dealer relationships keeps day-to-day operations at the broker-dealer level (DCI), with the Association as parent retaining corporate-governance authority but typically not operational decision-making authority. The Association's tax status as a New York nonprofit membership corporation is structurally distinct from a typical for-profit broker-dealer parent. The "membership corporation" form is governed by New York Not-for-Profit Corporation Law; membership in such corporations is typically held by individual donors, supporters, or institutional members rather than equity shareholders. The Association's specific membership structure, governance bylaws, and donor base are not documented in the Arkansas Securities Department production. ## Connection to SFOF sponsorship documented at Treasury R3 The wiki's [[development-corporation-for-israel]] entity page documents DCI's role as an institutional financial sponsor of the State Financial Officers Foundation per Milligan's 12/17/2020 End of Year Letter as 2021 SFOF National Chair. The SFOF sponsorship is documented as a DCI institutional commitment, not an Association commitment. Whether the Association as DCI's nonprofit parent funds the SFOF sponsorship directly, whether DCI funds it from its broker-dealer operations, or whether the funding flows through some other mechanism is not documented in the productions. The structural arrangement matters because it determines which entity's operating funds support the SFOF Israel Bonds investment-promotion track. If the Association funds the sponsorship through its nonprofit budget, the sponsorship operates as a charitable expenditure of donor-supported funds toward state pension fund adoption of Israel Bonds. If DCI funds the sponsorship from broker-dealer operating funds, the sponsorship operates as a marketing expenditure on prospective institutional purchasers. The wiki has no documented information on this question. ## Cross-references [[securities-foia-r1-4-20-26]] source page [[development-corporation-for-israel]] DCI; the U.S. broker-dealer subsidiary [[dani-naveh]] DCI President, CEO and Director; reports to the Association as parent [[andrew-hutter]] DCI Director and Chairman of the Board (effective 05/2014, contemporaneous with the Association's March 2014 name change) [[stuart-garawitz]] [[jordan-horvath]] [[erik-kruger]] DCI Control/Influence-flagged officers [[sfof]] [[sfof-state-financial-officer-network]] State Financial Officers Foundation; DCI documented as institutional sponsor at Treasury R3 [[state-treasurer-israel-bonds-operations]] [[state-treasurer-israel-bonds-holdings]] companion concept pages on the Arkansas Treasury Israel Bonds purchase pathway (operates through DCI, not directly through the Association)