2014
Annual Report
2014 | By the Numbers • 104 Funds, including custodial funds • $6,410,774 in Assets, plus $1,429,054
in Future Gifts by donors who intend to
support the JCFC through life insurance
• Capital Additions of $678,189 • Net Investment Income of $514,437 • 119 Grants • $298,844 in Distributions • 17 Scholarships totalling $32,900 • 365 Tribute Cards delivered • 1 Holocaust Education Event supported by the Fania Wedro Holocaust Education Fund
Chair’s Message The JCFC is powered by the generosity and foresight of our fund holders: it is your gifts that fund the future of our Jewish and general communities, locally, nationally and in Israel. The mandate of the JCFC is to inspire and promote philanthropy by working with our donor partners to create a strong, sustainable community based on Jewish values of Tzedakah, Tikun Olam and Dor l’Dor. We help people support the causes and organizations they care about, remember those they love, and give back in the ways that matter most to them. Whether you are starting on a modest scale or you oversee more substantial personal or institutional assets, the JCFC can help you define your philanthropic goals and optimize your savings on capital gains, income and estate taxes. When the JCFC was conceived, planned giving was an unheard of term. Foundations were built primarily by will bequests honouring the memory of past community leaders. Today, giving is about relationships and values. It is also more strategic, using mechanisms such as the donation of securities and life insurance, to maximize tax savings. The Foundation’s excellent fund management expertise, returnon-investment performance,
and efficient administration ensure that your donations will have maximum impact in our community, now and forever. The Annual Report that follows presents a sample of the accomplishments over the past year that you, our fund holders, made possible. I would like to take a moment to focus on operational achievements that you may not be aware of but which are critical to the JCFC’s functioning and growth. The past fiscal year was our first with a full-time staff. Wendy Kennelly is a wonderful asset, building relationships with fund holders and prospective donors, and inspiring confidence that JCFC can deliver as an organization. Warren Book has join JCFC as an accounting consultant and is bringing our accounting methodologies and operations in line with current best practices for non-profits and foundations. Our charity ratings are excellent. We run a lean operation with costs at less than two per cent of assets, thanks in part to the generousity of the many Friends of the Foundation whose donations and sponsorships help to keep JCFC costs low and visibility high. This year the assets of the JCFC totalled over $6.4 million, consisting of endowment funds,
JEWISH COMMUNITY FOUNDATION OF CALGARY
donor advised flow through funds, insurance policies, and custodial funds owned by other charitable organizations. This represents a gain of 24.5 per cent in total assets under administration in the past fiscal year. For the twelve-month period ending June 30th, 2014, the return on the managed funds portion of our portfolio was 13.2 per cent, net of (after) investment management fees. In the 2013-14 fiscal year, the JCFC distributed $298,844 to a wide range of organizations and causes in our local community and in Israel. This includes $32,900 (up from $27,500 in 2012-2013) in bursary funds that helped eighteen outstanding local students pursue post-secondary education. Kol hakavod to our fund holders whose generousity made this possible. Thank you to our Board and committee members for their time and thoughtfulness. And above all, thank you to our fund-holders for the trust you placed in us. Your generousity enabled JCFC to direct more support to programs, initiatives, organizations and individuals in 2013-14 than ever before. Sincerely,
Dr. Bettina Liverant Zeisler
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Introduction | Your Vision. Our Mission. At the JCFC we fulfill dreams for our donors and for their beneficiaries. It is not just about the money. It is about doing good and helping others to do good. Establishing a fund at the Jewish Community Foundation of Calgary allows you to: • Contribute to charitable causes of your choice and reduce your tax liability. • Involve family members. • Identify and preserve your family name for years to come. • Save 100% of the capital gains tax on the sale of appreciated securities and other assets.
• Rely on our administrative support for research on community needs, distributing grants, financial reporting, asset management and we issue charitable receipts. An endowment fund allows you to support the causes and institutions that have touched your life, forever. The community benefits as permanent financial resources are built up over time to support vital agencies and institutions. We manage your funds with care. Liquidity, preservation of capital, and a responsible return are primary considerations.
The assets managed by the JCFC are pooled, and direct management of these funds is outsourced to Gluskin Sheff and Associates under the oversight of our Investment Committee. Participation in the pooled endowment portfolio is open to any philanthropic organization. Support the causes that matter most to you. By establishing a fund at the JCFC, it is possible to combine your philanthropic values and your financial goals to create an inspired gift for future generations. New funds can be opened in as little as 24 hours.
Idaz”l and I were honored to have friends launch the Ida & Aron Eichler Fund for Jewish Education at the JCFC in 2007. To be recognized for our service as Jewish educators, was very special. The Eichler fund is now something our whole family supports through tributes and donations. We have been able to financially assist many students attending post-secondary schools in Jewish studies. I am very happy to know that this good work will continue on, in our family name, with the support of the Foundation for many, many years to come.””— Aron Eichler
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2014 | ANNUAL REPORT
Welcome | New Funds As a flexible and secure vehicle for philanthropy, the JCFC is pleased to work with those who wish to give something of enduring value to the community. Welcome to the following new funds that opened from July 1, 2013 - June 30, 2014: • Anne Frank Fund for Holocaust Education • Celia Rostoker Millman Fund for Jewish Education • Fanny Wedro Charitable Fund • Fay (Smolensky) Schwartz Memorial Fund
In Memory The Jewish Community Foundation of Calgary respectfully acknowledges the following fund holders who have passed over the year. July 1, 2013 – June 30, 2014
• Jack Balaban Memorial Fund
• Jack Balaban z”l
• William Cohen Memorial Scholarship Fund
• Commander Val Rimer z”l
We wish to thank all of our donors for entrusting the Foundation with the care of their funds.
• Mackie Shuler z”l • Cliff Secter z”l
New Fund Profile | The William Cohen Memorial Scholarship Fund William B. Cohen was born in Calgary, the middle child of five children of Lily and Morris Cohen. William got his start in business at the young age of nine, contributing to support his family with a variety of endeavours. He became the owner of his first business in his early twenties. ABC Scrap Iron and Metal was at the forefront of the recycling movement. William parlayed its success into two even larger entities with his two brothers and cousin. In 1980 William married his beloved sweatheart Bernice and continued his leadership in the recycling industry until his retirement in 2002. William, whose first language was Yiddish, was a life-long supporter of Jewish causes.
He served as President of the Shaarey Tzedek synagogue in Calgary, President of Calgary Jewish Community Council, and was a leader in countless other Jewish and secular organizations and causes. Throughout his life, William enjoyed world travel, good food, theatre, Yiddish and any opportunity to kibbitz. In his final years,he battled Parkinson’s disease, yet maintained his great dignity and optimism throughout. He passed away in December, 2012.
their summers on Pine Lake, first as campers, and then as staff. The William Cohen Memorial Scholarship Fund, established in his memory, is to make sure lack of funds will never stop a child from attending camp. All donations are received with gratitude from the Cohen family, and go directly towards helping children experience meaningful summers of fun, and a lifetime of friendships and memories.
William, and his children, loved going to summer camp. In adulthood, those warm memories led him to become a vibrant supporter of Camp BB Riback. As time went on, William was thrilled to see his children, and then grandchildren, spend
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2013–2014 | Making a Difference Our donors create legacies. The Jewish Community Foundation of Calgary manages one hundred four funds to help donors realize their vision and commitment to all sectors of our community.
INTERNATIONAL RELIEF
1%
CULTURE
11% ISRAEL
Endowment funds enable donors to select programs, organizations or causes to sustain in perpetuity. Allocations in the fund’s name are made annually from the income generated by the fund. The capital in the fund remains untouched. Endowment fund donors keep memories alive forever. Donor advised flow-through funds take advantage of Canada Revenue regulations encouraging the donation of assets such as stocks and bonds. The donor receives a tax receipt for the full value of the donation in the year that it is given, does not have to pay capital gains taxes on the gains associated with the assets they donate, and has three years to disburse the capital in their fund to organizations and programs they wish to support. Capital remaining in the fund at the end of three years can be used to establish an endowment fund or redirected to other funds held by the JCFC. Custodial funds are established by a charitable organization or foundation that entrusts the JCFC with the long term management of their endowment funds while retaining ownership of the funds. Undesignated funds are created by donors who wish to leave a legacy without restrictions. These funds enable the Foundation’s Grants and Allocations committee to respond to changing needs of our community and fund innovative projects. In 2013-2014, these funds were use to support local students in their post-secondary studies and Calgary Jewish Family Services.
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COMMUNITY & SOCIAL SERVICES
13%
$298,844 in Grants made in Partnership with our Donors by Field of Interest
40%
RELIGIOUS INSTITUTIONS
15%
EDUCATION
20%
JCFC Grants and Disbursements Cumulative Since 2009 | Millions ($) 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 2009
2010
2011
2012
2013
2014
JCFC has granted $1.4 million cumulative since 2009.An estimated total of $1 million was granted prior to 2009. This does not include $2.3 million held for the CJCC capital campaign for the purchase of the Patterson Lands and transferred to CJCC in 2002.
Beit Halochem Canada, Aid to Disabled Veterans of Israel is thrilled to be strongly supported by many donors and funds held at the Jewish Community Foundation of Calgary. A huge Kol haKavod on the important work that you do. Your support of more than 50,000 disabled veterans of Israel and victims of terror is wholeheartedly appreciated.” — Valerie Sobel, Calgary Chair, Beit Halochem Canada, Aid to Disabled Veterans of Israel
2014 | ANNUAL REPORT
Funds List | Our Partners in Philanthropy Abe and Bertha Gold Endowment Fund
Elize and Lilian Zuidema Endowment Fund
Joe and Evelyn Busheikin Community Endowment Fund
Rose Hallis Student Travel Bursary Fund
Alex and Phyllis Rubin Endowment Fund
Expatriate Fund
Joe and Maureen Katchen Endowment Fund
Samuel and Ida Switzer FT Fund
Jonathan Berall Fund
Sarah and Julius Bleviss Endowment Fund
Ann and Ralph Kalef Endowment Fund Anne Frank Fund for Holocaust Education* Archie and Charna Shapiro Day Camp Fund Arlein and Dov Chetner Family Endowment Fund Asper Holocaust & Human Rights Education Fund Bella Singer Memorial Endowment Fund Bogoch Family Endowment Fund Brent Martin and Tedi Martin Fund Calgary Lion of Judah Student Grant Fund Celia Rostoker Millman Fund for Jewish Education* Charles Wainberg Memorial Fund Chetner Family Community Fund Congregation Beth Tzedec Funds (M) Dave Greber Freelance Writers Award Fund Dave Greber Freelance Writers Awards Support Fund Dave King Memorial Fund David Waterman Endowment Fund Davidman Family Fund Dr. David Lander Fund Drew Staffenberg Endowment Fund
Faigel Shapiro and Daughters Flow-Through Fund Fanny and Aaron Malkin Endowment Fund Fanny Wedro Holocaust Education Fund Fanny Wedro Charitable Fund*
Kaganov Family Fund
Sam Switzer Community Fund
Krell Family Maccabi Endowment Fund
Second Generation Fund
Leo and Fania Wedro Holocaust Fund
Shilling Family Fund for Community Development
Sema and Morris Belzberg Fund
Fay (Smolensky) Schwartz Memorial Fund*
Lewis Manning Charitable Fund
Frandel and Louis Belzberg Scholarship Fund
Lexier Community Fund
Sidney and Bronia Cyngiser Jewish Film Festival Fund
Library Fund
Sierra Libin Philanthropy Fund
Lynn Einstein and Lionel Groberman Endowment Fund
Solomon and Adelle Saper Family Fund
March-of-the-Living Fund
Stan Libin Memorial Endowment Fund
Gabriel Manning Bar Mitzvah Fund General Heritage Fund Gladys Shuler Health Support Fund Halpern Family Endowment Fund Holocaust / Second Generation Education Fund Holocaust Memorial Fund Ida and Aron Eichler Fund for Jewish Education Ida Switzer Lion of Judah Endowment Fund Issac Family Endowment Fund Jack Balaban Memorial Fund* Jeff and Wendy Kohn Community Fund Jeffrey Secter Bursary Fund Jerry Libin Community Fund Jewish Historical Society of Southern Alberta (M) Jewish War Veterans of Canada, Calgary Post #2
Marilyn Libin Lion of Judah Endowment Fund
Susan Klein Memorial Fund
Max and Bessie Shulder Endowment Fund
Switzer 2005 Family Reunion Fund
Mayer Family Endowment Fund
Ted and Betty Riback Camp Bursary Fund
Molly Joffe Bat Mitzvah Fund Myron Family Fund Nate and Lily Horodezky Fund Norman and Beulah Martin Endowment Fund Norman Silver Endowment Fund ORT Calgary March of the Living Support Fund Paperny Family Fund
Temple B’nai Tikvah Fund (M) Vivian Katz Endowment Fund for Jewish Education Waterman Family Endowment Fund William Cohen Memorial Scholarship Fund* Zeisler Family Charitable Fund Zeisler Family Endowment Fund
Peter and Kim Cohos Community Fund PJ Library® Jewish Education Fund Ralph and Florence Switzer Endowment Fund Rebecca Block Fund
(M) Managed funds *New funds since our last annual general meeting
Legacy | Givers We are grateful to our Legacy Givers who have declared their intention to provide for the future of our community through their wills or by making a deferred lifetime gift such as life insurance:
•
Bonnie Kaplan Endowment Fund
•
Lipkind Family Endowment Fund
•
Daphne Taras and Allen Ponak Family Fund
•
Morris and Margaret Bleviss Endowment Fund
•
Donna Riback Lion of Judah Endowment Fund
•
Robert and Sydney Kalef Endowment Fund
•
Faigel Shapiro and Daughters Endowment Fund
•
Sam and Ida Switzer Endowment Fund
•
Gertrude Cohos Endowment Fund
•
Yakov and Karen Behar Endowment Fund
•
Jack and Betty Sharp Endowment Fund
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Philanthropy | In Action Elize and Lilian Zuidema Endowment Fund | Caring for Israel The Elize and Lilian Zuidema Endowment Fund continues to inspire. In 2011, Lilian left a bequest to JCFC with the instruction that the income generated by the fund be used support causes in Israel. In 2014, the JCFC Grants & Allocations Committee distributed $60,000 in grants. Funding was provided to: • Krembo Wings – To support the opening of a new neighbourhood branch. Krembo is the only youth movement in Israel for children with special needs. Funds donated for this purpose in 2014 were matched by the Israeli Ministry of Health. • Ariela – Providing scholarships and long-term personal development programs for promising students of Ethiopian origin
• CJF Partnership 2gether – Six scholarships to help students attend Bar Ilan Medical School • CJF Partnership 2gether – Ten scholarships to help students attend the Clore Centre for Music and Dance • Jewish National Fund Partial funding for a volunteer fire fighting unit in the Shfela’s (The Lowlands) densely forested area Participants in an Ariela Star program workshop. Photo courtesy of the Ariela Foundation.
One recipient, the Ariela Foundation, received a major grant for their Vision and Star programs. Ariela seeks to promote excellence amongst Ethiopian Jewry in Israel as the most efficient manner to create lasting social change. By providing young students who have shown a strong commitment to their studies and the potential to excel with the support needed to achieve their dreams, the Ariela project develops role models who
will provide the basis for positive changes within the Ethiopian communities and in Israeli society. This year, the Ariela Project was adopted by Olim Beyahad. Olim Beyahad’s mentoring program has achieved great success by partnering Ethiopian Israeli university students with leading companies and government.
Nate & Lily Horodezky Fund | Grants Making a Difference
To learn more about the Southern Alberta Jewish Veterans of World War I & II Database, please visit www.jhssa.org
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A grant from the Nate & Lily Horodezky Fund assisted the Jewish Historical Society of Southern Alberta add historical photographs to 497 veterans profiles in their new on-line data base. The Southern Alberta Jewish Veterans of World War I & II Database is a continually evolving project. A two-year commitment from the Horodezky fund will support ongoing up-grades of the data base as photographs are located in archives. Adding digital images makes the database an even better resource for researchers looking into individuals, as well as military history scholars.
2014 | ANNUAL REPORT
Revealing the Untold Story: The Holocaust By Bullets | Inspiring Others “’I am coming to Calgary because one of the survivors (of the mass killings) came to me in Detroit a certain time ago,” says Father Desbois. “She was a survivor from one of those villages. She told me: ‘I would like you to come to Calgary because it’s so unknown this model of genocide by shootings’. That person was Fanny Wedro.” Fania (Fanny) Wedro’s life journey is one of hope, determination and hard work. In a time of ruin and despair, Fanny survived against all odds. She has worked tirelessly to make sure that the story of her family and the massacre of Jewish villagers in Eastern Europe would not be forgotten. As part of her mission
to educate others, Fanny became determined to have Father Desbois visit Calgary. Father Desbois addressed audiences at three events in May 2014, describing in heartwrenching detail how he and his team of researchers use forensic evidence, eyewitness accounts, and new archival research to document 1250 mass-killing sites. Accounts of Desbois’ work were also reported in the Calgary Herald and discussed on local radio. Father Desbois’ visit was supported by a special purpose fund, established by friends in honour of Fanny’s birthday. Fania and her husband created The
Father Patrick Desbois presenting his story.
Leo and Fania Wedro Holocaust Endowment Fund in 2000; the income from this fund is to be used in perpetuity to inspire tomorrow’s generations to challenge indifference and hate.
To learn more about Father Patrick Desbois and his organization Yahad-In Unum, please visit www.yahadinunum.org
Camp BB Riback Scholarships | Jewish Camp Builds Jewish Identity Summers at Jewish overnight camp turn Jewish youth into spirited and engaged Jewish adults, laying the groundwork for strong Jewish communities. That’s why the Jewish Community Foundation is so proud of the commitment to Jewish summer camp scholarships by the following endowment funds: • The Ted & Betty Riback Camp Scholarship Fund • The William Cohen Memorial Scholarship Fund • The Jeffrey Secter Bursary Fund These endowed camp scholarships ensure that children who may not otherwise attend camp, are supported by community and inspired by a memorable Jewish camp experience.
In a recent study conducted by the Foundation For Jewish Camp, attitudes and behaviors of adults who attended Jewish camp were compared with children who did not . Thirty-seven per cent of those surveyed are more likely to light candles regularly for Shabbat, and fourty-five per cent are more likely to attend synagogue at least once a month.
camp, you see the results 20, 30, 40 years from now.” Today’s campers are tomorrow’s leaders.
Professor Steven Cohen of Hebrew Union College (Jewish Institute of Religion) says, “We don’t have to repair the lack of adult engagement in Jewish life. If you invest in Jewish youth, you’re going to automatically get all kinds of engagement. Donors and philanthropists have to believe in this model. By investing in Jewish
JEWISH COMMUNITY FOUNDATION OF CALGARY
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Philanthropy | In Action 2014 Teen Philanthropy Camp Pilot Project | The Future is Bright! The mandate of the JCFC is to inspire and facilitate philanthropy; working with our donor partners to create a strong, sustainable community based on Jewish values of Tzedakah, Tikun Olam and Dor l’Dor. Earlier this year, JCFC began to study successful teen philanthropy programs across North America with a goal of actualizing a teen philanthropy fund and program for Calgary. Participation in a youth philanthropy program is a benefit to the teen members and to the community. Students develop leadership skills, the ability to analyze community needs, and the challenge of setting funding priorities. They forge connections with one another and across the denominational spectrum of Judaism as they learn and collaborate to determine the allocation of the funds. Seeing philanthropy in action, they discover that they can make a positive difference in their communities. In partnership with the leadership team at Camp B’nai Brith, JCFC created a Teen Philanthropy Camp pilot project held at camp in August 2014. Working with ten Leadership-InTraining campers over a weekend created an opportunity to have meaningful conversations about social justice and philanthropy. After a lengthy and passionate discussion on the meaning of philanthropy, participants had
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Participants of the 2014 Teen Philanthropy Camp Pilot Project at Camp BB Riback in Pine Lake, Alberta
to weigh the merits of four very deserving charities, eventually selecting the Soup Sisters/Broth Brothers Summer Stock Program as the recipient of a $1,000 grant. These funds were provided by a JCFC donor to be disbursed at the direction of the Teen Philanthropy Camp participants. Foundation Chair, Bettina Zeisler, says “We have the ability to create a framework that gives young people the opportunity to
learn generosity in the only practical way: by being generous. As a leading philanthropy organization in Calgary, we’re excited about the opportunity to nurture the philanthropists of the future.” With the benefit of feedback from the teens, facilitators, and camp counsellors, JCFC hopes to partner with other stakeholders to develop a Teen Philanthropy Program for our community in 2015.
If you would like to know more about this new opportunity, please contact Foundation Manager – Wendy Kennelly at 403.640.2273 or mail@jcfc.ca. For more information about Summer Stock visit www.soupsisters.org/summer_stock.php
2014 | ANNUAL REPORT
2014 | Post-Secondary Scholarships This year fourteen outstanding local students received assistance in the pursuit of their academic dreams. Thank you to the following families for generously supporting the education of young people in our community. Applications for JCFC scholarships are accepted every April. • Frandel and Louis Belzberg Scholarship Fund • Bogoch Family Endowment Fund • Ida and Aron Eichler Family Fund • General Heritage Foundation Fund • Rose Hallis Student Travel Bursary Fund • Kaganov Family Fund • Jeff and Wendy Kohn Community Fund • Dr. David Lander Endowment Fund • Stan Libin Memorial Endowment Fund • Aaron and Fanny Malkin Endowment Fund • Norman and Beulah Martin Endowment Fund • Bella Singer Memorial Endowment Fund • Ralph and Florence Switzer Endowment Fund • Charles Wainberg Memorial Fund • David Waterman Fund • Zeisler Family Endowment Fund
I am so grateful for the importance placed on my future and career pursuit. This scholarship will help me continue to learn and grow in a Jewish environment so that I can come back to Calgary as a leader for our Jewish community. I thank everyone involved for recognizing my need.”
Chofetz Chaim Mount Jerusalem Royal University
Thank you very much for your generous gift. The donation will be very useful to me, and my family, as university approaches. I’m very excited to study commerce at UBC this fall.”
Education
Talmudic Law Rabbinic Ordination Engineering
UBC
Masters of Art History Commerce
Social Work University of Victoria PhD Religious Studies Concordia
McGill
Occupational Therapy Sport Management
University of Calgary
Law
Inspiring higher learning around the world! A snap shot of degrees, programs, and universities attended by JCFC scholarship students.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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Programs | Highlights Thinking Outside the Box | Cashing in on missed opportunities for charitable giving inform and engage legal and wealth management professionals. Our featured speaker, Adam Aptowitzer of Drache Aptowitzer LLP, shared his expertise on different types of charitable gifts and their varying tax treatments as well as key changes to charitable donation tax credits since the Federal Budget 2014.
Adam Aptowitzer
In Spring 2014, the Foundation was pleased to host a professional breakfast seminar designed to
Adam practices in the areas of charity and tax law as a member of the bar in both Alberta and Ontario. He is a noted speaker and is a regular contributor to the Canadian Taxpayer, Canadian Fundraising & Philanthropy and the Not-for-Profit News and is sought after as an expert in charitable law by national media.
Taking care of our community, from generation to generation, is something we need to plan, and the Foundation is pleased to work with donors and their professional advisors to craft a philanthropic strategy that will reflect their values and priorities. Our event was sponsored by Gluskin Sheff + Associates and our room was graciously provided by Howard Silver and the Metropolitan Conference Centre. We are extremely thankful for the support from our “Friends of the Foundation”.
Norman Ronald Silver Sports Leadership Award | Inspiring Others Congratulations to Ayden Gelfand on receiving the 2014 Norman Ronald Silver Sports Leadership Award, presented to an athlete who exemplifies the true meaning of team spirit and sportsmanship by serving as a leader and role model for others Ayden was nominated by the Head Football Coach at Henry Wise Wood High School, Mr. Cory Ehrmann, who describes Ayden as “a fine young man contributing and volunteering in his community and at the same time maintaining high academic standards, and being
a part of our school’s honour roll this year.” Ayden is always eager to learn and constantly looking for feedback and for ways to improve in his field play and in his role as starting half back and team captain. He balances his personal life, school work, and athletics and finds time to give back as a volunteer, raising funds for cancer research. Ayden has also excelled as a student and will be attending University of Alberta this year. To nominate someone for this award, visit www.jcfc.ca.
Ayden Gelfand receiving his award from Foundation Chair, Dr. Bettina Liverant Zeisler
The Annual Dov z”l & Arlein Chetner Chai Essay Contest | 2015 Topic Why Perpetuate Judaism? Learn more about the contest and read last year’s winning entries at: www.jcfc.ca/donate-send-a-card/for-grantees/the-dov-and-arlein-chetner-essay-contest
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2014 | ANNUAL REPORT
Getting Involved | Did You Know?
GIVING IS GOOD, but giving with intention is a defining characteristic of philanthropy. Working with the JCFC gives our donors an edge—an extra measure of thoughtfulness and planning that can help to maximize their gift and make a lasting difference.
Support your cause. You can support the causes that matter most to you and your family, locally, nationally and in Israel: • • • • • • • • • • •
United Jewish Appeal The synagogue you belong to The synagogue you don’t belong to Local Jewish schools Your alma mater Canadian Cancer Society Calgary Women’s Shelter Scholarships for local students Calgary Philharmonic Hebrew University The institutions and organizations which have touched your life.
Capitalize your fund with: • • • • • •
Cash A donation by credit card Stocks or mutual funds Israeli bonds A life insurance policy Real Estate
• The donation of a stamp collection, a coin collection, a work of art, or almost anything, provided that we can obtain an independent fair market value appraisal that will satisfy Canada Revenue requirements.
Your fund at the Jewish Community Foundation of Calgary.
Foundation Fact The aggregate value of funds established by the current directors of JCFC is $719,450 (as of June 30,2014). This includes endowments, donor advised flow-through funds and deferred lifetime gifts.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2013–2014 | Statement of Financial Position June 30, 2014, with comparative information for 2013
2014
2013
953,812
363,043
963
1,110
954,775
364,153
4,930,920
4,240,214
State of Israel Bonds, at Cost Plus Amortization of Bond Discount
319,936
344,680
Cash Surrender Value of Life Insurance
205,143
188,405
$ 6,410,774
$ 5,137,452
5,616
4,622
340,128
248,851
345,744
253,473
1,447,284
900,499
1,793,028
1,153,972
36,538
32,607
Restricted
2,035,683
1,626,625
Endowment
2,545,525
2,324,248
4,617,746
3,983,480
$ 6,410,774
$ 5,137,452
Assets Current assets: Cash and Cash Equivalents Accounts Receivable
Investments, at Fair Value
Liabilities and Fund Balances Current Liabilities: Accounts Payable Deferred Flow-through Grants
Managed Funds Foundation Funds: Unrestricted
These financial statements for the fiscal year ending June 30, 2014 are derived from the audited financial statements prepared by our independent auditors, KPMG LLP. The Audited Financial Statement is available on-line and upon request.
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2014 | ANNUAL REPORT
2013–2014 | Condensed Statement of Operations and Changes in Foundation Funds June 30, 2013, with comparative figures for 2012 Unrestricted
Restricted
Endowment
Flow-through
2014
2013
Contributions
2,144
297,393
126,149
252,503
678,189
352,434
Investment Income (loss)
3,848
213,867
269,067
27,656
514,438
270,005
5,992
511,260
395,216
280,159
1,192,627
622,439
2,280
58,465
88,589
149,510
298,844
241,758
Insurance Premiums
626
31,351
42,246
1,777
75,999
42,556
Administrative Costs
–
9,501
33,055
–
42,556
38,294
Marketing and Advertising
55
6,379
4,952
26,048
37,434
21,996
Audit and Legal
74
4,075
5,097
3,005
12,251
15,656
Total Expenditures
3,035
109,770
173,939
180,340
467,084
333,260
Excess (deficiency) of Revenue Over Expenditures
2,957
401,490
221,277
99,819
725,543
289,179
974
7,568
–
(99,819)
(91,277)
(26,199)
3,391
409,058
221,277
–
634,266
262,980
32,607
1,626,625
2,324,248
–
3,983,480
3,720,500
$ 36,538
$ 2,035,683
2,545,525
–
4,617,746 $ 3,983,480
Revenue
Total Revenue Expenditures
Grants
Increase in Deferred Flow-through Grants (note 5)
Change in Foundation Funds in the Year Balance, Beginning of Year Balance, End of Year
These financial statements for the fiscal year ending June 30, 2014 are derived from the audited financial statements prepared by our independent auditors, KPMG LLP. The Audited Financial Statement is available on-line and upon request.
~
PHILAN
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ROPY ~ TH
INSPIRIN
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t. 1 9 9 0
Did you know that the JCFC is having a BIG birthday in 2015? Watch for more details in the Jewish Free Press and on our website as we celebrate our involvement in community for twenty-five years. www.jcfc.ca
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2013–2014 | Report from Investment Committee Risk Analysis
JCFC Funds in Millions ($) 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0
2009
2010
2011
Foundation Funds
2012
2013
2014
Custodial Funds
Total assets under management at fiscal year end.
Portfolio Comment
Market Comment
For the twelve-month period ending June 30 , JCFC is reporting a gain of 13.2 per cent on our custodial funds. This return is net of (after) investment management fees. th
As of June 30th 2014, the JCFC had approximately $6.4 million dollars in assets, consisting of endowment funds, donor advised flow through funds, insurance policies, and custodial funds managed for other organizations. In the fiscal year 2013-2014, JCFC pooled funds grew by 24 per cent. This was the result of a combination of investment returns, new contributions from fund holders, and new contributions to the custodial funds we manage for other charitable organizations. The Foundation’s investment objective is to preserve and augment capital, achieving a long-term annual rate of return that will maintain the purchasing power of the funds we have been trusted with, enable our fund-holders to disburse grants, and recover operating expenses.
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The majority of JCFC assets ($5.6 million of $6.4 million) are held in the form of investments managed by Gluskin Sheff and Associates, in State of Israel Bonds, and in cash. JCFC pool funds are broadly diversified by asset class. The target asset mix is reviewed regularly by the Investment Committee; changes must be approved by the Board. The asset mix at the end of fiscal 2014 was invested 52 per cent in equity strategies (including positions in growthoriented, yield-oriented and non-Canadian equities), 44 per cent in fixed income strategies (including significant positions in State of Israel Bonds), and 4 per cent in cash and cash equivalents. Up to ten per cent of the equity position at any one time can be held in non-Canadian (typically American) equities to take advantage of opportunities that are not always available in Canada. This strategy does expose the pooled funds to modest currency risk.
Despite the potential for periodic volatility, especially in commodity based economies such as Canada, Gluskin believes that the continuation of a low-interest rate regime and the resulting economic growth will help set a positive economic backdrop through 2015 and beyond. The JCFC portfolio returned 13.2 for the 2013-2014 fiscal year, and has achieved a three-year annualized return of 5.8 per cent and a five-year annualized return of 7.9 per cent. Since the JCFC began working with Gluskin Sheff in 2004, the managed funds portion of the JCFC’s total assets achieved a 5.6 per cent annualized rate of return. The JCFC is fortunate to have respected investors and investment professionals providing thoughtful oversight, and thanks them for their involvement in securing the future of your funds and our community.
2014 | ANNUAL REPORT
JCFC Percentage of Returns on Investment Portfolio
JCFC Percentage of Returns on Investment Portfolio
14.0
9.0
12.0
8.0
10.0
7.0
8.0
6.0
6.0
5.0
4.0
4.0
2.0
3.0
0
2.0
-2.0
1.0
-4.0
2010
2011
2012
2013
2014
0
2010
2011
Annual Return
2012
2013
2014
5 Year Annualized Each year’s return represents an average of the preceding five years. The average rate of return for the period 2010-14 was 7.9% per year.
Returns on Investment JCFC takes a balanced portfolio approach to investing the funds entrusted to us. The portfolio mix includes bonds and debentures to mitigate against negative returns during weak market periods, and equities to take advantage of strong periods in the market. For the year ending June 30th, 2014 we are reporting a gain of 13.2 per cent in the Jewish Community Foundation of Calgary’s investment portfolio. This is in comparison to last year’s 6.1 per cent return. The portfolio goal is to have a long-term average rate of return that will preserve the purchasing power of the endowments, meet administrative expenses, and surpass the 3.5 per cent distribution level required by the Canada Revenue Agency of all foundations. With an annualized five year return of 7.9 per cent on the invested portion of our pooled funds, we are surpassing our goal.
Grantees | 2013–14
Our fund holderes direct their philanthropic dollars to the issues and causes they care about most. Akiva Academy Alberta Champions Alberta Children’s Hospital ALS Alberta Ariela Foundation Art a’la Carte
Calgary Jewish Federation - Partnership 2gether Calgary Jewish Film Festival
Jewish Federation of Victoria and Vancouver Island Jewish Historical Society of Southern Alberta
DovZ”l & Arlein Chetner Chai Essay Contest
Calgary Philharmonic Society
Friends of Simon Wiesenthal
Krembo Wings
Giant Steps Foundation
Magen David Adom
Hadassah Wizo Calgary
Miriam Foundation for Autism
Calgary United Jewish Appeal
Beit Halochem Canada
Camp BB Riback
Calgary Catholic Charities
Dave Greber Freelance Writers Magazine Award
Calgary Lodge Menorah Charitable Foundation (Bnai Brith)
BC - SPCA Beth Tzedec Congregation
Chai Folk Arts Council
Canadian Cancer Society
Calgary Community Kollel
Canadian Friends of Pardes Institute of Jewish Studies
Calgary Health Trust
Canadian Hadassah-WIZO
Calgary Interfaith Food Bank Calgary Jewish Academy
Canadian Magen David Adom for Israel
Calgary Jewish Community Centre
Chabad Lubavitch of Alberta
CARE Centre
Haitian Educational Society, Calgary
Jewish National Fund
Multiple Sclerosis Society
House of Jacob Mikveh Israel
Na’Amat Canada
JCFC Post-Secondary Bursaries to Eighteen Local Students
Temple B’nai Tikvah
JEM Workshop Inc.
United Way of Calgary and Area
Jewish Family Service Calgary (various programs)
University of Calgary
Jewish Federation (United Jewish Appeal)
Wings of Hope Breast Cancer Foundation
JEWISH COMMUNITY FOUNDATION OF CALGARY
Weizmann Institute
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Our Organization | Staff, Board and Committees OFFICERS
INVESTMENT COMMITTEE
PAST CHAIRS
Chair
Eric Switzer (Chair)
1990-1995 Gert Cohos
Treasurer Mark Shilling
Bettina Liverant Zeisler
Jordan Balaban
1995-1998 Donna Riback
Secretary Bernie Switzer
Daniel Blitt
1998-2011 Robert Kalef
BOARD OF DIRECTORS
Warren Book
1998-2012 Sam Switzer
Gerry Barron
Adam Hoffman
PAST PRESIDENT
Michael Ghert
Corey Mitchell
Nelson Halpern
Martin Molyneaux
Stuart Libin
Stuart Myron
Joel Lipkind
Richard Nagan
Stuart Myron
Mark Shilling
Eric Switzer
Paul Wheaton
Sam Switzer
Leib Zeisler
AUDIT COMMITTEE
GRANTS AND ALLOCATIONS COMMITTEE
Nelson Halpern Mark Shilling Eric Switzer
Milton Bogoch
PAST EXECUTIVE DIRECTOR Morris Bleviss
FOUNDATION MANAGER Wendy Kennelly
CONSULTING ACCOUNTANT Warren Book
Stuart Libin (Chair) Steven Kaganov Milton Bogoch Eva Hoffman Marilyn Libin
Sponsors | Friends of the Foundation
FUNDS Hesperian Capital Management Ltd.
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2014 | ANNUAL REPORT
We invite you to join us. You can establish a fund to remember a loved one, to mark an anniversary, a wedding, a bar/bat mitzvah or birthday, or to ensure a strong community for future generations. The Jewish Community Foundation of Calgary offers variety and flexibility to create the right fund for you. No matter your area of charitable interest, the JCFC can help. By effectively addressing your financial, tax, and estate planning needs, we can work together to achieve maximum philanthropic impact. Your vision is our mission. Phone: 403.640.2273 Email: mail@jcfc.ca Web:
www.jcfc.ca
“
As my fathers planted for me, I will plant for my children.” – The Talmud, Tannit, 23A
1607 - 90 Avenue SW, Calgary, AB T2V 4V7 · phone: 403-640-2273 · fax: 403-253-7915 · email: mail@jcfc.ca · www.jcfc.ca