2015
Annual Report Inspiring and Facilitating Philanthropy for 25 years
2015 | By the Numbers • 104 Funds, including custodial funds • $6.7 million in Assets plus $1,435,230 in Future Gifts by donors who intend to support the JCFC through life insurance
• Capital Additions of $776,594 • Net Investment Income of $170,823 • 227 grant cheques written to eighty-one charities • 15 post-secondary scholarships totalling $33,250 • $469,857 in Distributions • 425 Tribute Cards delivered • 365 days to celebrate 25 years of tzedakah!
Chair’s Message At the JCFC we often talk about the dreams of our fundholders. Our 25th anniversary has provided numerous occasions to realize how far we have come. Last year, we issued 227 cheques to eightyone organizations. We distributed almost $470,000 in grants on behalf of our donors. Of course, it isn’t all about the money. It is about doing good and helping others to do good. And in doing that, we fulfilled dreams – for our donors and for their beneficiaries. We are reminded every day of the goals set out 25 years ago, when a key group of leaders met to create “a foundation for the community” by establishing a fund of permanent financial resources. We hope that we have sustained this vision and helped realize their dream. Thank you fundholders and donors for bringing your dreams to us and for all the Tzedakah you have inspired with your example.
At the end of fiscal year 201415 the JCFC had a record $6.7 million dollars under management consisting of endowment funds, donor advised flow through funds, insurance policies, and custodial funds owned by other charitable organizations. Even more meaningful—and cutting to the very heart of our mission— over the past 25 years, the Foundation has distributed more than $2.9 million in grants to social service, educational, religious and community organizations locally, nationally and in Israel. These accomplishments can be explained in one word: trust. The roles of our committed lay leaders and professional staff in forging meaningful, enduring relationships with donors cannot be overstated. Donors place confidence in The Foundation to effectively collaborate with them in their philanthropy—during their lifetimes, and in perpetuity. In celebration of our 25 year anniversary, the JCFC is excited to be a partner in two new grant initiatives: one providing matching grants to our community organizations to help implement small capital projects and seed new programs; the other to encourage our community organizations to create permanent endowments. These opportunities exist until June 30, 2016. You can learn more on page 18. Looking through this annual report, it is clear that the JCFC embarks on the next 25 years having set the bar high, with an unwavering commitment to
JEWISH COMMUNITY FOUNDATION OF CALGARY
donors and to the communities they support. I am pleased to announce that the JCFC will be moving toward the next chapters in its history under the capable leadership of incoming chair Stuart Myron. Stuart has a long and deep record of commitment to our community, having served the Beth Tzedec Congregation in the roles of Director, Treasurer, Vice President Finance, President, and Past President, and served for six years as a Trustee of Co-operators Pension Plan, holding assets in excess of one half billion dollars. Stuart is founder and president of Sterling Property Solutions, specializing in commercial real estate development, brokerage, leasing and property management. Stuart holds an MBA from York University. He has been a director of JCFC for the past four years, is a member of the investment committee, and a passionate advocate for teen philanthropy in our community. On a personal note, I am grateful to have met so many wonderful, inspiring people these past four years and I look forward to working with current and new donors in my role as past chair, helping to create charitable legacies that will shape the direction of our community for this generation and generations to come. Sincerely,
Dr. Bettina Liverant Zeisler
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2014–2015 | Making a Difference Our donors create legacies. The Jewish Community Foundation of Calgary manages over one hundred funds to help donors realize their vision and commitment to all sectors of our community. 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 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. JCFC encourages charitable giving by making it easy, efficient and tax-smart.
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$469,857 in Grants made in Partnership with our Donors by Field of Interest
CULTURE
15%
ISRAEL
9%
COMMUNITY & SOCIAL SERVICES
46.5%
RELIGIOUS INSTITUTIONS
13.5%
EDUCATION
16%
JCFC Grants and Disbursements Cumulative | Millions ($) 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0
2011
2012
2013
2014
2015
JCFC has granted $1.9 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.
JCFC Camp Scholarships help campers who fall through the cracks of other bursary programs to get the financial support they need to attend camp and benefit from personal, social, physical and cultural growth experiences. The JCFC and its supporters help us provide Jewish overnight camp opportunities, summers of fun, and lifetimes of friendships, memories, traditions and skills.” — Jerrod Henoch, Director of Camp BB Riback
2015 | ANNUAL REPORT
Celebration | 25 Years Please join us for a special anniversary celebration at the opening night of the 15th Annual Jewish Film Festival on Saturday, November 7th at 7:00pm. Join us following the screening of “Rock in the Red Zone” for a live musical performance featuring Hagit Yaso, a talented Israeli singer who was the winner of Kochav Nolad, the Israeli version of American Idol and featured in the evening’s feature film. JCFC is also excited to be a supporter of the closing night film. Two JCFC funds are sponsoring a preview of ‘On The Map.’ The evening includes a visit by legendary Maccabi Tel Aviv Basketball team captain, Tal Brody, Goodwill ambassador of the State of Israel. Thank you to the Krell Family Maccabi Fund and the Jack Balaban Memorial Fund for supporting what is sure to be an inspiring evening.
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, 2014 - June 30, 2015: • Craimer-Samuels Family Fund • Donna Riback Temple B’nai Tikvah Building Endowment Fund • ITC Fund
*You must have a ticket to the Film Festival to attend post-film events.
In Memory The Jewish Community Foundation of Calgary respectfully acknowledges the following fund supporters who have passed over the year. July 1, 2014 – June 30, 2015 • Sandra Kalef z”l • Norman Martin z”l • Charna Shapiro z”l
• Stein Family Fund • Max & Molly Pressman Fund We wish to thank all of our donors for entrusting the Foundation with the care of their funds.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2014–2015 | Funds in Action Funds List | Our Partners in Philanthropy We gratefully recognize the individuals and families who have the foresight and commitment to create permanent endowment funds at The Foundation over the past 25 years. We celebrate their legacy, for this generation and generations to come, and we thank them for enabling the Foundation to grow. ENDOWMENT FUNDS
Jerry Libin Community Fund
Abe and Bertha Gold Endowment Fund
Jonathan Berall Fund
Alex and Phyllis Rubin Endowment Fund
Kaganov Family Fund
Zeisler Family Endowment Fund
Krell Family Maccabi Endowment Fund
ENDOWMENT FUNDS (BY WAY OF INSURANCE POLICY)
Dave King Memorial Fund
Lynn Einstein and Lionel Groberman Endowment Fund
Bonnie Kaplan Endowment Fund
Faigel Shapiro and Daughters Flow-Through Fund
Ann and Ralph Kalef Endowment Fund Archie and Charna Shapiro Day Camp Fund Arlein and Dov Chetner Family Endowment Fund Bella Singer Memorial Endowment Fund Bogoch Family Fund for Jewish Education
Marilyn Libin Lion of Judah Endowment Fund Max and Bessie Shulder Endowment Fund Max and Molly Pressman Fund* Myron Family Endowment Fund Nate and Lily Horodezky Fund
Celia Rostoker Millman Fund for Jewish Education
Norman and Beulah Martin Endowment Fund
Charles Wainberg Memorial Fund
Norman Silver Endowment Fund
Dave Greber Freelance Writers Award Fund
Paperny Family Fund
David Waterman Endowment Fund Davidman Family Fund Donna Riback Lion of Judah Endowment Fund
Peter and Kim Cohos Community Fund Ralph and Florence Switzer Endowment Fund Rebecca Block Fund
William Cohen Memorial Scholarship Fund
Daphne Taras and Allen Ponak Family Fund
Craimer-Samuels Family Fund* Dave Greber Freelance Writers Awards Support Fund Expatriate Fund
Fanny Wedro Charitable Fund
Faigel Shapiro and Daughters Endowment Fund
Fay (Smolensky) Schwartz Memorial Fund
Gertrude Cohos Endowment Fund
General Heritage Fund
Jack and Betty Sharp Endowment Fund
Holocaust / Second Generation Education Fund Holocaust Memorial Fund
Lipkind Family Endowment Fund
ITC Fund*
Morris and Margaret Bleviss Endowment Fund
Jack Balaban Memorial Fund
Robert and Sydney Kalef Endowment Fund Sam and Ida Switzer Endowment Fund Yakov and Karen Behar Endowment Fund
Jeff and Wendy Kohn Community Fund Jewish Historical Society of Southern Alberta (C) Jewish War Veterans of Canada, Calgary Post #2 Lewis Manning Charitable Fund
Rose Hallis Student Travel Bursary Fund
TEEN PHILANTHROPY (B’nai Mitzvah) FUNDS
Lexier Community Fund
Sarah and Julius Bleviss Endowment Fund
Brent Martin and Tedi Martin Fund
March-of-the-Living Fund
Elize and Lilian Zuidema Endowment Fund
Sema and Morris Belzberg Fund
Gabriel Manning Bar Mitzvah Fund
Fanny and Aaron Malkin Endowment Fund
Solomon and Adelle Saper Family Fund
Frandel and Louis Belzberg Scholarship Fund
Stan Libin Memorial Endowment Fund
Gladys and Mackie Shuler Health Support Fund Halpern Family Endowment Fund
Donna Riback Temple B’nai Tikvah Building Fund* Dr. David Lander Fund
Shilling Family Fund
Molly Joffe Bat Mitzvah Fund Sierra Libin Philanthropy Fund
Library Fund Mayer Family Endowment Fund ORT Calgary March of the Living Support Fund PJ Library® Jewish Education Fund Samuel and Ida Switzer FT Fund
Switzer 2005 Family Reunion Fund
DONOR ADVISED FLOW THROUGH FUNDS, COMMUNITY FUNDS AND CUSTODIAL FUNDS
Ted and Betty Riback Camp Bursary Fund
Anne Frank Fund for Holocaust Education
Sidney and Bronia Cyngiser Jewish Film Festival Fund
Vivian Katz Endowment Fund for Jewish Education
Asper Holocaust & Human Rights Education Fund
Silverstone Family Fund
Calgary Beth Tzedec Congregation Society Funds (C)
Susan Klein Memorial Fund
Issac Family Endowment Fund
Waterman Family Endowment Fund
Jeffrey Secter Bursary Fund
Wedro Holocaust Fund
Chetner Family Community Fund
Ida and Aron Eichler Fund for Jewish Education Ida Switzer Lion of Judah Endowment Fund
Sam Switzer Community Fund Second Generation Fund
Stein Family Fund* Zeisler Family Community Fund
(C) custodial funds *new funds since our last annual general meeting
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2015 | ANNUAL REPORT
Fund Profile | The Power of Endowments On the occasion of the JCFC’s 25 anniversary, we celebrate Aaron and Fanny Malkin, of blessed memory, who cared deeply about Judaism, about Calgary, and about the State of Israel. th
The Malkins led very unassuming lives. Their story is one of devotion — devotion to one another and devotion to community. After serving with distinction in Canada’s signal corps during WWII, Aaron returned to Calgary, opened a clothing store, and met Fanny. Together they led their lives with quiet dignity. They shared a deep passion for the continuity of the Jewish people and for Israel. After providing for family, Aaron opted to establish an endowment fund to carry forth their legacy and perpetuate their commitment to strengthening the Jewish community. The Malkin bequest stipulated that for the first twenty years of the fund’s existence, the income was to be distributed to ten causes that meant most to them, including Hadassah-Wizo, JNF, Beth Tzedec scholar-in-residence program, Alberta Childrens’ Hospital, veterans of Israeli wars, and postsecondary scholarships to help promising local students get a good start in life. After that time, the income will be disbursed at the discretion of the board, in Fanny and Aaron’s memory, to address community needs.
Aaron and Fanny Malkin, of blessed memory, felt passionately about supporting Israel and the Jewish community. Their legacy will continue far into the future.
Since 1999, the initial bequest of $558,000 has disbursed $237,260 in grants and grown to $578,000. What has come from the Malkins’ generosity stands as an example of how an endowment established with the Foundation can turn into a tremendous asset for many communities. The Aaron and Fanny Malkin Fund exemplifies the Foundation’s steadfast commitment to ensuring its donors philanthropic legacies are
JEWISH COMMUNITY FOUNDATION OF CALGARY
perpetuated beyond this lifetime. The Jewish Community Foundation is honoured to have been chosen by the Malkins to keep their legacy alive. We are proud stewards of this legacy, just as we are to over 100 other funds administered at the Foundation. To view a complete list of all our cherished endowment donors, see page 6.
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2014–2015 | Year In Review
2014 September
August
Seniors at Trinity Lodge enjoying shabbos with Leonard Cohen
1st Annual Teen Philanthropy program at Camp BB Riback
October Joel Lipkind (JCFC Director), Wendy Kennelly (Foundation Manager), Bernie Switzer (JCFC Secretary) and Marty Hornstein of Jewish Family Services at our 2014 AGM
2015 January
February
JCFC presents JNF with a $10,000 grant cheque from the Elize & Lilian Zuidema Endowment Fund
Hillel Luncheon sponsored by JCFC to promote post-secondary scholarships and Chetner essay contest
April
Students at CJA enjoying the new media screen funded by the Max & Bessie Shulder Endowment Fund
May
2015 Philanthropy Luncheon with Robin Goodman Launch of the Dorshei Tzedec Teen Philanthropy Program 2015 Grants & Allocations Meeting – Agency Grants & Scholarships
8
June 2015 Norman Silver Sports Leadership Award awarded to Samuel Eisenberg
2015 Chetner Chai Essay Contest Prize awarded at the JCC Seniors Luncheon
2015 | ANNUAL REPORT
Philanthropy | In Action 2nd Annual Philanthropy Seminar | You Can’t Take It With You! In May, JCFC was pleased to host an educational seminar for Jewish professionals, Jewish agency leaders, and community members interested in the tax benefits of planned giving. The seminar featured keynote speaker Robin Goodman, Vice President of Insurance Trust & Estate Planning, RBC Wealth Management.
Planned giving is not only for the wealthy— it can benefit every donor.
Robin believes that philanthropy can be an integral part of an overall financial plan, reducing the tax liability triggered by transferring wealth to the next generation and benefitting the causes that are important to you and your family.
“Hosting a sold-out seminar speaks to the extraordinary generosity of our community and to our common commitment to making the world a better place, today and for future generations.” said Bettina Zeisler, Chair of the
Robin discussed new trust laws and different tax treatments of charitable donations, including the rules and benefits surrounding gifts of life insurance, publicly traded and privately held shares.
Jewish Community Foundation of Calgary. Highlights of Robin’s presentation can be found at www.jcfc.ca/resources/fordonors/2015-lunch-learn.
Krembo Wings in Israel | A Youth Movement for Children with Special Needs Krembo Wings is unique: bringing children and young people with special needs and their ablebodied peers together in weekly social activities, including arts and crafts, music, games, dancing, laughing, talking, and friendship. Activity leaders are not trained caregivers but 14- to 18-year-
Members of the Ashod Branch celebrate the Krembo Wings vision: “Together, creating a place and meaning for everyone.” The new branch was opened with the support of a grant provided by the Elize and Lilian Zuidema Endowment Fund at the JCFC.
old Israeli teens who have been provided with leadership training and skills. At Krembo, it is the youth counselors who plan the activities, organize volunteers, coordinate events, and ensure that everything runs smoothly. Established in 2002, Krembo Wings welcomes youth with physical and mental disabilities from all cultural backgrounds, including religious and secular, Israeli-born and new immigrants, to branches located in communities across Israel. In 2010 Krembo Wings was named “social movement of the decade” by Israeli newspaper Maariv. In May 2014, a new branch was opened in Ashdod with a grant provided by the Elize and Lilian Zuidema Endowment Fund at the JCFC. The branch is housed within a busy community centre, allowing neighbours to see the Krembo
JEWISH COMMUNITY FOUNDATION OF CALGARY
Wings program in action, helping to change attitudes towards children with special needs! Last summer, during Operation Protective Edge, when Ashod was under missile fire, Krembo counselors visited members in their homes and volunteered in bomb shelters, using their skills to keep spirits high among the children of the city. Merav Boaz, Director of Krembo Wings Resource Development, says, “We would like to take this opportunity to thank the Elize and Lilian Zuidema Endowment Fund for the very generous support of our Ashdod branch! The donation was matched by the Israeli Ministry of Welfare, doubling the donation to establish and open the branch in one year. Your support and belief in our work is important to us. Thank you from all of us at Krembo Wings!”
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Philanthropy | In Action Launch | Dorshei Tzedec Teen Philanthropy Program teens. The program will end with a community presentation and celebration for the teen philanthropists involved in the program.
The Dorshei Tzedec program offers Calgary Jewish teens the opportunity to explore Jewish values and ideas and to practice philanthropy. Participants learn leadership skills, the ability to analyze community needs, and the challenge of setting funding priorities. At the end of the program, teens review grant applications and decide which organizations to support with real money. Dorshei Tzedec participants get to see philanthropy in action and make a positive difference in their communities. With consultation from the Jewish Teen Funders Network in New York, JCFC recently began two pilot projects, running a Philanthropy Camp at Camp BB Riback and a new synagogue based, 8-step teen philanthropy program, in co-operation with
If you want children to keep their feet on the ground, put some responsibility on their shoulders.” – Len Shapiro, Calgary Philanthropist
Congregation Beth Tzedec and Calgary B’nai Brith. The new Dorshei Tzedec Program (open to all Calgary Jewish Teens, regardless of synagogue affiliation) involves bi-monthly meetings, a small fundraising activity (generously supported by matching dollars from B’nai Brith Calgary at a $10 to $1 ratio, to a maximum of $3,000), and the allocation of cash grants to registered nonprofit agencies as determined by the participating
Recent reports by the Jewish Teen Funders Network state that 84% of alumni reported an increased sense of responsibility towards their local Jewish communities. Alumni of youth philanthropy programs report that they continue to feel deeply connected to Judaism and remain involved in Jewish life, often in leadership roles. Teen philanthropy programs have a record of success in engaging young people and in creating a new generation of Jewish philanthropists. Incoming JCFC Chair Stuart Myron says that the “mandate of the Jewish Community Foundation of Calgary (JCFC) is to inspire and facilitate philanthropy. We work with our donor partners to create a strong, sustainable community based on Jewish values of Tzedakah (charity and justice), avodah (work/service), and gemilut chassidim (acts of love and kindness). Supporting the development of youth philanthropy in our community is a natural for the JCFC.” Teen philanthropy camp has been a great success. If the Dorshei Tzedec Program is equally well received, the JCFC will move to establish an endowment fund to permanently support the development of teen philanthropy programming.
For more information regarding JCFC teen philanthropy programs, visit www.jcfc.ca/resources/teenphilanthropy2015.
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2015 | ANNUAL REPORT
2015 | Post-Secondary Scholarships Thank you from the bottom of my heart for the bursary. Receiving this bursary has made a difference in my ability to return to school for the upcoming year. Financial difficulties made it likely I was going to have to withdraw from my program. But with your help, I will be able to return to school and I am so grateful for the support.”
Jewish Community Foundation of Calgary scholarships are granted from a number of our endowment funds to students pursuing post- secondary education. Awards may be granted on the basis of need and/or merit, including academic merit, community leadership and future life plans. Awards range from $360 – $3,360. This year, eleven outstanding local students received assistance in the pursuit of their academic dreams. Thank you to the following funds for generously supporting the education of young people in our community. Applications for JCFC bursaries are accepted every April.
• • • • • • • • • • • • • • •
Frandel and Louis Belzberg Scholarship Fund Bogoch Family Endowment Fund Peter & Kim Cohos Community Fund Ida and Aron Eichler Family Fund General Heritage Foundation Fund Rose Hallis Student Travel Bursary 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 Charles Wainberg Memorial Fund David Waterman Fund Zeisler Family Community Fund
Grantees | 2014–15
Our fund holders make a difference: in the Jewish Community, in the general community and in Israel. Adath Israel Congregation
Calgary Jewish Film Festival
Akiva Academy
Calgary Pro Musica Society
Alberta Champions
Calgary Public Library Foundation
Alberta Children’s Hospital Foundation
Calgary United Jewish Appeal
Alzheimer Society of Alberta and Northwest Territories
Calgary Women’s Emergency Service
ARBI
Calgary Zoological Society
Art a’la Carte
Camp BB Riback
Banff Centre
Camp Hatikvah
BC - SPCA
Canadian Cancer Society
BC Cancer Foundation
Canadian Friends of Shalva Israel Association
Beit Halochem Canada Beth Israel Synagogue Beth Tzedec Congregation Betty Ford Centre Society of Canada Big Brothers Big Sisters of Calgary & Area B’nai Brith Calgary Lodge Menorah Foundation
Canadian Hadassah-WIZO Canadian Magen David Adom for Israel Canadian Red Cross Canadian Wildlife Federation Canlearn Society for Persons With Learning Difficulties
Contemporary Calgary Arts Society
Multiple Sclerosis Society
Doctors Without Borders
Nature Conservancy of Canada
DovZ”l & Arlein Chetner Chai Essay Contest Winners Epilepsy Canada Friends of Simon Wiesenthal Centre Giant Steps Foundation Heart & Stroke Foundation of Alberta
National Music Centre Olim Beyahad Place2Give Foundation Raincoast Conservation Foundation Ride To Conquer Cancer Save The Children Canada Shock Trauma Air Rescue Society
JCFC Post-Secondary Scholarships to Eleven Local Students
Soup Sisters Broth Brothers
JEM Workshop Inc.
Temple B’nai Tikvah
Jewish Family Service Calgary (various programs)
Trans Canada Trail Foundation
Jewish Federation of Victoria and Vancouver Island Jewish Historical Society of Southern Alberta Jewish National Fund
CARE Centre
Jews for Judaism
Calgary Community Kollel
Catholic Charities Society
Calgary Counselling Centre
Chabad Lubavitch of Alberta
Kehilat Shalom Society of Calgary
Calgary Health Trust
Chevra Kadisha
Krembo Wings
Calgary Jewish Academy
CKUA Radio Foundation
Miriam Foundation
Calgary Jewish Community Centre
Congregation House of Jacob Mikveh Israel
Mount Royal University Foundation
JEWISH COMMUNITY FOUNDATION OF CALGARY
Stephen Lewis Foundation
United Synagogue of Conservative Judaism United Way of Calgary and Area University of Calgary Weizmann Institute Wings of Hope Breast Cancer Foundation World Wildlife Fund of Canada
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How It All Came Together | A Timeline It takes a long time to build a Foundation. Over twenty-five years, trust in the stewardship of the Foundation has developed and become strong. This will lead to exponential growth in the coming years. The Jewish Community Foundation of Calgary is a promise of financial stability; from today’s community to tomorrows. The Foundation will continue to inspire philanthropy now and in the future.” – Gertrude Cohos, JCFC Past Chair (1990-1995)
2001 1989 Gert Cohos, founding chairperson, chairs first board meeting of the Calgary Jewish Heritage Foundation
1985
1994 30 funds and capital of Foundation exceeds $1 million
JCFC manages the funds collected in the capital campaign to purchase Patterson Lands adjacent to JCC ($2.3 million)
1990
1995
2000
1987
1990
1995
Early planning sessions and research on starting a Jewish Foundation in Calgary
Charitable status and incorporation is obtained – 10 Funds and $80,000 in assets
Foundation Board ‘modernizes’ and changes the name and branding to The Jewish Community Foundation of Calgary (JCFC)
What an honour it was to be asked, in 1995, to serve as Chairman of the Jewish Community Foundation of Calgary! I served on the committee established by the Jewish Community Council President, Hal Joffe, to determine the feasibility of forming a community Foundation. That was a lengthy but valuable process that resulted in the establishment of our current JCFC. The Foundation has now grown to a very professional and meaningful organization that is highly respected. I am confident the path established by the current leadership, will result in more endowments and greater assistance to the needs of Calgary and its Jewish community. My sincere congratulations to all on the 25th anniversary.” Donna Riback (centre) with her family at Camp BB Riback on Pine Lake, 2013.
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– Donna Riback, Past Chair (1995-1998)
2015 | ANNUAL REPORT
I was president of the Jewish Community Council (Federation) at the time the Foundation was first conceived and founded. After speaking to other communities who had already established foundations, I realized how important a Jewish community foundation in Calgary could be to the continuity of Jewish life in our city. For one, the idea of a family creating an endowment to fund its annual UJA contribution, in perpetuity, was very appealing, particularly with the vagaries of economic cycles and the departure or passing of major community leaders and contributors whose families did stay in Calgary or did not have the same commitment as their parents. I am very proud to have been involved with the growth of the Foundation over the years and to see how it has evolved to its current level of assets, distributions and sophistication.” – Bob Kalef, JCFC Past Chair (1998-2010)
2005
2010
(left to right) The JCFC team in 1998: Morris Bleviss (Executive Director) with Sam Switzer and Bob Kalef (co-chairs)
2015 2015
JCFC receives the largest gift in Foundation history $750,000 bequest from Lilian Zuidema
G
INSPIRIN
2011
PHILAN
~
I have been the beneficiary of the generosity and foresight of past Jewish philanthropists and by working with the Jewish Community Foundation, I have the honor of sharing my good fortune with the generations that will follow me.”
The JCFC manages 104 Funds and $6.7 million in assets - a total of $2.9 million distributed since the Foundation was established
es
ROPY ~ TH
I believe in the Foundation as the vehicle by which I, and like minded community supporters, will be able to carry out our charitable intentions into the future – a form of time travel. I would like to see our Jewish community not only surviving, but give it the means to grow and prosper long after I have passed on.
t. 1 9 9 0
– Sam Switzer, JCFC Past Chair (1998-2011)
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2014–2015 | Statement of Financial Position June 30, 2015, with comparative information for 2014
2015
2014
379,789
953,812
919
963
380,708
954,775
5,493,878
4,930,920
State of Israel Bonds, at Cost Plus Amortization of Bond Discount
557,920
319,936
Cash Surrender Value of Life Insurance
227,255
205,143
$6,659,761
$ 6,410,774
3,000
5,616
428,307
340,128
431,307
345,744
1,377,704
1,447,284
1,809,011
1,793,028
34,601
36,538
Restricted
2,279,513
2,035,683
Endowment
2,536,636
2,545,525
4,850,750
4,617,746
$6,659,761
$ 6,410,774
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
Custodial Funds Foundation Funds: Unrestricted
These financial statements for the fiscal year ending June 30, 2015 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.
Foundation Fact The aggregate value of funds established by the current directors of JCFC is $484,213 (as of June 30, 2015). This includes endowments, donor advised flow-through funds and deferred lifetime gifts.
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2015 | ANNUAL REPORT
2014–2015 | Condensed Statement of Operations and Changes in Foundation Funds June 30, 2013, with comparative figures for 2012 Unrestricted
Restricted
Endowment
Flow-through
2015
2014
Contributions
1,648
309,762
114,767
350,417
776,594
678,189
Investment Income (loss)
1,182
72,765
83,747
13,129
170,823
514,437
2,830
382,527
198,514
363,546
947,417
1,192,626
4,000
80,085
119,032
266,740
469,857
298,844
Insurance Premiums
-
8,335
33,049
-
41,384
42,556
Administrative Costs
618
38,475
44,288
6,949
90,330
75,999
Marketing and Advertising
52
5,760
4,080
587
10,479
37,434
Audit and Legal
97
6,042
6,954
1,091
14,184
12,251
4,767
138,697
207,403
275,367
626,234
467,084
(1,937)
243,830
8,889
88,179
321,183
725,542
-
-
-
(88,179)
(88,179)
(91,276)
Change in Foundation Funds in the Year
(1,937)
243,830
8,889
-
233,004
634,266
Balance, Beginning of Year
36,538
243,830
2,545,525
-
4,617,746
3,983,480
$34,601
$2,279,513
$2,536,636
-
$4,850,750
$4,617,746
Revenue
Total Revenue Expenditures
Grants
Total Expenditures Excess (deficiency) of Revenue Over Expenditures Increase in Deferred Flow-through Grants (note 5)
Balance, End of Year
These financial statements for the fiscal year ending June 30, 2015 are derived from the audited financial statements prepared by our independent auditors, KPMG LLP. The Audited Financial Statement is available on-line and upon request.
Foundation Fact JCFC holds twelve endowment funds with provisions to direct some or all of their disbursable income to the Calgary Jewish Federation’s annual UJA campaign. In 2014-2015, thirteen additional fund holders used their Donor Advised Flow Through Funds to direct donations to the UJA campaign. Fifteen additional fund holders used Donor Advised Flow Through Funds or Endowment Funds to directly support CJF programs.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2014–2015 | Report from Investment Committee Ensuring Continuity and Stability
JCFC Funds | Millions ($)
The Jewish Community Foundation of Calgary was built to last for generations to come. Since its creation in 1990, the Foundation has never wavered from its commitment to serve the needs of the community and those seeking to strengthen it. Safeguarding the philanthropic legacy of our donors, and the security and impact of their charitable assets, is our top institutional priority.
7.0
For the twelve-month period ending June 30th, 2015, the JCFC is reporting a gain of 3.1% on the managed funds portion of our pooled assets. This return is net of (after) investment management fees.
2.0
As of June 30th 2015, the JCFC had approximately $6.7 million dollars in assets (after distributions) consisting of endowment funds, donor advised flow through funds, insurance policies, and custodial funds managed for other organizations. This compares with $6.4 million (after all distributions) June 30, 2014. During this same period, the JCFC distributed a record $470,000 in grants to a broad range of organizations and causes in our local community and in Israel (up from $299,000 in 2013–14). 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. We continue to surpass our target on a long-term basis, earning 6.4% (net of investment management fees) annualized for the five years 2010–15. Amid difficult market conditions, the JCFC’s investment portfolio continues to preserve capital and generate meaningful income.
Risk Analysis The majority of JCFC assets ($6.1 of $6.7 million) are pooled and invested in a diversified conservative portfolio of equities and bonds (including State of Israel Bonds), managed by Gluskin Sheff and Associates. The asset mix targets developed by the investment committee balance the need to preserve capital and maintain the purchasing power of the funds entrusted to Foundation with the need to earn a rate of return that enables funds to disburse grants and support the administration of the Foundation. The annual target is a 5% return. Last year, as financial-market turbulence depressed stock and bond returns, we fell below this target.
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6.0 5.0 4.0 3.0
1.0 0
2011
2012
2013
Foundation Funds
2014
2015
Custodial Funds
Total assets under management at fiscal year end.
On a net basis, the JCFC pooled portfolio gained +26.2% on investments in American equities, gained +2.1% on fixed income investments, and lost -1.6% on investments in Canadian equities. The JCFC’s gross investment return was +4.3%. The TSX composite suffered a loss of -1.2% (gross) for the same twelvemonth period. The positive total portfolio performance was driven by strong performance in the US markets and a weaker Canadian dollar, which combined to meaningfully boost the value of our American equity holdings; and strong domestic bond returns, buoyed by the Bank of Canada rate cut. Canadian equity and high yield markets suffered from the impact of low oil prices, and our holdings in the resource sectors of the Canadian equity market detracted from the returns. The Foundation’s ability to preserve endowments in perpetuity, maintain the purchasing power of the annual grant distributions, finance direct charitable activity, and fund administration costs, depends primarily on the investment performance of the pooled portfolio. Operating costs are also supported by the management fees charged to custodial funds and income brought in by Friends of the Foundation sponsorships. The Foundation continues to operate at budget: for 2014-2015 operating expenses were 1.74% of total funds under management. In order to manage the financial risk of the erosion of capital, the Foundation employs a diversified total return
2015 | ANNUAL REPORT
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, 2015 we are reporting a gain of 3.1 per cent in the Jewish Community Foundation of Calgary’s investment portfolio. This is in comparison to last year’s 13.2 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 6.4 per cent on the invested portion of our pooled funds, we are surpassing our goal.
JCFC Percentage of Returns on Investment Portfolio (%)
JCFC Percentage of Returns on Investment Portfolio (%) 9
14 12
8
10
7
8
6
6
5
4
4
2
3
0
2
-2
1
-4
2011
2012
2013
2014
2015
0
Each year’s return represents an average of the preceding five years. The average rate of return for the period 2011-15 was 6.4% per year.
2011
Annual Return
investment strategy. In implementing such a strategy, the Foundation acknowledges some variability of the returns, as there are uncertainties and complexities associated with investing in capital markets. At fiscal yearend 2015 the asset allocations were as follows: 54% in equity strategies (including positions in growth-oriented, yield-oriented and non-Canadian equities), 43% in fixed income strategies (including significant positions in State of Israel Bonds), and 2% in cash and cash equivalents. Globally, assets were 76% Canadian, 19% American, and 5% international. The investment target asset mix policy allows for up to 10% of the total equity position at any one time to 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 some currency risk, although the exchange rate operated to our benefit in 2014-2015. The target asset mix is reviewed regularly by the Investment Committee; changes must be approved by the Board.
2012
2013
2014
2015
5 Year Annualized
Market Comment Despite the challenges faced by commodity based economies such as Canada, Gluskin Sheff and Associates belief that the continuation of a low-interest rate regime and positive economic growth in the United States will set a largely positive economic backdrop through 2015–2016 and beyond. Today’s relatively low-yield investment environment requires a consistent, disciplined approach in order to achieve sufficient returns without taking on undue risk. The JCFC does not invest in alternative asset classes such as real estate, private equity or infrastructure that require management to make estimates and assumptions of value. The JCFC is fortunate to have respected investors and investment professionals committed to providing thoughtful oversight, and thanks them for their involvement in securing the future of your funds and our community.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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Funds to Inspire 0ur Calgary Jewish Organizations Investing in our community | Today
Investing in our community | Forever
Upgrading our community facilities, introducing new programs and inspiring new donors is a constant challenge faced by all community organizations. Now thanks to the Len & Faigel Shapiro Jewish Community Enrichment Grants, our local Jewish organizations have a partner who can help.
Organizational endowment funds are at the very heart of the sustainability of our community. As these funds grow, more annual income is generated for Jewish organizations that meet our educational, cultural, spiritual, and social service needs. Now, thanks to the new Zeisler Family Organizational Endowment Incentive Program (the Zeisler Incentive Grant) Jewish organizations have even greater reason to establish their firstever organizational endowment fund.
This program has two goals: to provide matching grants to support small capital projects and seed new programs, and to inspire new support for our agencies and organizations. Here’s how it works: • Organizations have an opportunity to raise funds for small projects that can make a big difference and an incentive to reach out to donors. Donors have an incentive to give, knowing that their donation will be leveraged to make an even greater impact. • The organization must find, on its own, new funds to pay for half the cost of small capital improvements or new programming initiatives. • The Shapiro Enrichment Grant program will match these funds to a maximum of $7,500 per organization. Organizations can also apply for smaller amounts. • A total of $50,000 is being made available on a first come, first serve basis. • Grants are available to many of our community organizations.
Here’s how it works: • When a participating Calgary Jewish organization opens an organizational endowment fund with the JCFC, it triggers a $1,000 “incentive” contribution from the Zeisler Family Incentive Grant Program. • Participating organizations can transfer funds they may already have in reserve to JCFC and are motivated to encourage their supporters to contribute to a permanent endowment fund. • For organizations that have never had an endowment fund, this is a particularly exceptional opportunity, as this new program provides a financial incentive to open endowment funds and is likely over time to offer a higher rate of return than a typical GIC. • As an added bonus, when a participating organization reaches the $36,000 mark in their endowment fund, this will trigger an additional incentive contribution of $1,000.
“We’re very excited that we are able to launch these dual incentive programs,” says incoming JCFC chair, Stuart Myron. “We look forward to working with our community organizations and helping them to achieve their objectives. JCFC donors support our community: now and forever.” These incentive programs have been created to celebrate the JCFC’s twenty-fifth anniversary and are available to Jewish organization in our community until June 30, 2016. Beneficiaries of grants from the JCFC must have charitable status, as recognized by the Canada Revenue Agency. To learn how your organization can benefit from these programs, contact the JCFC office.
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2015 | ANNUAL REPORT
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
Tamara Cohos
Corey Mitchell
Jackie Halpern
Martin Molyneaux
Nelson Halpern
Stuart Myron
Stuart Libin
Richard Nagan
Joel Lipkind
Mark Shilling
Stuart Myron
Stacey Steinberg
Eric Switzer
Paul Wheaton
Sam Switzer
Bettina Zeisler
AUDIT COMMITTEE Nelson Halpern Mark Shilling Eric Switzer
Leib Zeisler
GRANTS AND ALLOCATIONS COMMITTEE
Milton Bogoch
PAST EXECUTIVE DIRECTOR Morris Bleviss
FOUNDATION MANAGER Wendy Kennelly
CONSULTING ACCOUNTANT Warren Book
TRIBUTE CARD COORDINATOR Terry Hornstein
Stuart Libin (Chair) Milton Bogoch Reva Faber Eva Hoffman Marilyn Libin
Sponsors | Friends of the Foundation
FUNDS Hesperian Capital Management Ltd.
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. Your vision is our mission.
Inspiring and Facilitating Philanthropy for 25 Years 1607 - 90 Avenue SW, Calgary, AB T2V 4V7 · phone: 403-640-2273 · email: mail@jcfc.ca · www.jcfc.ca