2017
Annual Report
Jewish Community Foundation of Calgary
2016–2017 | Making a Difference Distributed $483,000 – a new high – to 84 organizations.
ARTS & CULTURE
3%
17%
RELIGIOUS INSTITUTIONS & PROGRAMS
ISRAEL
4%
12% COMMUNITY AT LARGE
HEALTH & FITNESS
59%
EDUCATION
13%
4%
88%
COMMUNITY & SOCIAL SERVICES
JCFC Grants by Field of Interest
JEWISH COMMUNITY
JCFC Grants by Type
JCFC Grants and Disbursements Cumulative | Millions ($) 4.0 3.5
Our fund holders continue to direct their philanthropic dollars to both the Jewish and broader community supporting the causes that they are most passionate about. Thanks to their caring, generosity and vision for a better future, the Foundation distributed $483,000 – a new high – to 84 organizations.
3.0 2.5 2.0 1.5 1.0 0.5 0
2
2013
2014
2015
2016
2017
2017 | ANNUAL REPORT
Our Foundation has now reached $12.2 million in assets representing year over year growth of 37%.” — Stuart A. Myron, Chair
Message from the Chair The essence of the Jewish Community Foundation of Calgary is to support the philanthropic goals of our donors and the causes dearest to them. As you will see in our financial report, our Foundation has now reached $12.2 million in assets representing year over year growth of 37%. This growth is a testament to the remarkable individuals, families and agencies that care so much about our community by planning for the future and making tzedakah a prominent part of their lives. It is also a testament to the trust they have in our Foundation’s ability to support their philanthropic objectives. Fiscal 2017 was most satisfying from several perspectives. Total funds under JCFC stewardship grew to 122 with 267 cheques issued to 84 charities. We distributed a total of $483,000 - a new high in JCFC history. The JCFC has now distributed more than $3.683 million dollars since its creation twenty-seven years ago. For the twelve-month period ending June 30, 2017, the gross investment return on the managed funds portion of our portfolio was 9%, before investment management fees. Last year I had noted that the JCFC’s Investment Committee had embarked upon an investment
manager review via a formal Request for Proposal involving seven management firms. The committee completed a thorough review of the written proposals and conducted in-person interviews with two firms. I am pleased to advise that Mawer Investment Management Ltd. was added to our investment management team as of December 2016 alongside the incumbent Gluskin Sheff & Associates Inc. Each firm is responsible for the investment of approximately 50% of our actively managed funds. The addition of a second manager reduces investment manager risk associated with the investment style of one manager. Thank you to the members of the Investment Committee for their commitment and thoughtful oversight. Turning to JCFC programming, it is particularly pleasing to note the success of our two teen philanthropy initiatives. We marked our fourth summer at Camp BB Riback and a second consecutive year of the Dorshei Tzedec Teen Philanthropy Program in conjunction with Beth Tzedec Congregation. Since inception, 65 teens have participated in JCFC philanthropy education and training granting in excess of $12,000 to various charitable causes. Teen philanthropy programs are an effective
way to engage and develop our future leaders and donors. We thank Calgary B’nai Brith Lodge #816 for underwriting the program since 2016 and for their continued commitment in 2018. JCFC also launched its “Legacy Calculator” at the end of 2016. The calculator is a practical tool that individuals and families can use to determine the potential of their philanthropic legacy. It is particularly useful in demonstrating the tax benefits of charitable giving when done as part of an estate plan. In many situations, donors are able to use tax credits to give generously with minimal impact on the estate left to heirs. I wish to acknowledge and thank Joel Lipkind and Bernie Switzer for their dedicated and lengthy service as Directors of the JCFC. Each of them understands the importance of Foundation in sustaining the future of our community and the value in succession planning by creating opportunity for new leadership. This has been a year of phenomenal growth for JCFC as we continue to assist a growing list of donors to achieve their philanthropic goals. We look forward to continued success in the future. Sincerely, Stuart A. Myron, Chair
JEWISH COMMUNITY FOUNDATION OF CALGARY
3
JEWISH COMMUNITY FOUNDATION OF CALGARY 4
10 Academic Bursaries TOTALLING $25,000 122 Funds, including custodial funds
5 New Funds
$ 12.2
$ million in Assets
2 Jewish Essay Contest Awards TOTALLING $4,300
1
Jewish Sports Leadership Award
$
267
$ $ 483, 186
GRANT CHEQUES
in Distributions
written to 84 Charities
Teen Philanthropy Program inspiring 30 young adults
Capital additions of $3.3 million
(37%)
Welcome | New Funds As a flexible and secure vehicle for philanthropy, the JCFC is pleased to work with those who wish to create a legacy that will support our community. Welcome to the following new funds, opened between July 1, 2016 and June 30, 2017: • Nitzanim Community Fund • Hamborger Family Fund
• Calgary Beth Tzedec Congregation Society - Legacy Endowment Fund
• Krell Maccabi Canada Athletic Fund
• Calgary Beth Tzedec Congregation Society - Festival Endowment Fund
We wish to thank all of our donors for entrusting the Jewish Community Foundation of Calgary with the care of their funds.
175
TRIBUTE CARDS DELIVERED
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2016–2017 | Funds in Action Our Partners in Philanthropy We gratefully recognize the following individuals and families who had the foresight and commitment to create permanent endowment funds at the Foundation. Vivian Katz Endowment Fund for Jewish Education
Faigel Shapiro and Daughters Fund
Waterman Family Endowment Fund
Fay (Smolensky) Schwartz Memorial Fund
Wedro Holocaust Fund
General Heritage Fund
William Cohen Memorial Scholarship Fund
Holocaust / Second Generation Education Fund
Zeisler Family Endowment Fund
Holocaust Memorial Fund ITC Fund
Krell Family Maccabi Endowment Fund
ENDOWMENT FUNDS (BY WAY OF INSURANCE POLICY) Bonnie Kaplan Endowment Fund
Lynn Einstein and Lionel Groberman Endowment Fund
Daphne Taras and Allen Ponak Family Fund
Marilyn Libin Lion of Judah Endowment Fund
Faigel Shapiro and Daughters Endowment Fund
Steven Blitz Endowment Fund
Max and Bessie Shulder Endowment Fund
Gertrude Cohos Endowment Fund
Jewish War Veterans of Canada, Calgary Post #2
Celia Rostoker Millman Fund for Jewish Education
Max and Molly Pressman Fund
Jack and Betty Sharp Endowment Fund
Joy & Max Feldman Community Fund
Myron Family Endowment Fund
Lipkind Family Endowment Fund
Lewis Manning Charitable Fund
Nate and Lily Horodezky Fund
Morris and Margaret Bleviss Endowment Fund
Lexier Community Fund
Robert and Sydney Kalef Endowment Fund
March of the Living Support Fund
ENDOWMENT FUNDS
Isaac Family Endowment Fund
Abe and Bertha Gold Endowment Fund
Jeffrey Secter Bursary Fund
Alex and Phyllis Rubin Endowment Fund
Joe and Evelyn Busheikin Endowment 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 Bing Family Temple B’nai Tikvah Founders Fund Steven Blitz Charitable Trust (C)
Charles Wainberg Memorial Fund Craimer-Samuels Family Endowment Fund Dave King Memorial Fund David Waterman Endowment Fund
Jerry Libin Community Fund
Jonathan Berall Fund Kaganov Family Fund Krell Maccabi Canada Athletic Fund*
Nitzanim Community Fund* Norman and Beulah Martin Endowment Fund Norman Silver Endowment Fund
Davidman Family Fund
Paperny Family Fund
Donna Riback Lion of Judah Endowment Fund
Peter and Kim Cohos Community Fund
Donna Riback Temple B’nai Tikvah Building Fund
Ralph and Florence Switzer Endowment Fund
Dr. David Lander Fund
Rebecca Block Fund
Elize and Lilian Zuidema Endowment Fund
Rose Hallis Student Travel Bursary Fund
Fanny and Aaron Malkin Endowment Fund
Sarah and Julius Bleviss Endowment Fund
Frandel and Louis Belzberg Scholarship Fund
Sema and Morris Belzberg Fund
Gary Rosenbaum Children’s Assistance Fund Gladys & Mackie Shuler Health Support Fund
Shilling Family Fund for Community Development Solomon and Adelle Saper Family Fund
Halpern Family Endowment Fund
Stan Libin Memorial Endowment Fund
Hamborger Family Fund*
Switzer 2005 Family Reunion Fund
Ida and Aron Eichler Fund for Jewish Education
Ted and Betty Riback Camp Bursary Fund
Ida Switzer Lion of Judah Endowment Fund
Vic Freidin Memorial Camp Scholarship Fund
Fanny Wedro Charitable Fund
Jack Balaban Memorial Fund Jeff and Wendy Kohn Community Fund Jewish Historical Society of Southern Alberta (C)
Library Fund
Sam and Ida Switzer Endowment Fund
Maureen and Joe Katchen Fund
Yakov and Karen Behar Endowment Fund
ORT Calgary March of the Living Support Fund
TEEN PHILANTHROPY (B’nai Mitzvah) FUNDS Brent Martin and Tedi Martin Fund Gabriel Manning Bar Mitzvah Fund Molly Joffe Bat Mitzvah Fund Sierra Libin Philanthropy Fund
Mayer Family Fund
PJ Library® Jewish Education Fund Prosperity Farm Legacy Fund Rabinovitz Family Community Fund Samuel and Ida Switzer FT Fund Sam Switzer Community Fund
DONOR ADVISED FLOW THROUGH FUNDS AND CUSTODIAL FUNDS Anne Frank Fund for Holocaust Education
Second Generation Fund
Asper Holocaust & Human Rights Education Fund
Susan Klein Memorial Fund
Silverstone Family Community Fund Stein Family Fund Zeisler Family Charitable Fund
Calgary Beth Tzedec Congregation Society Funds (C) Bogoch Family Endowment Fund for Jewish Education Chetner Family Community Fund Craimer-Samuels Family Fund
(C) custodial funds * new funds since our last annual general meeting
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2017 | ANNUAL REPORT
Grantees | 2016–17 Making a Difference Our fund holders made a difference to the following beneficiaries in the Jewish and general communities and in Israel. Akiva Academy
Calgary Opera
Alberta Children’s Hospital Foundation
Calgary Philharmonic Society
Glaucoma Research Society of Canada
Raincoast Conservation Foundation
Calgary Pro Musica Society
Heritage Park Society
Shock Trauma Air Rescue Society
Alberta Theatre Projects
Calgary Public Library Foundation
Jewish Family Service Calgary
Stephen Lewis Foundation
Alzheimer Society of Alberta and Northwest Territories
Calgary Zoological Society
Jewish Federation of Victoria & Vancouver Island
Temple B’nai Tikvah
Jewish Historical Society
The Canlearn Society for Persons With Learning Difficulties
ARBI Baycrest Foundation Beit Halochem Canada Benjamin Foundation
Camp BB Riback Canada Sports Hall of Fame Canadian Cancer Society Canadian Friends of Hebrew University
Jewish National Fund Jews for Judaism Kehilat Shalom Society of Calgary
Tennis Canada
The Esther Honens International Piano Competition Foundation The Michael J Fox Foundation for Parkinson’s Research
Krembo Wings
B’nai Brith Menorah Foundation
Canadian Friends of Shalva Israel Association
Bow Valley College
Canadian Hadassah-WIZO
Magen David Adom
The Nature Conservancy of Canada
C4i Canada
Canadian Red Cross
McGill University
The War Amps of Canada
Calgary Beth Tzedec Congregation Society
Canadian Wildlife Federation Inc.
Trans Canada Trail Foundation
Calgary Community Kollel Society
CKUA Radio Foundation
Momentum Community Economic Development Society National Music Centre
United Way of Ottawa
Ne’eman Foundation Canada
Weizmann Canada
Olim Beyshad
Whyte Museum of the Canadian Rockies
Beth Israel Synagogue
Calgary Health Trust Calgary Humane Society
Chabad Lubavitch of Alberta Climbers Access Society of British Columbia
Calgary JCC
Congregation House of Jacob-Mikveh Israel
Calgary Jewish Academy
Doctors Without Borders Canada
Calgary Jewish Federation
Friends of Simon Wiesenthal for Holocaust Studies
Maccabi Canada
Operation Smile Canada Foundation Project Warmth Society of Alberta
$
JEWISH COMMUNITY FOUNDATION OF CALGARY
United Way of Calgary and Area
Wings of Hope Breast Cancer Foundation
$ 7
Philanthropy | In Action Blitz Bequest Changing Lives in Jewish Calgary and Beyond
Steven Blitz’s gift amounts to more than $20 million of philanthropic impact.” Just over two years ago, the Calgary Jewish community became a recipient of unprecedented gifts due to bequests from the estate of the late Steven Blitzzl. The gift was surprising to many in the Jewish community. Having lived a low-key life, Steven, who wasn’t previously noted for philanthropy, generously shared millions of dollars with a variety of charities within and beyond the Jewish community. “Steven Blitz’s gift amounts to more than $20 million of philanthropic impact.” literally changing lives in Calgary,” said Stuart Myron, Chairman of the Jewish Community Foundation of Calgary, which is managing funds on behalf of some of Blitz’s Jewish communal beneficiaries, including Beth Tzedec Congregation, the Calgary JCC (Jewish Community Centre) and JFSC (Jewish Family Service Calgary). In addition, Blitz directed lump sum bequests to Beth Tzedec Congregation, Calgary Jewish Academy, Calgary JCC and Calgary United Jewish Appeal. Beneficiaries of Blitz’s generosity within the secular community include Alberta Children’s Hospital; Calgary Health Trust, in support of
8
Foothills Hospital; Calgary Health Trust, in support of Rockyview Hospital; Canadian Cancer Society, Alberta/NWT Division; Canadian Mental Health Association, Calgary Region; Heart and Stroke Foundation of Alberta, NWT & Nunavut; Schizophrenia Society of Alberta; and the United Way of Calgary and Area. Steven was born in 1928 in Sarospadok (Muddy River), a town in northeast Hungary. No stranger to hardship, the Holocaust survivor, passed away on July 27, 2015 at the age of 86. His journey was far from easy, as he recounted to community members when he participated some years back in a Calgary Jewish Federation sponsored Dor L’Dor program where Holocaust survivors shared their stories in small group discussions with community members. Steven said he suffered his first experience with antisemitism at the tender age of 10 when his father, who was in the meat-packing business, lost his business license for the “crime” of being Jewish. Six years later, in 1944, Blitz’s father died of a heart attack just two months
before Steven, his sister, and their mother were forced into a Jewish ghetto and, shortly thereafter, sent to Auschwitz. Only 16 years old when he passed through the gates of hell at Auschwitz, Blitz was selected for a work detail and shipped to a forced labour camp in Silesia. While most children were taken directly to the gas chambers at Auschwitz, Blitz expressed the belief that he was spared because he was tall for his age and appeared fit for hard labour. When advancing Russian troops forced a German retreat, Blitz was among labourers who were herded by their Nazi tormentors in a long and painful death march that snaked its way through a number of death camps. Of some 1,100, he was one of only 90 to survive the utter misery. Blitz was, eventually, reunited with his mother and sister who were liberated by Russian soldiers at Auschwitz.
2017 | ANNUAL REPORT
Steven Blitz immigrated to Canada in the late 1940s, having first worked in Germany and England. After a brief stint as a Cape Breton coal miner and a short sojourn in Montreal, he worked as a butcher in Winnipeg, where he met his future wife, Doreen (nee Pelzner). He settled in Calgary in 1950, initially building a career in the meat business with two shops, first in Bridgeland and then across from City Hall. The 1960s saw the marriage of Steven and Doreen, the birth of their son, Shawn, and the beginnings of Steven’s rise to fortune as a successful developer of multi-family complexes. Blitz, who retired in 2003, was predeceased by his wife in 1991. “Against some incredible odds, Steven Blitz survived and then prospered as a businessman, choosing to share his good fortune with the community, once he’d provided for his loved ones,” said Stuart Myron.
“This is the kind of legacy the Jewish Community Foundation of Calgary urges everyone to consider, each according to their own means,” added Myron. “Some prefer to share their legacy as a bequest while others take great joy in seeing their gifts utilized and enjoyed by their favourite causes and institutions during their lives.” In the words of Anne Frank, whose life was cut short by the Holocaust, “How wonderful it is that nobody need wait a single moment before starting to improve the world.” “We encourage everyone to consider the goals and dreams you have for your community and to speak with us at the JCFC about how we can help you to ensure that the organizations and efforts that bring meaning to your lives, and those of your loved ones, can be supported in perpetuity,” says Myron.
For more information, or to access the Legacy Calculator, go to the JCFC website at www.jcfc.ca.
JEWISH COMMUNITY FOUNDATION OF CALGARY
While Steven Blitz’s gift was breathtaking in its scope, building the Jewish community of tomorrow is not a joy reserved strictly for the wealthy. Jewish Community Foundation of Calgary helps individuals and families at various levels to share legacy gifts that, together, ensure a sustainable and thriving Jewish community. One useful tool, the JCFC’s Legacy Calculator assists potential donors in determining how they can maximize charitable giving with minimal impact on their heirs.
In Memory The Jewish Community Foundation of Calgary recalls the following fund supporters whose charitable deeds were an inspiration to us all. May their memories always be for a blessing. July 1, 2016 – June 30, 2017 • David Halpern z”l • Dr. Joseph Levy z”l • Hyman Belzberg z”l
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2016–2017 | Statement of Financial Position
June 30, 2017, with comparative information for June 30, 2016
2017
2016
460,546
983,567
1,974
808
462,520
984,375
10,737,998
7,099,365
State of Israel Bonds, at Cost Plus Amortization of Bond Discount
695,999
549,058
Cash Surrender Value of Life Insurance
261,834
243,336
$12,158,351
$8,876,134
12,000
1,610
672,706
521,861
684,706
523,471
5,657,765
2,632,940
6,342,471
3,156,411
39,034
35,815
Restricted
2,311,499
2,186,895
Endowment
3,465,347
3,497,013
5,815,880
5,719,723
$12,158,351
$8,876,134
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, 2017 are derived from the audited financial statements prepared by our independent auditors, KPMG LLP. The Audited Financial Statement is available online and upon request.
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2017 | ANNUAL REPORT
2016–2017 | Condensed Statement of Operations and Changes in Foundation Funds Unrestricted
Restricted
Endowment
Flow-through
2017
2016
849
65,211
146,032
400,095
612,187
1,450,327
3,240
195,682
288,549
55,091
542,562
133,624
31
1,727
2,714
528
5,000
-
4,120
262,620
437,295
455,714
1,159,749
1,583,951
Grants
-
76,683
116,841
289,662
483,186
299,220
Insurance Premiums
-
9,598
32,958
-
42,556
41,390
Administrative Costs
419
23,933
30,644
7,019
62,019
91,570
83
5,023
7,406
1,414
13,926
15,149
Audit and Legal
127
7,640
11,266
2,151
21,184
12,358
Investment Management Charges
272
15,139
25,611
4,623
45,645
36,466
901
138,016
224,726
304,869
668,512
496,153
3,219
124,604
212,569
150,845
491,237
1,087,798
Funds Transferred Out
-
-
(244,235)
-
(244,235)
(125,271)
Increase in Deferred Flow-through Grants
-
-
-
(150,845)
(150,845)
(93,554)
3,219
124,604
(31,666)
-
96,157
868,973
35,815
2,186,895
3,497,013
-
5,719,723
4,850,750
$39,034
$2,311,499
$3,465,347
-
$5,815,880
$5,719,723
Revenue Contributions Investment Income (loss) Sponsorships Total Revenue
Expenditures
Marketing and Advertising
Total Expenditures Excess (deficiency) of Revenue Over Expenditures
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, 2017 are derived from the audited financial statements prepared by our independent auditors, KPMG LLP. The Audited Financial Statement is available online and upon request.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2016–2017 | Investment Committee Report Prudently Enhancing the JCFC Investment Footprint This past fiscal year was marked by a number of significant milestones for the Jewish Community Foundation of Calgary (“JCFC”). During the fiscal year, JCFC total assets under active investment management eclipsed the $10 million threshold reaching $11.7 million at June 30, 2017, inclusive of State of Israel bonds and cash equivalents. Cognizant of the growing asset base along with the desire to diversify and supplement investment perspectives, the JCFC engaged Mawer Investment Management Ltd. (“Mawer”) as a second portfolio manager. In September 2016, the JCFC released a modified Investment Policy Statement (“IPS”) for purposes of guiding portfolio management. The objectives of the modified IPS are to: i) ensure safety of capital over the long-term, ii) earn sufficient investment returns to meet disbursement requirements, iii) preserve the purchasing power of the Foundation’s endowments over the long-term, iv) endeavour to ensure no investment is made in entities participating in a boycott of Israel or related companies or individuals.
Portfolio Composition, Returns and Disbursements At June 30, 2017, total assets under active investment management amounted to $11.7 million (inclusive of State of Israel bonds and cash equivalents)
compared to $8.1 million the year prior representing an increase of 45%. Of the $11.7 million, 58% was invested in equities (split 74% Canada and 26% International), 37% was
12.0 JCFC Funds | Millions ($)
10.0 8.0 6.0 4.0 2.0 0
2013
2014
2015
Foundation Funds
12
2016
2017
Custodial Funds
invested in bonds and 5% in cash. This compares to 58% equity (split 77% Canada and 23% International), 33% bonds and 10% cash the year prior. It is important to note that the percentages for each portfolio category exclude the impact of the State of Israel bonds. At fiscal yearend 2017, the JCFC’s State of Israel bond portfolio had an amortized cost of $695,999 compared to $549,058 in the prior year representing an increase of 27%. Total investment returns for the fiscal year-ended June 30, 2017, were 9.0% before investment management fees (“gross return”) or ~8.3% after accounting for investment management fees (“net return”). During the same time period, the total return (inclusive of dividend reinvestment) on the S&P/ TSX Composite was 11.1%, the S&P 500 was 17.9% and the FTSE TMX Canada Universe Bond index was 0.02%. Based on the JCFC portfolio composition as at June 30, 2017, and the respective market index total returns previously outlined, the
2017 | ANNUAL REPORT
As the stewards of our donor’s capital, the JCFC will endeavour to ensure each dollar is maximized within the guidelines of the IPS mandate.� Daniel Blitt, Chair JCFC Investment Committee
indicative aggregate gross return for the year would have been ~7.5%. Comparing the JCFC 2017 fiscal year-end gross return of 9.0% to the indicative aggregate gross market return of ~7.5% indicates value added performance of ~1.5% for the year. Providing additional context, for the fiscal year-ended June
30, 2016, the JCFC had a gross return of 1.9% and a net return of 1.0%. The trailing 5-year average net return for the JCFC is 6.6%. It is important to note that Mawer began managing a portion of funds on behalf of the JCFC in December 2016. Therefore, returns highlighted for the year-ended June 30, 2017, are based only on the seven
months of actual investment performance with Mawer. During the 2017 fiscal year, the JCFC disbursed $483,186 to a broad range of organizations and worthy recipients, locally, nationally and in Israel. This compares to total disbursements of $299,220 during the year prior representing an increase of over 60%.
JCFC Portfolio Composition 5%
10%
26%
23%
77%
INTL
Equities
Bonds
Cash
37%
58%
INTL
CAN
At June 30, 2016
74%
33%
58%
CAN
At June 30, 2017
Equities
Bonds
Cash
Note: Percentages may not total 100% due to rounding. Percentages for each portfolio category exclude the impact of State of Israel bonds.
JEWISH COMMUNITY FOUNDATION OF CALGARY
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Actively Monitoring Risk and Performance
Market Outlook
Ensuring the safety of the JCFC’s capital over the long-term is the number one priority for the Board and the Investment Committee. We will continue to rigorously monitor capital markets risks by establishing a clear mandate for our portfolio managers to ensure compliance with IPS guidelines. Currently, both portfolios at Gluskin Sheff & Associates Inc. (“Gluskin”) and Mawer are in compliance with the guidelines and constraints outlined in the current JCFC IPS. In addition to monitoring portfolio risk, the Board and the Investment Committee will also continue to actively evaluate investment performance.
After a prolonged period of expansionary monetary policy, major central banks across the globe have begun signaling that they may follow the United States and begin a path toward reducing market stimulus. Given this dynamic, markets have started to differentiate to a greater degree between individual securities and sector allocations. Both Gluskin and Mawer remain attentive to higher equity and bond valuations and are paying close attention to the fair value of the securities they purchase.
We understand that returns from the capital markets will vary from one period to the next, sometimes considerably. Optimizing risk-adjusted performance within the guidelines of the JCFC IPS will be critical to generating long-term returns capable of meeting distribution policies of the Foundation well into the future. With the introduction of Mawer as a second investment manager, the Investment Committee has embarked on a new performance benchmarking database to thoroughly assess performance relative to both market benchmarks and competing asset managers. As the stewards of our donor’s capital, the JCFC will endeavour to ensure each dollar is maximized within the guidelines of the IPS mandate.
14 12
JCFC Net Annual Returns Percentage %
10
The JCFC would like to express our gratitude to both Gluskin and Mawer for their counsel and diligent oversight of our donor’s capital. We are fortunate to have professionals who are deeply invested in the management of your funds and the communities you continue to support. Daniel Blitt, Chair JCFC Investment Committee
8 6 4 2 0
2013
2014
2015
2016
2017
Note: Returns are displayed on a net basis or after accounting for investment management fees.
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2017 | ANNUAL REPORT
Philanthropy | In Action Norman Silver Sports Leadership Award
Taking Nominations Athletes who exemplify the true meaning of team spirit and sportsmanship by serving as leaders and role models for others.”
The Norman Ronald Silver Sports Leadership Award is presented each year to ‘an athlete who exemplifies the true meaning of team spirit and sportsmanship by serving as a leader and role model for others’. This year’s recipient is Zach Chulsky. Zach was nominated by his football coach, who described him as a “true class act” as a leader and as a player. Zach works “Full speed at all times, meeting all challenges in front of him. He is a breath of fresh air to any coach. Admired by his teammates for his positive attitude, when things get tough you can always look to Zach to give a helping hand to a younger less experienced teammate.” Zach is also a great player: he has been the number one football player in Calgary youth football since he was seven years old, and is setting records in both football and in track and field.
Zach Chulsky
Zach is a role model for his team mates: “unselfish when over achieving, he always looks out for the players walking in his footsteps, and he sacrifices everything he has to allow his fellow players to achieve their best.” Mazel Tov Zach on a job well done!
Do you know an athlete in a team sport who inspires others? Someone who motivates others through hard work and a positive attitude? For more information, or to submit a nomination, please contact the JCFC at mail@jcfc.ca or 403.640.2273. The Norman Silver Sports Leadership award is managed by the Jewish Community Foundation of Calgary through a memorial endowment fund created by Norman’s parents, Maxine and Dr. Edward Silver.
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Philanthropy | In Action The Gary Rosenbaum Memorial Children’s Assistance Endowment Fund
Tzedakah tatseel me’mavet” The only thing bigger than Gary Rosenbaum’s smile was his heart. He was a gentle spirit, committed to his family and his community. Gary touched many lives with acts of kindness. He didn’t have to be asked before offering help and, when asked, he seldom said no. He was a great friend, an enthusiastic participant in Jewish youth groups as a teenager, and a leader committed to building up the organizations he was involved with as an adult. Gary took his community responsibilities seriously: he was an active board member on many organizations, including Jewish Family Services Calgary and the national board of JIAS, the Jewish Immigrant Aid Society.
Gary was a very quiet man. People underestimated his passion for helping. When he did, he did it quietly, behind the scenes with no desire or expectation of honours or public acknowledgment. The Gary Rosenbaum Memorial Children’s Assistance Endowment Fund was created by Gary’s family to honour his life and memory. The fund is managed at the JCFC and the income generated by the fund is granted annually to Jewish Family Service Calgary to be used to support services for children, with a preference given to programs that benefit the children of newcomers to Calgary. Embracing the newlyarrived into our community and ensuring that every child has access to opportunities for a full
Gary Rosenbaum
and better life are values that Gary supported in word and deed during his lifetime. The Rosenbaum family hopes that others will be encouraged and inspired by Gary’s memory to undertake their own acts of loving kindness.
Four reasons to trust your giving to the Foundation 1. Expertise
2. Your legacy
3. Efficiency
4. Charitable impact
The JCFC is a one stop solution for philanthropy, with the expertise to make it easy, effective and tax-smart.
A legacy with the JCFC means your philanthropic leadership will continue to benefit the causes and organizations you care about well into the future.
Smart philanthropy is like smart business. The JCFC helps clients give more at a lower cost.
Your philanthropy is an important part of your life. The JCFC is your partner in caring about your community and building a better world.
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2017 | ANNUAL REPORT
2017 | Post-Secondary Scholarships Empowering Ten Outstanding Local Students 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. Annual awards range from $180 – $3,000. This is an important community service as it provides a meaningful way for Jewish students to feel supported in their educational journey. This year, ten 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 in 2017. Applications for JCFC bursaries are accepted commencing in February of each year. • Rebecca Block Fund
• Bella Singer Memorial Fund
• Bogoch Family Endowment Fund
• Ralph & Florence Switzer Endowment Fund
• Aron & Ida Eichler Fund for Jewish Education • Dr. David Lander Fund
• Samuel Switzer by way of the Jewish Community Foundation of Calgary
• Fanny & Aaron Malkin Endowment Fund
• Charles Wainberg Memorial Fund
• Norman & Beulah Martin Endowment Fund
• David Waterman Endowment Fund
Help us fill the seats.
JEWISH COMMUNITY FOUNDATION OF CALGARY
17
Legacy
Giving Calculator The Jewish Community Foundation of Calgary has created an easy-to-use tool that helps individuals, couples and families realize their potential for philanthropic legacies.
Available online
jcfc.ca/legacycalculator
Your vision – our mission. Inspiring Philanthropy for more than 25 years.
JCFC | Staff, Board and Committees OFFICERS
INVESTMENT COMMITTEE
PAST CHAIRS
Chair
Daniel Blitt (Chair) Jordan Balaban Warren Book Franklin Eldridge Adam Hoffman Micah Landes Corey Mitchell Martin Molyneaux Stuart Myron Richard Nagan Mark Shilling Stacey Steinberg Eric Switzer Paul Wheaton Bettina Zeisler Leib Zeisler
1990-1995 Gert Cohos
Stuart Myron
Treasurer Mark Shilling Secretary Bernie Switzer
BOARD OF DIRECTORS Gerry Barron Daniel Blitt Tamara Cohos Jackie Halpern Nelson Halpern Stuart Libin Joel Lipkind Dr. Bettina Liverant Zeisler
AUDIT COMMITTEE Nelson Halpern Mark Shilling
GRANTS AND ALLOCATIONS COMMITTEE Stuart Libin (Chair) Milton Bogoch Reva Faber Eva Hoffman Wendy Kennelly Marilyn Libin Marilyn Samuels
1995-1998 Donna Riback 1998-2011 Robert Kalef 1998-2012 Sam Switzer 2012-2015 Dr. Bettina Liverant Zeisler
PAST PRESIDENT Milton Bogoch
PAST EXCECUTIVE DIRECTOR Morris Bleviss
FOUNDATION ADMINISTRATOR Brenda Sapoznikow
CONSULTING ACCOUNTANT Warren Book
TRIBUTE CARD COORDINATOR Terry Hornstein
Sponsors | Friends of the Foundation
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.
ISSUED 10-30-17
1607 - 90 Avenue SW, Calgary, AB T2V 4V7 · phone: 403-640-2273 · email: mail@jcfc.ca · www.jcfc.ca