Jewish Community Foundation of Calgary
2020 Annual Report
30
2019–2020 | Making a Difference JCFC distributed $611,780 to 136 charities and scholarship recipients.
RELIGIOUS INSTITUTIONS & PROGRAMS
HEALTH & WELLNESS
5%
ISRAEL
1%
10%
EDUCATION
19%
COMMUNITY & SOCIAL SERVICES
COMMUNITY AT LARGE
65%
19%
JEWISH COMMUNITY
JCFC Grants by Sector
81%
JCFC Grants by Type
JCFC Grants and Disbursements Cumulative | Millions ($) 6.0 5.0
Our Fundholders continue to direct their philanthropic dollars to both the Jewish and broader communities supporting the causes about which they are most passionate. Thanks to their caring, generosity and vision for a better future, the Foundation distributed $611,780 to 136 organizations including 17 post-secondary scholarship recipients.
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4.0 3.0 2.0 1.0 0
2016
2017
2018
2019
2020
JEWISH COMMUNITY FOUNDATION OF CALGARY
Message from the Chair Celebrating 30 Years The COVID-19 pandemic has created unprecedented circumstances during 2020. Despite this challenge, our Fundholders continue to live generously and the JCFC has once again enjoyed growth while positively impacting the Calgary Jewish community and the community at large. In the midst of COVID-19, the JCFC celebrated its 30th anniversary, a significant milestone of which we are proud. The Foundation has continuously improved governance, increasing the number of Fundholders and assets under management since the JCFC was capitalized in 1990 with 10 funds totaling $80,000. As you will note throughout this Annual Report, we have come a long way. The JCFC’s assets under management now total $20.3 million, an all-time high representing year over year growth of 11%. As noted below, an increasing number of individuals, families and community organizations have faith in our Foundation’s ability to capably steward their charitable funds and to support their philanthropic passions and objectives. Funds under JCFC stewardship now total 167 (140 in 2019). Over the past year, an impressive total of 377 cheques were issued to 136 recipients (134 in 2019). On behalf of
2020 | ANNUAL REPORT
our Fundholders, the JCFC distributed grants nearing $612,000. Our Grants & Allocations Committee, chaired by Stuart Libin, plays a pivotal role in administering the JCFC’s discretionary grants and bursaries. Our heartfelt thanks to the entire committee for their diligence in managing, enhancing and facilitating this process. Since its inception in 1990, the JCFC has distributed nearly $5.8 million in support of organizations and causes nearest and dearest to the hearts of Calgary Jewish philanthropists. For the twelve-month period ending June 30, 2020, the gross investment return on our actively managed assets was 4.4%, before investment management fees. Our Investment Committee continues to monitor the results of our investment managers, measuring their performance in relation to external benchmarks and competing asset managers. Our sincere thanks go to Committee Chair Daniel Blitt, and to all the members of the Investment Committee for their commitment, attention to detail and careful oversight. Please refer to the Investment Committee Report on page 14 for more detailed information. Due to the realities of COVID-19, we were unable to deliver our Teen Philanthropy Program at Camp BB Riback this year. Calgary B’nai Brith Lodge #816 has continuously and generously underwritten the Teen Philanthropy Program. We sincerely thank them for partnering with the JCFC in engaging and developing our future leaders and donors. JCFC’s partnership with Calgary Jewish Federation and participating Jewish agencies in the Harold Grinspoon Foundation’s LIFE & LEGACY program has been a tremendous success. LIFE & LEGACY is a four-year program that helps to ensure the long-term financial health of local Jewish organizations through after-lifetime endowment gifts. Please be sure to refer to our LIFE & LEGACY article on page 9.
In closing, it is a pleasure to acknowledge and thank several individuals who provide invaluable service to the JCFC and, through it, the community at large. Brenda Sapoznikow, our Foundation manager, continues to serve the JCFC with excellence. Each and every day Brenda fulfills the JCFC mission with passion while helping our Fundholders to realize their philanthropic goals. We are pleased to welcome Darlene Switzer-Foster and Barb Krell to the JCFC Board. Tamara Cohos and Mark Shilling will retire as Directors of the Foundation as of our 2020 AGM. Tamara has diligently served the JCFC for four years bringing added value in the arena of not-for-profit fundraising. Mark has served the agency well for six years as Treasurer. He expertly oversaw the JCFC’s financial functions, participated as an active member of both the Audit Committee and the Investment Committee, and played a significant role in the development of the JCFC’s Administration Fee Policy. We thank both Tamara and Mark for their valued service. Daniel Blitt, Jackie Halpern and I have served the Board of the JCFC for one or more terms and have agreed to stand for re-election. Warm thanks to Daniel and Jackie and to continuing Board members Gerry Barron, Eytan Donsky, Nelson Halpern, Stuart Libin, Ellen Magidson, Richard Nagan and Andrew Oppenheim. We are privileged to work with such capable, visionary and generous volunteers and philanthropists on behalf of our cherished community. Because of their collective efforts, our future is strong. Sincerely,
Stuart A. Myron, Chair
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2019–2020 | By the Numbers
$20.3 M IN ASSETS
167
FUNDS
$2 M
INCLUDING CUSTODIAL FUNDS
$
I
T
IN CAPITAL ADDITIONS
267
TRIBUTE CARDS DELIVERED TOTALLING $19,000
PH
Y SI
4
JEWISH COMMUNITY FOUNDATION OF CALGARY
$611,780
IN DISTRIBUTIONS TO THE JEWISH COMMUNITY
$5.8 MILLION OVER 30 YEARS
81% 19% TO THE COMMUNITY AT LARGE
TEEN PHILANTHROPY PROGRAM INSPIRING
125
YOUNG ADULTS SINCE INCEPTION
2020 | ANNUAL REPORT
377 CHEQUES ISSUED TO
17 ACADEMIC POST-SECONDARY SCHOLARSHIPS
136
CHARITIES & SCHOLARSHIP RECIPIENTS
TOTALLING
$28,000 5
2019–2020 | Funds in Action Our Partners in Philanthropy We gratefully recognize the following individuals and families who have had the foresight and commitment to create charitable funds at the Jewish Community Foundation of Calgary. We celebrate their legacy, for this generation and generations to come, and we thank them for enabling the Foundation to grow. ENDOWMENT FUNDS Abe and Bertha Gold Endowment Fund
Celia Rostoker Millman Fund for Jewish Education
Halpern Akiva Academy Life & Legacy Endowment Fund *
Alex and Phyllis Rubin Endowment Fund
Charles Wainberg Memorial Fund
Halpern Family Endowment Fund
Alice z’l & Jacob (Jack) Adler Endowment Fund *
CJA Jack & Alice Adler Torah Fund *
Hamborger Family Fund
Max and Bessie Shulder Endowment Fund
Ann and Ralph Kalef Endowment Fund
Craimer-Samuels Family Endowment Fund
House of Jacob Mikveh Israel Life & Legacy Endowment Fund *
Max and Molly Pressman Fund
Archie and Charna Shapiro Day Camp Fund
David Waterman Endowment Fund
Arlein and Dov Chetner Family Endowment Fund
Donna Riback Lion of Judah Endowment Fund
Bella Singer Memorial Endowment Fund
Donna Riback Temple B’nai Tikvah Building Fund
Beth Tzedec Synagogue Life & Legacy Endowment Fund *
Dr. David Lander Fund
Bing Family Temple B’nai Tikvah Founders Fund
Dr. Stuart & Irene Ross Holocaust Education & Commemoration Endowment Fund *
Bleviss-Sapoznikow Family Fund *
Elize and Lilian Zuidema Endowment Fund
Calgary Holocaust Education & Commemoration Endowment Fund *
Expatriate Fund
Calgary Jewish Academy Life & Legacy Endowment Fund * Calgary Jewish Community Centre Life & Legacy Endowment Fund * Calgary Jewish Federation Life & Legacy Endowment Fund Camp BB Riback Life & Legacy Endowment Fund
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Ida and Aron Eichler Fund for Jewish Education
Jeffrey Secter Bursary Fund
Jewish Family Service Calgary Life & Legacy Endowment Fund Jewish Historical Society of Southern Alberta Life & Legacy Endowment Fund Joe and Evelyn Busheikin Endowment Fund
Fanny and Leo Wedro Holocaust Fund z’l
Jonathan Berall Endowment Fund
Fischbein Family Community Fund
Kaganov Family Fund
Frandel and Louis Belzberg Scholarship Fund Gary Rosenbaum Children’s Assistance Fund
Gladys & Mackie Shuler Health Support Fund
Isaac Family Fund for Holocaust Education
Jerry Libin Community Fund
Fanny and Aaron Malkin Endowment Fund
Gertrude Cohos Endowment Fund
Ida Switzer Lion of Judah Endowment Fund
Kalef Steinberg Family Fund * Krell Family Maccabi Endowment Fund Lister Family Endowment Fund Lynn Einstein and Lionel Groberman Endowment Fund
Maccabi Canada Athletic Fund Marilyn Libin Lion of Judah Endowment Fund
Myron Family Endowment Fund Nate and Lily Horodezky Fund Nelson & Debbie Halpern Community HOJMI Fund Nitzanim Community Fund Norman and Beulah Martin Endowment Fund Norman Silver Endowment Fund Paperny Family Fund Peter and Kim Cohos Community Fund Raber Family Fund
*
Ralph and Florence Switzer Endowment Fund Richard & Max Shilling Camp BB Riback Endowment Fund Rebecca Block Fund Romer Segal Family Fund Ron Barron Community Fund * Ron & Barb Krell Community Fund Rose Hallis Student Travel Bursary Fund
JEWISH COMMUNITY FOUNDATION OF CALGARY
Rothenberg / Seidman Family Endowment Fund Sahbra Anna Markus Community Fund * Sarah and Julius Bleviss Endowment Fund Sema and Morris Belzberg Endowment Fund Sheila & David Martin Legacy Fund * Shilling Family Community Fund Shilling Family Endowment Fund for JFSC * Solomon and Adelle Saper Family Fund Stan Libin Memorial Endowment Fund Steven Blitz Endowment Fund
ENDOWMENT FUNDS (BY WAY OF INSURANCE POLICY) Alex Osten Life & Legacy Fund * Bonnie Kaplan Endowment Fund Daphne Taras and Allen Ponak Family Fund
Asper Holocaust & Human Rights Education Fund
Megan Macfarland Fund *
Bogoch Family Fund for Jewish Education
Jack and Betty Sharp Endowment Fund
Chetner Family Community Fund
Len & Faigel Shapiro Family Endowment Fund
Craimer-Samuels Family Fund
Lipkind Family Endowment Fund
Fanny Wedro Charitable Fund
Lorne Pearl Legacy Fund
*
Max Feldman
Ted and Betty Riback Camp Bursary Fund
Robert and Sydney Kalef Endowment Fund
Temple B’nai Tikvah Life & Legacy Endowment Fund
Sam and Ida Switzer Endowment Fund
Morris and Margaret Bleviss Endowment Fund
Steinberg Family Endowment Fund
Fay (Smolensky) Schwartz Memorial Fund Friends of Calgary Jewish Academy Trust (C) *
Switzer 2005 Family Reunion Endowment Fund
Vivian Katz Endowment Fund for Jewish Education
Lexier Community Fund
Beth Tzedec Synagogue Funds (C)
Gertrude Cohos Endowment Fund
Maxine Fischbein
Vic Freidin Memorial Camp Scholarship Fund
DONOR ADVISED FLOW THROUGH FUNDS, COMMUNITY FUNDS AND CUSTODIAL FUNDS Anne Frank Fund for Holocaust Education
General Heritage Foundation Fund Holocaust / Second Generation Education Fund Holocaust Memorial Fund
*
Yakov and Karen Behar Endowment Fund
Waterman Family Endowment Fund
TEEN PHILANTHROPY Brent Martin & Tedi Martin Fund
William Cohen Memorial Scholarship Fund
ITC Fund Jack Balaban Memorial Fund Jeff and Wendy Kohn Community Fund
March-of-the-Living Fund Maureen and Joe Katchen Fund Mayer Family Fund ORT Calgary March of the Living Support Fund PJ Library® Jewish Education Fund Prosperity Farm Legacy Fund Rabinovitz Family Community Fund Robert & Sydney Kalef Fund Samuel and Ida Switzer Flow Through Fund Sam Switzer Community Fund Second Generation Fund Silverstone Family Community Fund Stan & Trish Mayer and Family Community Fund Stein Family Fund Steven Blitz Charitable Trust (C) Susan Klein Memorial Fund Switzer-Foster Family Fund *
Jewish Historical Society of Southern Alberta (C)
Tibor Kaldor Legacy Fund
Gabriel Manning Bar Mitzvah Fund
Jewish War Veterans of Canada, Calgary Post #2
Zeisler Family Charitable Fund
Zeisler Family Endowment Fund
Molly Joffe Bat Mitzvah Fund
Joy & Max Feldman Community Fund
Zenith/Laven CJA Life & Legacy Scholarship Fund
Sierra Libin Philanthropy Fund
Judy Shapiro Maccabi Fund Len & Faigel Shapiro Family Fund Lewis Manning Charitable Fund
2020 | ANNUAL REPORT
*
As of June 30, 2020 (C) Custodial funds * New funds since our last annual general meeting Life and Legacy
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Grantees | 2019–20 Making a Difference Our Fundholders benefited charitable organizations within and beyond the Jewish community locally, nationally and in Israel. Calgary Shaw Charity Classic Foundation
Jewish Federation of Greater Vancouver Jewish Federation of Victoria & Vancouver Island
Temple B’nai Tikvah
Alberta SPCA
Calgary Women’s Emergency Shelter
ALS Society of Alberta
Camp BB Riback
The Arthritis Society
Alzheimer Society of Alberta and Northwest Territories
Canada Sports Hall of Fame
Jewish Historical Society of Southern Alberta
ARBI Art a la Carte
Canadian Friends of Hebrew University
Beit Halochem Canada
Canadian Hadassah-WIZO
Beth Tzedec Congregation Society
Canadian Legacy Project
Kidney Foundation of Southern Alberta
Canadian Mental Health Association
Kids Cancer Care Foundation
Alberta Cancer Foundation Alberta Children’s Hospital Foundation
B’nai Brith Menorah Foundation
Canadian Cancer Society
Jewish National Fund Jews for Judaism Kehilat Shalom Society of Calgary
Magen David Adom
Stephen Lewis Foundation Technion Canada Terry Fox Foundation The Calgary Between Friends Club The Canlearn Society for Persons With Learning Difficulties The Esther Honens International Piano Competition Foundation
McGill University
The Leukemia & Lymphona Society of Canada
Canadian Wildlife Federation Inc.
Mineral Springs Banff Auxillary Hospital
The Lung Association Alberta & NWT
Cancer Research Society Centre for Israel & Jewish Affairs
Momentum Community Economic Development Society
The Michael J Fox Foundation for Parkinson’s Research
Calgary Community Kollel Society
Chabad Lubavitch of Alberta
MS Society
Chevra Kadisha
Na’amat Canada
The Nature Conservancy of Canada
Calgary Counselling Centre
CKUA Radio Foundation
National Music Centre
The Salvation Army
Calgary Drop-In Centre
CNIB
Operation Kick Start
Calgary Firefighters Burn Treatment Society
Community Living Kincardine & District
Operation Smile Canada Foundation
The War Amputations of Canada
Calgary Food Bank
Congregation Beth Israel
Calgary Humane Society
Congregation Emanu-EI
Calgary JCC
Parkinson Association of Alberta
Congregation House of Jacob Mikveh Israel
Parkinson Canada
United Way Ottawa
Peace of Mind Canada
University of Alberta, Office of Advancement
Breaking Free Foundation Brown Bagging for Calgary Kids C4i Canada Calgary Alpha House Society
Calgary Jewish Academy
Canadian Red Cross
Osteoporosis Canada
Calgary Jewish Community Centre
Diabetes Canada
Calgary Jewish Federation Calgary Lodge Menorah Foundation
Friends of Simon Wiesenthal Centre for Holocaust Studies
Calgary Opera
Halpern Akiva Academy
Calgary Philharmonic Society
Heart and Stroke Foundation of Alberta, NWT & Nunavut
Calgary Public Library Foundation
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Project Warmth Society of Alberta
Epilepsy Canada
Prostate Cancer Canada Raincoast Conservation Foundation
Jewish Family Service Calgary
Sheldon Kennedy Child Advocacy Centre Shock Trauma Air Rescue Society
The Mustard Seed
Trans Canada Trail Foundation United Way of Calgary and Area United Way of Greater Victoria
University of Calgary Vancouver Holocaust Education Centre Victoria Foundation Weizmann Canada Whyte Museum of the Canadian Rockies World Vision Canada
JEWISH COMMUNITY FOUNDATION OF CALGARY
Philanthropy | In Action
We must continue to build on our momentum. The Harold Grinspoon Foundation’s LIFE & LEGACY initiative – coordinated locally by the Jewish Community Foundation of Calgary and Calgary Jewish Federation –continues to have a phenomenal impact when it comes to community building and securing the financial future of Jewish Calgary. This is all thanks to the generosity of legacy donors and the dedication of our 10 partner agencies. Thanks to the extraordinary support of Massachusetts-based philanthropist Harold Grinspoon, LIFE & LEGACY is dedicated to securing after-lifetime legacy gifts in support of local partner agencies including Beth Tzedec Congregation, Calgary JCC, Calgary Jewish Academy, Calgary Jewish Federation, Camp BB Riback, House of Jacob - Mikveh Israel, Jewish Family Service Calgary, Halpern Akiva Academy, Jewish Historical Society of Southern Alberta, Temple B’nai Tikvah. Calgary’s results are both phenomenal and exciting. As of our first anniversary in the program, January 31st, 2020, 290 letters of intent (LOI’s) were secured for the future support of our local
Jewish institutions exceeding the program goal of 180 LOI’s by 60%. The estimated value of this response is $11.35M. In addition, the Grinspoon Foundation provided a grant of $7,500 to all 10 of our partner agencies recognizing their success in achieving the stretch goal of 25 LOI’s. At the time of publication, total program results stood at approximately 350 LOI’s with an estimated value of $13M. While the COVID-19 pandemic has slowed the pace, we remain confident that community members will continue to generously support LIFE & LEGACY as a new normal is achieved. “The community response to the LIFE & LEGACY program bodes well for the future of our Jewish institutions,” said Stuart Myron, Chair of the Jewish Community Foundation of Calgary. “We must continue to build on our momentum over the four-year program horizon and beyond.” LOI’s Communities participating in LIFE & LEGACY are discovering that the initiative has wide appeal, with people of all ages, stages and income levels stepping up
in support of multiple charitable organizations within and sometimes even beyond the Jewish community. Calgary results are no different. Approximately 45% of our donors are less than 60 years of age. On average, donors support more than two agencies each. “The results of the LIFE & LEGACY program are heart warming and a testament to what can be accomplished from a collaborative community-wide effort of the Harold Grinspoon LIFE & LEGACY program, Calgary Jewish Federation, Jewish Community Foundation of Calgary, our local partners and, most importantly, our legacy donors.” said Adam Silver, CEO, Calgary Jewish Federation. Typically, donors provide for legacy gifts through wills, trusts, retirement accounts and/or life insurance policies. If you have already named Jewish community organizations as beneficiaries, or would like more information on how to make your gift to the future through Calgary’s LIFE & LEGACY Program, please contact the Jewish Community Foundation of Calgary, Calgary Jewish Federation, or any LIFE & LEGACY partner agency.
Additional information on LIFE & LEGACY may be found online at www.jcfc.ca/resources. 2020 | ANNUAL REPORT
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Philanthropy | In Action PAYING IT FORWARD - INSPIRING PHILANTHROPY
in Uzbekistan. To this day, social services agencies like Jewish Family Service Calgary hold a special place in her heart. Together the Switzers have found deep personal satisfaction by investing in their community, most recently through the LIFE & LEGACY program. Ida and Sam have chosen to support seven of the participating agencies, helping to ensure a strong Calgary Jewish community by providing for social services and education in perpetuity. “One of the reasons we went ahead with LIFE & LEGACY is that we really wanted to get our estate in order,” says Ida.
Sam & Ida Switzer
“
One of the reasons we went ahead with LIFE & LEGACY is that we really wanted to get our estate in order.
Ida and Sam Switzer feel immense gratitude for the advantages they had growing up in Jewish Calgary. Longtime community volunteers and supporters, they are thrilled to be making philanthropic decisions that will pay their positive experiences forward for their children and grandchildren – and for their community as a whole. A retired lawyer and businessman and former chair of the Jewish Community Foundation of Calgary
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(1998 – 2011) Sam knows a good investment when he sees one. As a devoted mother and former social worker with a master’s degree in family therapy – and an avid community volunteer – Ida knows first-hand that communities are stronger when they invest in children and families. In the aftermath of the Holocaust, Jewish Immigrant Aid Services (JIAS) brought Ida’s family to Calgary after she was born in a Displaced Persons Camp
Sam adds that part of the appeal in giving via LIFE & LEGACY is the valuable grants provided by the Harold Grinspoon Foundation when local partner organizations achieve their fundraising goals. “We’ve been the beneficiaries of far-sighted Jewish philanthropy here in Calgary,” says Sam, who has high praise for former community leaders that had the vision, tenacity and generosity to establish schools, Jewish camps and other organizations including the Calgary Jewish Centre (now the JCC), synagogues and Jewish Family Service Calgary. “We’ve had the benefit of that as have our children and now our grandchildren. So, we want to pay it forward. We want to show our respect and our appreciation for those persons, and we want to inspire our own children and succeeding generations to do likewise,” Sam adds.
JEWISH COMMUNITY FOUNDATION OF CALGARY
“
We’ve been the beneficiaries of far-sighted Jewish philanthropy here in Calgary… so, we want to pay it forward.
Ida and Sam are inspired by the enormous international success of Harold Grinspoon Foundation’s PJ Library, a Jewish literacy program that provides monthly gifts of quality Jewish books, and sometimes music, to thousands of children around the world. Since 2016, the Switzers have generously supported local PJ Library programs including Chag Sameach, Tot Shabbat and Popsicles in the Park, offerings that are particularly helpful for interfaith families and for parents who are Jews by choice. “Harold Grinspoon has invested money and energy and people to try and build a foundation for Jewish community everywhere he can reach,” says Sam who, together with Ida, is delighted to be a local partner in both LIFE & LEGACY and PJ Library. Last summer, Ida and Sam found inspiration in meeting nonagenarian businessman and philanthropist Harold Grinspoon in person when his foundation hosted its annual meeting in Aspen Colorado, bringing like-minded philanthropists from Jewish communities throughout North America together to meet one another and to hear speakers of renown.
2020 | ANNUAL REPORT
“What we are trying to do is preserve Jewish identity,” Sam says. While Sam and Ida Switzer do so with their two children and three grandchildren in mind, they have a broader and more inclusive philanthropic vision. “You never know whose life you will touch,” says Ida. “The community was our lifeline. If I were to wish for anything, it would be that people know they can reach into our community... There is a lot of strength in that.”
“
You never know whose life you will touch.
In Memory • Maurice Paperny z’l
Paperny Family Fund
• Phyllis Rubin
Alex & Phyllis Rubin Endowment Fund
z’l
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2019–2020 | Statement of Financial Position
June 30, 2020 with comparative information for June 30, 2019
2020
2019
2,057,099
747,776
1,672
2,084
2,058,771
749,860
16,903,101
16,355,094
State of Israel Bonds, at Amortized Cost
809,310
774,363
Cash Surrender Value of Life Insurance
495,191
415,084
20,266,373
18,294,401
98,789
31,766
2,263,445
1,156,373
2,362,234
1,188,139
10,699,377
10,474,992
13,061,611
11,663,131
109,779
63,750
Directed
2,883,517
2,749,754
Donor Advised
4,211,466
3,817,766
7,204,762
6,631,270
20,266,373
18,294,401
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, 2020 are derived from the audited financial statements which are prepared by management and audited by our independent auditors, KPMG LLP. The Audited Financial Statement is available online and upon request.
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2020 | ANNUAL REPORT
2019–2020 | Condensed Statement of Operations and Changes in Foundation Funds Unrestricted
Directed
Donor Advised
Flow-through
2020
2019
43,651
287,864
247,728
1,690,796
2,270,039
1,228,685
3,477
116,365
168,308
127,963
416,113
475,733
155
5,224
7,303
5,718
18,400
5,620
47,283
403,453
423,339
1,824,477
2,704,552
1,710,038
Grants
–
73,338
84,193
454,249
611,780
860,885
Disbursements
–
3,126
–
80,139
83,265
64,276
Insurance Premiums
–
9,511
41,494
157,026
208,031
203,534
Administrative Costs
461
12,565
20,109
9,567
42,702
59,299
41
2,052
1,890
839
4,822
4,502
Audit and Legal
125
3,659
5,850
2,598
12,232
12,239
Investment Management Charges
627
18,294
29,248
12,987
61,156
51,336
Total Expenditures
1,254
122,545
182,784
717,405
1,023,988
1,256,071
Excess of Revenue Over Expenditures
46,029
286,908
240,555
1,107,072
1,680,564
453,967
Funds Transferred Out
–
(153,145)
153,145
–
–
–
Decrease / (Increase) in Deferred Flow-through Grants
–
–
–
(1,107,072)
(1,107,072)
91,968
Change in Foundation Funds in the Year
46,029
133,763
393,700
–
573,492
545,935
Balance, Beginning of Year
63,750
2,749,754
3,817,766
–
6,631,270
6,085,335
109,779
2,883,517
4,211,466
–
7,204,762
6,631,270
Revenue Contributions Investment Income Sponsorships Total Revenue
Expenditures
Marketing and Advertising
Balance, End of Year
These financial statements for the fiscal year ending June 30, 2020 are derived from the audited financial statements which are prepared by management and audited 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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2019–2020 | Investment Committee Report
2020 Fiscal Year-End Review
Since 2016, total assets under investment management have grown at a compound annual growth rate of approximately 19%.” - Daniel Blitt, Chair
The 2020 fiscal year featured major global indexes falling abruptly into bear market territory during March as the multipronged impacts of COVID-19 took hold. Although the Jewish Community Foundation of Calgary (“JCFC” or the “Foundation”) has been preparing for a market correction for some time, the velocity of this draw-down was particularly jarring. Between February and March, the S&P 500 declined by 30% in only 22 trading days, the fastest drop of this magnitude in history. To put this decline in perspective, during the global financial crisis of
2007 – 2008, it took 250 trading days for the S&P 500 to fall 30% representing a duration of more than 10 times. Equally as striking has been the sharp rebound in major global indexes with many recouping the majority of these losses through June. Despite the severe volatility experienced during this past fiscal year, the JCFC Board along with the Investment Committee were encouraged by the performance of the Foundation’s assets under investment management. In March 2019, the JCFC released a
JCFC Funds Under Investment Management (At June 30) Lorem ipsum
MILLIONS ($)
$19.0
20.0 $17.7
Custodial Foundation
16.0 $13.8 $11.7
12.0
8.0
$8.1
4.0
0
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2016
2017
2018
2019
2020
JEWISH COMMUNITY FOUNDATION OF CALGARY
revised Statement of Investment Policy and Guidelines (“IPS”) which provided our investment managers enhanced flexibility to increase weightings to NonCanadian assets. The strategic rationale for this revision included diversification, risk management, currency, and investment scope benefits all of which were validated during this past fiscal year. Specifically, the trailing 12-month total return at June 30, 2020 for the S&P 500 was approximately 12% compared to the S&P/TSX of approximately (2)%.
JCFC Portfolio Composition 6% 47%
53% 34%
60%
INTL
Portfolio Composition, Returns and Disbursements
CAN
At June 30, 2019 Equities
Bonds
Cash
6% 6% 10% 47% 47% 57%
43% 53% 53% 58% 60% 60%
34% 32% 34%
INTL INTL CAN CAN INTL CAN
At June 30, 2020 Equity Bonds Equities Bonds Equities Bonds
Cash Cash Cash
Note: Percentages may not total to 100% due to rounding. Percentages for each portfolio category exclude the impact of the State of Israel bonds.
2020 | ANNUAL REPORT
At June 30, 2020, total assets under investment management amounted to $19.0 million (inclusive of State of Israel Bonds and cash equivalents) compared to $17.7 million the year prior representing an increase of approximately 8%. Since 2016, total assets under investment management have grown at a compound annual growth rate of approximately 19%. Of the $19.0 million, 58% was invested in equities (split 43% Canada and 57% International), 32% was invested in Bonds (split 97% Canada and 3% International) and 10% in cash. This compares to 60% equity (split 53% Canada and 47% International), 34% Bonds (split 89% Canada and 11% International) and 6% 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 year-end 2020, the JCFC’s State of Israel Bond portfolio had an amortized cost of $809,310 compared to $774,363 in the prior year representing an increase of approximately 5%.
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JCFC Investment Manager’s Net Annual Returns Percentage %
9.0
8.3%
7.5 6.0 5.0% 4.4%
4.5
3.7%
3.0 1.5 0
1.0%
2016
2017
2018
2019
2020
Note: Investment manager returns are displayed on a net basis or after accounting for investment management fees as of year end June 30th.
Total investment manager returns for the fiscal year-ended June 30, 2020, were 4.4% before investment management fees (“gross return”) or 3.7% after accounting for investment management fees (“net return”). It is important to highlight that these returns exclude the impact of the State of Israel Bonds and additional cash reserves held at our financial institutions. Incorporating these excluded items, the gross return for the fiscal year was approximately 4.3% and the net return was approximately 3.6%. For comparison, for the fiscal year-ended June 30, 2019, the JCFC had a gross return of 5.1% and a net return of 4.4%. The trailing 10-year average net return for the JCFC is 5.5% which excludes the impact of the State of Israel Bonds and additional cash reserves. During the 2020 fiscal year, the JCFC granted $611,780 to a broad range of organizations and worthy recipients in our local community and in Israel. This compares to total grants of $860,885 during the year prior.
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JCFC Portfolio Benchmarking The JCFC Investment Committee along with the Board continue to rigorously evaluate investment performance. For the fiscal year-ended June 30, 2020, the JCFC’s Blended Benchmark provided a gross total return of approximately 4.1% resulting in the JCFC portfolio outperforming by approximately 0.3% during this period. For comparison, for the fiscal year-ended June 30, 2019, the JCFC’s Blended Benchmark provided a gross total return of approximately 4.2% resulting in the JCFC portfolio outperforming by approximately 0.9%. In addition to evaluating performance relative to applicable market benchmarks, the JCFC Investment Committee and Board continue to regularly monitor performance against competing Investment Managers who employ comparable investment mandates.
Compliance and Risk Management At June 30, 2020, both portfolios at Gluskin Sheff & Associates Inc. (“Gluskin”) and Mawer Investment Management Ltd. (“Mawer”) are in compliance with the guidelines and constraints outlined in the current JCFC IPS. As the JCFC’s historical return profile demonstrates, returns from the capital markets will vary from one period to the next, particularly on a quarterly basis. The Board and the Investment Committee continue to carefully monitor performance to thoroughly assess risk adjusted returns relative to both market benchmarks and competing asset managers.
JEWISH COMMUNITY FOUNDATION OF CALGARY
JCFC Benchmarking Analysis Percentage %
11.9%
12 12 8.9%
8 8 5.8%
6.7% 5.1%
4 4
4.4% 4.1%
4.2% 2.1%
2.8% 3.0% 1.3%
0 0
-4 -4
-8 -8
-12 -12
JCFC Gross Return JCFC Blended Benchmark
-8.5% -10.9%
FY 2018 FY 2019
Q1-20
Q2-20
Q3-20
Q4-20
FY 2020
Note: From April 2019, JCFC Blended Benchmark consists of 5.0% FTSE Canada 91 Day T-Bill Index, 3.0% FTSE World Government Bond Index, 32.0% FTSE Canada Universe Bond Index, 20.0% S&P/TSX Composite Index (TR), 5.0% Canadian Small Cap Benchmark, 15.0% S&P 500 Index (TR), 15.0% International Equity Benchmark, 5.0% Global Small Cap Benchmark. Prior to April 2019, JCFC Blended Benchmark consisted of 5.0% FTSE Canada 91 Day T-Bill Index, 35.0% FTSE Canada Universe Bond Index, 40.0% S&P/TSX Composite Index (TR), 5.0% Canadian Small Cap Benchmark, 6.0% S&P 500 Index (TR), 6.0% International Equity Benchmark, 3.0% Global Small Cap Benchmark.
Market Outlook With the timeline for a full reopening of the economy still unclear, it is incredibly challenging to make prognostications for near-term economic prospects. Investors appear optimistic that economies will continue to recover in the short-term from the impacts of COVID-19 propped up
2020 | ANNUAL REPORT
by coordinated global monetary and fiscal stimulus. That said, we expect near-term market moves to be principally driven by updates surrounding COVID-19. As longterm investors, the JCFC Board and the Investment Committee remain laser focused on ensuring our Investment Managers adhere to the investment mandate outlined in our IPS.
The JCFC would like to again express our appreciation to both Gluskin and Mawer for their counsel and oversight of our donors’ 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
17
Years
of Inspiring Philanthropy
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 tomorrow’s. The Foundation will continue to inspire philanthropy now and in the future.” – Gertrude Cohos, JCFC Past Chair (1990-1995)
1998 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 then 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.”
1990
Calgary Jewish Heritage Foundation’s charitable status and incorporation is obtained and capitalized with 10 funds and $80,000 in assets.
1994
30 funds with assets exceeding $1million.
1995
– Donna Riback, Past Chair (1995-1998)
Foundation board modernizes and changes the name and branding to The Jewish Community Foundation of Calgary (JCFC).
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JEWISH COMMUNITY FOUNDATION OF CALGARY
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 given the means to grow and prosper long after I have passed on.
Donna Riback with her family at Camp BB Riback on Pine Lake, 2013.
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.” – Sam Switzer, JCFC Past Chair (1998-2011)
2001
2013
JCFC manages the funds collected in the capital campaign to purchase Patterson Lands adjacent to JCC ($2.3 million.)
The JCFC team in 1998: Executive Director Morris Bleviss (L) with Co-Chairs Sam Switzer and Bob Kalef.
JCFC receives the largest gift in Foundation history – a $750,000 bequest from Lilian Zuidema.
2011
JCFC introduces its Teen Philanthropy Education & Training Program.
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 not 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)
2020 | ANNUAL REPORT
19
Our Calgary Jewish community is blessed by individuals and families who believe in tikkun olam and act on that intention with vision and generosity. For more than 30 years, the Jewish Community Foundation of Calgary has honoured and supported the philanthropic aspirations of our donors and strengthened our community by continuously professionalizing our governance, operations and communications.
2015
The JCFC manages 104 Funds and $6.7 million in assets - a total of $2.9 million distributed since the Foundation was established.
Over the years we have updated by-laws and fund agreements, developed operational policies and procedures, and improved communications – making the JCFC website more educational and user-friendly and issuing informative and inspiring annual reports. We recruited board and committee members with a wide range of skills and expertise and hired our first full-time professional.
2016
Above all, we strove to connect with our Fundholders in meaningful and empowering ways. By highlighting their individual and collective impact in the community, we increased the visibility and potential of JCFC.
JCFC entrusted to manage more than $3 million on behalf of the Estate of Steven Blitzz’l
2019
JCFC distributes grants nearing $861,000 - an all-time high. The JCFC, in partnership with Calgary Jewish Federation, launches the Harold Grinspoon Foundation's LIFE & LEGACY program.
I thank my wonderful and committed board members for their part in this remarkable transformation. It has been an honour to partner with dedicated and generous donors and volunteers as we share in the joy of tzedakah.” – Dr. Bettina Liverant Zeisler, Past Chair (2012-2015)
REVERSE HORIZONTAL
30
2020
The JCFC manages 167 funds. Assets under management reach $20.3 million. Cumulative grants grow to $5.8 million.
20
JEWISH COMMUNITY FOUNDATION OF CALGARY
17
2020 | Post-Secondary Scholarships
Empowering 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, 17 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 2020.
• Hamborger Family Fund • Steven Itzcovitch • Joe & Evelyn Busheikin Endowment Fund • Len & Faigel Shapiro Family Fund • Lewis Manning Charitable Fund • Myron Family Endowment Fund
I am deeply honoured by your generous contribution to my education. This grant will help me continue my pursuit of knowledge and achieve my goals.
• Nitzanim Community Fund • Peter & Kim Cohos Community Fund • Rebecca Block Fund • Robert & Sydney Kalef Endowment Fund • Sam Ousher Switzer Charitable Foundation • Stan Libin Memorial Fund • Stein Family Fund • Zeisler Family Charitable Fund • Fania & Leo z’l Wedro Charitable Fund
2020 | ANNUAL REPORT
Thank you so much for awarding me with a 2020 post-secondary scholarship. It is so generous of you and means so much to me and my family. This will greatly help me with the expense of university, where I hope to continue to give back to our Jewish and greater community.
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Legacy
Giving Calculator The Jewish Community Foundation of Calgary has created an easy-to-use tool that can help individuals, couples and families realize their potential for philanthropic legacies.
Available online now!
jcfc.ca/legacy-calculator
Your vision – our mission. Inspiring Philanthropy for 30 years.
JCFC | Staff, Board and Committees OFFICERS
INVESTMENT COMMITTEE
PAST CHAIRS
Chair
Stuart Myron
Daniel Blitt (Chair)
1990-1995 Gert Cohos
Vice President
Andrew Oppenheim
Jordan Balaban
1995-1998 Donna Ribackz’l
Treasurer
Mark Shilling
Warren Book
1998-2011 Robert Kalef
Franklin Eldridge
1998-2012 Sam Switzer
Gerry Barron
Adam Hoffman
2012-2015 Dr. Bettina Liverant Zeisler
Daniel Blitt
Micah Landes Martin Molyneaux
PAST PRESIDENT
Tamara Cohos Eytan Donsky
Stuart Myron
Jackie Halpern
Richard Nagan
Nelson Halpern
Mark Shilling
Stuart Libin
Paul Wheaton
Ellen Magidson
Bettina Zeisler
Richard Nagan
Leib Zeisler
AUDIT COMMITTEE Eytan Donsky
GRANTS AND ALLOCATIONS COMMITTEE
Nelson Halpern
Stuart Libin (Chair)
Mark Shilling
Milton Bogoch
BOARD OF DIRECTORS
Reva Faber Eva Hoffman Marilyn Libin Marilyn Samuels
Sponsors | Friends of the Foundation
Milton Bogoch
PAST EXECUTIVE DIRECTOR Morris Bleviss
FOUNDATION ADMINISTRATOR Brenda Sapoznikow
CONSULTING ACCOUNTANT Warren Book
TRIBUTE CARD COORDINATOR Terry Hornstein
Imagine the joy of ensuring a strong Jewish community for generations to come! You can establish a fund in memory of a loved one or to mark special milestones like weddings, anniversaries, b'nai mitzvah and birthdays. JCFC offers expertise, variety and flexibility to help you create the fund that turns your philanthropic dreams into realities. Your vision is our mission. 1607 - 90 Avenue SW, Calgary, AB T2V 4V7 phone: 403-640-2273 ¡ email: mail@jcfc.ca ¡ www.jcfc.ca