2021 Annual Report Jewish Community Foundation of Calgary
2020–21 | Making a Difference Message from the Chair
JCFC transitions to a new software platform – Foundant Technologies’ Community Suite.
At its core, the Jewish Community Foundation of Calgary (“JCFC”) was founded to support the philanthropic goals of our donors and the causes dearest to them. Thanks to the generosity of our fund holders, our footprint and positive impact in the Calgary Jewish community continues to grow. The JCFC’s assets under management now total $25.9 million ($20.3 million in 2020), an all-time high representing year over year growth of 27%. As noted below, an increasing number of individuals, families and community organizations have faith in our Foundation’s ability to capably steward their charitable funds and to support their philanthropic passions and objectives. Funds under JCFC stewardship total 186 (167 in 2020). Over the past year, grants were issued to 126 recipients (136 in 2020). On behalf of
JCFC Grants and Disbursements Cumulative | Millions ($) 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0
2
2017
2018
2019
2020
our fund holders, the JCFC distributed grants of $953,000 also an all-time high ($612,000 in 2020). 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 $6.7 million dollars in support of organizations and causes nearest and dearest to the hearts of Calgary Jewish philanthropists. For the twelve-month period ending June 30, 2021, the gross investment return was 14.55% on our aggregate assets (inclusive of State of Israel bonds) and 14% net of investment management expense. Our Investment Committee continues to monitor the results of our investment managers, measuring their performance in relation to external benchmarks and comparing the investment returns of each manager to the other. In accordance with these strong governance practices, the Investment Committee brought a recommendation to the JCFC Board of Directors to appoint Fiera Capital to the JCFC’s investment management team replacing Gluskin Sheff. As previously communicated in November, 2020, the Investment Committee’s recommendation was unanimously ratified by the JCFC’s Board of Directors. Our sincere thanks go to Richard Nagan, Committee Chair, 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.
2021
JEWISH COMMUNITY FOUNDATION OF CALGARY
EDUCATION ISRAEL
HEALTH & WELLNESS
2%
5%
5%
Due to the realities of COVID-19, for the second consecutive year we were unable to deliver our Teen Philanthropy Program at Camp BB Riback. 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 continues to be 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 full LIFE & LEGACY article on page 10. The JCFC’s progress and success is not solely financial in nature. The JCFC has taken steps to enhance our relationship with you, our fundholders, and in turn
your experience with the JCFC. In October 2020, the JCFC announced that it would be transitioning to a new software platform – Foundant Technologies’ Community Suite. We are delighted to announce that the transition is complete and that the JCFC is operating on this platform as of July 1, 2021. Community Suite is a fully integrated software solution designed specifically for community foundations allowing for the processing and management of core community foundation operations. The software integrates fund accounting, online donations and event management. The software also provides a Donor Portal allowing real-time access to the most up-to-date information including account balances, fund statements, grant history and grant recommendations. The JCFC also embarked on a complete redesign and relaunch of our website. We trust that you will find the new website to be user-friendly facilitating access to pertinent and succinct information. Many thanks to Barb Krell for spearheading this initiative. In addition, the JCFC worked handin-hand with the leadership of Camp BB Riback in assessing their needs and developing their COVID-19 Revitalize campaign. Please refer to the article on page 20 for more information.
JCFC Grants by Type
SECULAR
19%
NON SECULAR
81%
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 demonstrates passion for the JCFC’s mission and our fund holders. We are pleased to welcome Kim Chulsky to the JCFC staff in the capacity of Administrative Assistant.
2021 | ANNUAL REPORT
RELIGIOUS INSTITUTIONS & PROGRAMS
19%
COMMUNITY & SOCIAL SERVICES
69%
JCFC Grants by Sector
Kim is responsible for the processing of receipts, grants, accounts payable, tribute cards and the creation of electronic documents in Community Suite. Please join me in welcoming Kim to the JCFC team. We are also delighted to welcome Milt Fischbein as a Director to the JCFC Board. Gerry Barron, Eytan Donsky, Nelson Halpern, Stuart Libin, Richard Nagan and Andrew Oppenheim, each of whom has served the Board of the JCFC for one or more terms, have agreed to stand for re-election. Warm thanks to them and to continuing Board members Daniel Blitt, Jackie Halpern, Barb Krell and Darlene Switzer-Foster. We are privileged to work with such capable, visionary and generous volunteers, and philanthropists on behalf of our cherished community. Because of your collective efforts, our future is strong.
Stuart A. Myron, Chair Sincerely,
3
2020–21 | By the Numbers
$25.9 M IN ASSETS
186 FUNDS
$5.6 M
$
I
INCLUDING CUSTODIAL FUNDS
IN CAPITAL ADDITIONS
331
TRIBUTE CARDS DELIVERED TOTALLING $29,000
DIFF & 4
JEWISH COMMUNITY FOUNDATION OF CALGARY
$952,673
IN DISTRIBUTIONS TO THE JEWISH COMMUNITY
$6.75 MILLION OVER 30 YEARS
81% 19% TO THE COMMUNITY AT LARGE
470 CHEQUES ISSUED TO
13 ACADEMIC POST-SECONDARY SCHOLARSHIPS
126
DIFFERENT CHARITIES & SCHOLARSHIP RECIPIENTS 2021 | ANNUAL REPORT
TOTALLING
$28,000 5
2020–21 | 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. CUSTODIAL FUNDS
The Calgary Jewish Academy *
Calgary Jewish Community Campus Corporation *
The Friends of the Calgary
Calgary Jewish Federation *
Jewish Academy Trust *
CBTCS Jewish Film Festival Fund
DONOR DIRECTED
CBTCS Beulah & Norman Martin Cantorial Fund
Adam Maerov & Margie Sills-
CBTCS Building Reserve Fund CBTCS Congregation Fund
ENDOWMENT FUNDS
Alex Osten Life & Legacy Fund
CBTCS Legacy Fund
Alicez’l & Jacob (Jack) Adler
CBTCS Memorial Park Fund CBTCS Rabbi’s Discretionary Fund
Endowment Fund
Ann and Ralph Kalef Endowment Fund Anne Frank Fund For Holocaust Education
CBTCS Ralph Gurevitch Tikun Olam Fund
Archie & Charna Shapiro
CBTCS Steven Blitz Bursary Endowment Fund
Aron and Ida Eichler Fund
CJFED/JCFC Life & Legacy Fund * FCJA - Stuart & Irene Ross Literacy Fund Jewish Historical Society of Southern Alberta Steven Blitz Charitable Trust
Family Fund *
For Jewish Education Asper Holocaust and Human Rights Education Fund Bella Singer Memorial Fund B H Girvitz Family Fund * Bing Family Temple B’nai Tikvah Founders Fund
6
Bonnie Kaplan Endowment Fund
David Inhaber Community Fund *
Brent and Tedi Martin Fund
David Waterman Endowment Fund
Calgary Beth Tzedec Synagogue Life & Legacy Endowment Fund
Calgary Jewish Academy Life & Legacy Endowment Fund
Alex and Phyllis Rubin
Endowment Fund
David Halpern Family Endowment Fund
Calgary Jewish Academy - Jack & Alice z’l Adler Torah Learning Fund
Maerov Fund *
CBTCS Festival Endowment Fund
CBTCS Leo & Goldie Sheftel Rabbinic Chair
Bleviss-Sapoznikow Family Fund
Calgary Jewish Community Centre Life & Legacy Endowment Fund Calgary Jewish Federation Life & Legacy Endowment Fund Camp BB Riback Life & Legacy Endowment Fund Celia Rostoker Millman Fund For Jewish Education
Donna Riback Lion of Judah Endowment Fund Donna Riback Temple B’nai Tikvah Building Fund Dr. David Lander Fund Dr. Stuart & Irene Ross Holocaust Education & Endowment Fund Elize and Lilian Zuidema Endowment Fund Expatriate Fund Fanny and Aaron Malkin Endowment Fund Frandel and Louis Belzberg Scholarship Fund Gary Rosenbaum Children’s Assistance Fund
Chabad Lubavitch of Alberta Endowment Fund *
General Heritage Foundation Fund
Charles Wainberg Memorial Fund
Gertrude Cohos Endowment Fund
Cheryl & Jason Gurevitch Family Fund *
Halpern Akiva Academy Life & Legacy Endowment Fund
Craimer-Samuels Family Endowment Daphne Taras & Allen Ponak Family Fund
Harriet & Phil Libin Philanthropic Fund *
JEWISH COMMUNITY FOUNDATION OF CALGARY
House of Jacob Mikveh Israel Life & Legacy Endowment Fund Ida Switzer Lion of Judah Endowment Fund Jack and Betty Sharp Endowment Fund Jerry Libin Community Fund Jewish Family Service Calgary Life & Legacy Endowment Fund Jewish Historical Society of Southern Alberta Life & Legacy Endowment Fund Jewish War Veterans of Canada, Calgary Post No. 2 Endowment Fund Joseph & Mira Tappenden Endowment Fund *
Marilyn Libin Lion Of Judah Endowment Fund
Sarah and Ziggy Bleviss Endowment Fund
DONOR ADVISED ENDOWMENT FUNDS
Marnie & Darren Bondar Family Charitable Fund *
Second Generation Fund
Abe and Bertha Gold Endowment Fund
Max and Bessie Shulder Endowment Fund Max and Molly Pressman Endowment Fund Mendelson Hodgins Jewish Community Fund * Molly Joffe B’nai Mitzvah Fund Nelson & Debbie Halpern Community HOJMI Fund Norman and Beulah Martin Endowment Fund Norman Silver Endowment Fund
Kaganov Family Fund
ORT March-Of-The-Living Endowment Fund
Kalef Steinberg Family Fund
Peter and Kim Cohos Community Fund
Krell Maccabi Endowment Fund
Raber Family Fund
KSW Calgary Holocaust Education & Commemoration Endowment Fund * Lexier Community Fund Lipkind Family Endowment Fund Lister Family Endowment Fund Lorne Pearl Legacy Fund Lynn Einstein and Lionel Groberman Endowment Fund Maccabi Canada Athlete Fund Margaret and Morris Bleviss Endowment Fund
2021 | ANNUAL REPORT
Ralph and Florence Switzer Endowment Fund Rebecca Block Fund Richard & Max Shilling Camp BB Riback Fund
Sema and Morris Belzberg Endowment Fund Sheila & David Martin Legacy Fund Shilling Family Endowment Fund for JFSC Stan Libin Memorial Endowment Fund Stein Family Fund Steinberg Family Endowment Fund Steve Eichler & Tracey Rumig - Be the Change Fund * Steven Blitz Endowment Fund Susan Inhaber Community Fund * Switzer 2005 Family Reunion Endowment Fund Ted and Betty Riback Camp Bursary Fund Temple B’nai Tikvah Life & Legacy Endowment Fund
Romer Segal Family Fund
Vivian Katz Endowment Fund For Jewish Education
Rose Hallis Student Travel Bursary Fund
Waterman Family Endowment Fund
Rothenberg Seidman Family Endowment Fund
Wedro Holocaust Education Fund
Sahbra Anna Markus Community Fund
William Cohen Memorial Scholarship Fund
Sam and Ida Switzer Endowment Fund
Yakov and Karen Behar Endowment Fund
Arlein and Dovz’l Chetner Family Endowment Fund Gabriel Manning Bar Mitzvah Fund George & Sondra Goodman Endowment Fund * Isaac Family Fund for Holocaust Education Jeffrey Secter Bursary Fund Joe and Evelyn Busheikin Endowment Fund Jonathan Berall Endowment Fund Len & Faigel Shapiro Family Endowment Fund Myra & Maurice Paperny Family Fund Myron Family Endowment Fund Nate and Lily Horodezky Fund Robert and Sydney Kalef Endowment Fund Sierra Libin Philanthropy Fund Solomon and Adelle Saper Endowment Fund Vic Freidin Memorial Camp Scholarship Fund Zeisler Family Endowment Fund
Zenith/Laven CJA Life & Legacy Scholarship Fund
7
DONOR ADVISED FLOW THROUGH FUNDS Bogoch Community Fund * Bogoch Family Endowment Fund For Jewish Education Chetner Family Community Fund
Hamborger Family Fund Haya & Stan Stein Family Fund
Mark Shilling & Sheryl Livergant Community Fund
Rubensohn Family Fund *
Marnie & Darren Bondar Family Community Fund *
Sam Switzer Community Fund
Jack Balaban Memorial Fund
Jeno Klein Legacy Fund *
Gladys and Mackie Shuler Health Support Fund Halpern-Solomon Fund
Ron Barron Community Fund
ITC Fund
Fania and Leoz’l Wedro Community Fund
Fischbein Family Community Fund
Lexier Community Fund March-Of-The-Living Fund
Jeff and Wendy Kohn Endowment Fund
Fay (Smolensky) Schwartz Memorial Fund
Rabinovitz Family Community Fund
Holocaust Memorial Fund
Craimer-Samuels Family
Fanny Wedro Holocaust Education Fund
Lewis Manning Charitable Fund
Jewish War Veterans of Canada, Calgary Post No. 2 Casino Joel & Christina Reboh Family Fund * Joy & Max Feldman Community Fund Judy Shapiro Maccabi Fund Len & Faigel Shapiro Family Flow Through Fund
Maureen and Joe Katchen Fund Mayer Family Endowment Fund
Sam and Ida Switzer Flow Through Fund
Silverstone Family Community Fund Stan & Trish Mayer and Family Community Fund Steve Baylin Legacy Fund *
Megan Macfarland Fund
Susan Klein Memorial Fund
Nitzanim Community Fund
Switzer Foster Family Fund
PJ Library Jewish Education Fund
Tibor Kaldor Legacy Fund
Prosperity Farm Legacy Fund
Zeisler Family Charitable Fund
As of June 30, 2021 * New funds since our last annual general meeting Life and Legacy
In Memory
July 2020 – June 2021 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.
8
Sondra Goodman z’l
Mona Rosenbaum z’l
Steve Baylin z’l
George & Sondra Goodman Endowment Fund
Gary Rosenbaum Children’s Assistance Fund
Steve Baylin Legacy Fund
October 2020
January 2021
March 2021
JEWISH COMMUNITY FOUNDATION OF CALGARY
2020–21 | Grantees Alberta Ballet
Camp BB Riback Canadian Cancer Society
HR Canada Charitable Organization
Sheldon Kennedy Child Advocacy Centre
Alberta Cancer Foundation Alberta Children’s Hospital Foundation
Canadian Friends of Hebrew University
International Conservation Fund of Canada
Sleeping Children Around the World
Alberta Society of Melanoma
Canadian Harambee Education Society
Jewish Family Service Calgary
Stars Air Ambulance
Jewish Federation of Edmonton
Technion Canada
Terry Fox Foundation
Canadian Red Cross
Jewish Federation of Greater Vancouver
Alzheimer Society of Alberta and Northwest Territories
Canadian Stuttering Association
Jewish Federation of Victoria & Vancouver Island
Banff Centre
Canadian Wildlife Federation Inc.
Jewish Heritage Foundation of Canada
Cancer Research Society
Jewish Historical Society of Southern Alberta
Alberta SPCA ALS Society of Alberta Altitude Project Community Support Foundation
BC Parks Foundation Beit Halochem Canada Beth Tzedec Congregation Society B’nai Brith Menorah Foundation
Canadian Mental Health Association
Careers, The Next Generation Foundation Centre for Israel & Jewish Affairs Chabad Lubavitch of Alberta
Jewish National Fund Juvenile Diabetes Research Foundation
Temple B’nai Tikvah
The Arthritis Society The Canlearn Society for Persons With Learning Difficulties The Esther Honens International Piano Foundation The Foundation for Seniors Care The Leukemia & Lymphoma Society of Canada
C4i Canada
Chevra Kadisha
Kehilat Shalom Society of Calgary
Calgary Community Kollel Society
Canadian National Institute for the Blind
Kids Cancer Care Foundation
The Lung Association Alberta & NWT
Congregation Emanu-EI
L’Arche
The Mustard Seed
Calgary Counselling Centre
Congregation House of Jacob Mikveh Israel
Leket Canada
Calgary Drop-In Centre
The Nature Conservancy of Canada
Calgary Food Bank Calgary Humane Society Calgary Interfaith Food Bank Calgary Jewish Academy Calgary Jewish Community Centre
Crohn’s & Colitis Canada Cystic Fibrosis Canada Diabetes Canada Ecotrust Canada Education Matters
Calgary Jewish Federation
Epilepsy Canada
Calgary Opera
Foothills Academy Society
Calgary Philharmonic Society
Greater Victoria Coalition to End Homelessness
Calgary Public Library Foundation Calgary Shaw Charity Classic Foundation Calgary Women’s Emergency Shelter Calgary Zoological Society
2021 | ANNUAL REPORT
Libin Cardiovascular Research Center
The Salvation Army
Maccabi Canada
Unicef Canada
Magen David Adom
United Way of Calgary and Area
Mazon Canada MS Society Na’amat Canada Ne’eman Foundation Canada Opportunity International Canada
University of Alberta, Office of Advancement University of Calgary War Child Canada Weizmann Canada
Osteoporosis Canada
Wellspring Calgary
Halpern Akiva Academy
Parkinson Association of Alberta
Wings of Hope Breast Cancer Foundation
Heart and Stroke Foundation of Alberta, NWT & Nunavut
Parkinson Canada
World Vision Canada
Project Warmth Society of Alberta
YWCA
Hadassah-WIZO Canada
Heritage Park Society Homefront Calgary
9
Philanthropy | In Action
LIFE & LEGACY continues to transform the culture of charitable giving in Jewish Calgary as 10 community partner agencies and hundreds of generous donors ensure the future viability of many of this community’s most beloved and relied-upon programs and causes. Launched by the Massacheusetts-based Harold Grinspoon Foundation in 2012, LIFE & LEGACY is coordinated locally by the Jewish Community Foundation of Calgary and the Calgary Jewish Federation. Jewish Calgary was the first Canadian community to embrace this donor-centric approach to raising endowment funds through after-lifetime gifts. Donors are not asked for cash gifts today. Instead, they are encouraged to name their favourite charitable organizations and causes as beneficiaries in their wills, life insurance policies, retirement funds or trusts. Since the local launch of LIFE & LEGACY two-and-a-half years ago, Calgary donors have signed letters of intent naming the organizations and programs they wish to support in perpetuity. Most often benefactors earmark funds for the programs and causes
10
JEWISH COMMUNITY FOUNDATION OF CALGARY
they already support annually, including those organizations and causes they cannot imagine Jewish Calgary doing without. In the third year of the LIFE & LEGACY program, local partners are focused upon helping their LIFE & LEGACY donors to formalize the gifts they previously committed to in their letters of intent. At the same time, each organization continues to open new and exciting conversations with a rapidly expanding list of donors. To date, 560 promises have been made by 216 Calgary donors, far exceeding program benchmarks. The total estimated value of these commitments is close to $18 million. Throughout North America, promises of more than $1 billion have been made by LIFE & LEGACY donors. To date, the Harold Grinspoon Foundation has provided grants totaling $160,000 to Calgary partner agencies in recognition of their success in achieving program benchmarks. The funds have helped some organizations to meet the challenges posed by the COVID-19 pandemic. Other organizations have been able to add these incentive grants to their
2021 | ANNUAL REPORT
It is an inspiration to work with so many people who see the value and importance of legacy giving in our community. LIFE & LEGACY funds, giving a boost to their endowment funds. “I am very proud that a diverse spectrum of donors has chosen to embrace endowment giving,” says Stuart Myron, Chair of the Jewish Community Foundation of Calgary. “In fact, Calgary is a leader among communities of comparable size throughout North America.” In Calgary, individuals and families of all income levels have stepped up in support of multiple charitable organizations within and beyond the Jewish community. Approximately 45% of local donors are less than 60 years of age. On average, donors support more than two agencies each. “It is an inspiration to work with so many people who see the value
and importance of legacy giving in our community,” says Diana Kalef, Director of Development at Calgary Jewish Federation. “In the past we have relied heavily upon the generosity of major donors. Now we are moving into a new era where more and more individuals and families are realizing that it is up to all of us to do what we can to ensure the future of Jewish Calgary.” If you have already named Jewish community organizations as beneficiaries of your afterlifetime gift or you would like more information on endowment giving through LIFE & LEGACY, please contact the Jewish Community Foundation of Calgary, Calgary Jewish Federation, or any LIFE & LEGACY partner agency.
11
2020–2021 | Statement of Financial Position
June 30, 2021 with comparative information for June 30, 2020
2021
2020
1,375,419
2,057,099
23,805
1,672
1,399,224
2,058,771
23,087,889
16,903,101
State of Israel Bonds, at Amortized Cost
836,807
809,310
Cash Surrender Value of Life Insurance
584,200
495,191
25,908,120
20,266,373
206,916
98,789
3,194,481
2,263,445
3,401,397
2,362,234
14,027,794
10,699,377
17,429,191
13,061,611
-
109,779
Directed
6,473,116
2,883,517
Donor Advised
2,005,813
4,211,466
8,478,929
7,204,762
25,908,120
20,266,373
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, 2021 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.
12
2021 | ANNUAL REPORT
2020–2021 | Condensed Statement of Operations and Changes in Foundation Funds Unrestricted
Directed
Donor Advised
Flow-through
2021
2020
Contributions
–
693,721
149,115
1,385,833
2,228,669
2,270,039
Investment Income
–
601,548
440,860
394,784
1,437,192
416,113
Sponsorships
–
–
–
–
–
18,400
Total Revenue
–
1,295,269
589,975
1,780,617
3,665,861
2,704,552
Grants
–
223,683
50,392
678,598
952,673
611,780
Disbursements
–
15,152
2,500
135,997
153,649
83,265
Insurance Premiums
–
173,176
30,139
7,475
210,790
208,031
Administrative Costs
–
37,112
11,292
16,757
65,161
42,702
Marketing and Advertising
–
6,875
2,092
3,104
12,071
4,822
Audit and Legal
–
7,492
2,279
3,383
13,154
12,232
Investment Management Charges
–
30,277
9,212
13,671
53,160
61,156
Total Expenditures
–
493,767
107,906
858,985
1,460,658
1,023,988
Excess of Revenue Over Expenditures
–
801,502
482,069
921,632
2,205,203
1,680,564
Decrease / (Increase) in Deferred Flow-through Grants
–
–
–
(931,036)
(931,036)
(1,107,072)
–
801,502
482,069
(9,404)
1,274,167
573,492
109,779
2,883,517
4,211,466
–
7,204,762
6,631,270
(109,779)
2,788,097
(2,687,722)
9,404
–
–
–
6,473,116
2,005,813
–
8,478,929
7,204,762
Revenue
Expenditures
Change in Foundation Funds in the Year Balance, Beginning of Year Funds transferred
Balance, End of Year
These financial statements for the fiscal year ending June 30, 2021 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
13
2020–2021 | Investment Committee Report
2021 Fiscal Year-End Review
2021 was a year of recovery and transition for the JCFC’s funds” - Richard Nagan, Chair
The 2021 fiscal year has been a year of recovery for major global indexes, as well as a year of change for the Jewish Community Foundation of Calgary’s (“JCFC”) financial managers. Financial markets continued to recover from the March 2020 shock of COVID-19, and the turning of the calendar has brought about ongoing strength in global equity markets. Economies around the world have moved from shock to recovery, and investors continue to move into equities. As of the mid-point of 2021, investors have turned to worries about the rise in
inflation and whether this effect is permanent or temporary, as well as the threat of rising interest rates, despite their having remained near historic lows. The foregoing concerns have helped to support the moves experienced by stock markets around the world. As the year has progressed, the narrative around the equity markets has experienced some movement from Growth to Value stocks, and the JCFC continues to look to our managers to guide our funds through shifting sentiments in the global equity markets.
JCFC Funds Under Investment Management (at June 30) Lorem ipsum
MILLIONS ($)
$24.6
25.0 Custodial Foundation
20.0
$17.7
15.0
$19.0
$13.8 $11.7
10.0
5.0
0
14
2017
2018
2019
2020
2021
JEWISH COMMUNITY FOUNDATION OF CALGARY
The 2021 fiscal year has also brought about a major change in the management of the JCFC’s investments as a new manager was added. Following a lengthy RFP and examination process, Fiera Capital Corporation (“Fiera”) was brought onboard to manage half of the Foundation’s assets along with our existing manager Mawer Investment Management Ltd (“Mawer”). My sincere thank you goes out to the subcommittee members who helped in this process, with a special thank you to our past Investment Committee Chair, Dan Blitt, for all his efforts in this matter. We look forward to working with Fiera and to their contributions in the long-term success of the JCFC’s investments. With equity markets having undergone a strong recovery during the 2021 fiscal year, the JCFC Board along with the Investment Committee, have been encouraged by the continued strong performance of the Foundation’s assets under investment management. The managers have delivered a net return of 14.45% during the fiscal year 2021, with strong performances during each quarter.
JCFC Portfolio Composition 10% 10% 57% 57%
43% 43%
INTL CAN INTL CAN
At June 30, 2020 Equities Equities
2021 | ANNUAL REPORT
Bonds Bonds
Cash Cash
5% 10% 57% 57% 54%
43% 43% 46%
31% 32% 32%
58% 58% 65%
Portfolio Composition, Returns and Disbursements At June 30, 2021, total assets under investment management amounted to $24.6 million (inclusive of State of Israel bonds and cash equivalents), compared to $19.0 million the year prior. This represents an increase of approximately 29%. Since 2017, total assets under investment management have grown at a compound annual growth rate of approximately 16%. Of the $23.7
32% 32%
58% 58%
INTL CAN INTL INTL CAN CAN
At June 30, 2021 Equities Equities Equities
Bonds Bonds 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.
15
JCFC Investment Manager’s Net Annual Returns Percentage %
16
14.5%
14 12 10 8.3% 8 6
5.0%
4.4%
4
3.7%
2 0
2017
2018
2019
2020
2021
Note: Investment manager returns are displayed on a net basis or after accounting for investment management fees as of year end June 30th.
million (funds managed by Mawer and Fiera), 65% was invested in equities (split 46% Canada and 54% International), 31% was invested in bonds (100% Canadian bonds), 1% was invested in Alternative Equities (counted as part of Total Equities), and approximately 5% was held in cash. This compares to 58% equity (split 43% Canada and 57% International), 32% bonds (split 97% Canada and 3% International), 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 year-end 2021, the JCFC’s State of Israel bond portfolio had an amortized cost of $836,807 compared with $809,310 in the prior year, representing an increase of approximately 3%. Total investment manager returns for the fiscal year-ended June 30, 2021 were 15.00% before investment management fees (“gross return”), or 14.45% 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. The trailing 5-year average is 7.2%, and the 10-year is 5.8%, which excludes the impact of the State of Israel bonds and additional cash reserves. During the 2021 fiscal year, the JCFC disbursed $952,673 to a range of organizations and worthy recipients in our local community and in Israel. This compares to total disbursements of $611,780 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, 2021, the JCFC’s Blended Benchmark provided a gross total return of approximately 17.4%, resulting in the JCFC portfolio underperforming by approximately 2.2% during this period. For comparison, in 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%. In addition to evaluating performance relative to applicable market benchmarks, the JCFC Investment Committee and Board continue to monitor performance regularly against competing Investment Managers who employ comparable investment mandates.
Compliance and Risk Management At June 30, 2021, both portfolios at Mawer and Fiera were in compliance with the guidelines and constraints outlined in the current JCFC Investment Policy Statement (“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 monitor performance carefully and to thoroughly assess risk-adjusted returns relative to both market benchmarks and competing asset managers.
JEWISH COMMUNITY FOUNDATION OF CALGARY
Market Outlook
JCFC Benchmarking Analysis Percentage % 20 JCFC Gross Return
17.4%
JCFC Blended Benchmark
16
15.2%
12
8 5.8%
6.7% 5.1%
4
4.2%
4.4%
4.1%
0 2018
2019
2020
2021
Note: From March 2021: 5.00% FTSE Canada 91 Day TBill Index 35.00% FTSE Canada Universe Bond Index 20.00% S&P/TSX Composite Index (TR) 5.00% Canadian Small Cap Benchmark 15.00% S&P 500 Index (TR) 15.00% International Equity Benchmark 5.00% Global Small Cap Benchmark. From April 2019: 3.00% FTSE World Government Bond Index 5.00% FTSE Canada 91 Day TBill Index 32.00% FTSE Canada Universe Bond Index 20.00% S&P/ TSX Composite Index (TR) 5.00% Canadian Small Cap Benchmark 15.00% S&P 500 Index (TR) 15.00% International Equity Benchmark 5.00% Global Small Cap Benchmark. From Inception: 5.00% FTSE Canada 91 Day TBill Index 35.00% FTSE Canada Universe Bond Index 40.00% S&P/TSX Composite Index (TR) 5.00% Canadian Small Cap Benchmark 6.00% S&P 500 Index (TR) 6.00% International Equity Benchmark 3.00% Global Small Cap Benchmark
Economies around the world have started to recover as pentup demand, strong vaccination rates, and Central Bank support have all worked together to bring growth back to global markets. Many challenges to the equity markets remain, with COVID variants and the potential for rising inflation and interest rates being at the forefront. It is always a challenge to make short-term predictions as to the direction of global markets, however, investors remain optimistic that equities will continue to deliver strong returns, especially in the face of low, but potentially rising, interest rates. As long-term investors, the JCFC Board and the Investment Committee remain focused on ensuring that our Investment Managers adhere to the investment mandate outlined in our IPS, and believe that the investment actions taken by the managers continue to deliver strong risk-adjusted portfolio returns. The JCFC would like to express again our gratitude to both Fiera 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.
Richard Nagan, Chair JCFC Investment Committee
2021 | ANNUAL REPORT
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Philanthropy | In Action THE KSW CALGARY HOLOCAUST EDUCATION AND COMMEMORATION ENDOWMENT FUND for Krell, Switzer and Wedro as well as Keren Shalom World) is to find—and fund—new ways to share the messages of Holocaust survivors, commemorate the Shoah, promote human dignity and combat antisemitism and discrimination.
Seated: Darlene Switzer Foster (L), Fania Wedro. Standing: Ron Krell, Barb Krell, Joshua Switzer.
Holocaust survivors who made Calgary their home have been a source of inspiration for countless individuals within and beyond the Jewish community. Having witnessed and experienced unspeakable atrocities at the hands of the Nazis and their collaborators, many of these brave men and women overcame terrible trauma, helping to build the Calgary Jewish community through their generosity and active involvement in multiple organizations and initiatives.
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In the words of Holocaust survivor and Nobel laureate Elie Wiesel, “Indifference is never an option.” The example set by Calgary survivors compels us to find new ways of bringing Holocaust education to future generations of Calgarians. Toward that end, the founders of the KSW Calgary Holocaust Education & Commemoration Endowment Fund joined together in 2020 to help ensure that the survivors’ mantra of “Never Again” is fulfilled. The goal of the KSW Fund (an acronym
The Krells, Switzers and Wedros are well known for their active participation in numerous aspects of Jewish communal life. In June, 1981, Barb and Ron Krell attended the first World Gathering of Holocaust Survivors together with Ron’s brother and parents (all three of whom survived the Shoah). Inspired by the gathering, the Krells embarked on a lifelong mission, bringing Holocaust survivors and their children together to create local programs. They were instrumental in creating the annual Holocaust education symposium. Now in its 38th year, the symposium, organized by Calgary Jewish Federation and typically hosted at Mount Royal University, has touched the lives of thousands of Calgary and area teens and their teachers. The beating heart of the symposium is the testimony of survivors; in recent years the program has been augmented by the participation of second and third generation survivors. Due to the march of time, the descendants of Holocaust survivors are increasingly called upon to share their parents’ and grandparents’
JEWISH COMMUNITY FOUNDATION OF CALGARY
stories at the symposium, in classrooms and at community events. When COVID-19 disrupted the usual modes of delivery, online program delivery expanded the reach of the symposium and other Holocaust-related programming well beyond Calgary, reaching a greater audience than ever before. Meeting survivors and hearing their personal testimony is an unforgettable experience for students. Survivor Fania Wedro has been a stalwart participant for decades, sharing her story at the symposium and beyond, including on the March of the Living. Born in Korzec, Poland, Fania was just 14 years old when the Nazis came and took away all the Jewish men in the town. About a year later, Fania, her mother and all Jews who remained were rounded up, marched to the market square, and placed in a ghetto. When word spread that a massacre was about to occur, the Jews set fire to the ghetto buildings, creating a diversion. Fania was one of the few to escape. She survived the Holocaust by hiding in the forest after the Jews of Korzec were liquidated. She was too young to join the Jewish partisans but
miraculously managed to survive on her own in the forest until she was liberated by the Red Army in 1944. In 1945, Fania was smuggled across numerous borders until she reached a Displaced Persons camp in Linz, Austria. Since she had received an excellent Hebrew education, Fania was able to serve as a teacher in a camp school. In Linz, she met the love of her life, Leo Wedro z’l. They were married in the camp and immigrated to Canada in 1948. Fania has worked tirelessly to make sure that the story of her family and the massacre of Jewish villagers in Eastern Europe—the Holocaust by Bullets—is never forgotten. The Wedros have been a strong presence in the Switzer home. To Josh Switzer and his siblings, Fania is affectionately known as Bubbie Fania. When Josh and his father, Ronald, participated in an Adult March of the Living trip, the experience was a catalyst for Josh, who embraced the urgency of combating hatred, stemming the rising tide of antisemitism and commemorating the millions murdered by the Nazis and their collaborators.
Following in the philanthropic footsteps of his beloved grandfather, Sam (Ousher) Switzer z”l, Josh along with his aunt, Darlene Switzer Foster and acting on behalf of the Switzer family, joined with the Wedro and Krell families to establish the KSW Holocaust Education & Commemoration Endowment Fund. Income from the fund will be used in perpetuity to fund Holocaust awareness and remembrance, inspiring future generations to embrace local Holocaust survivors’ messages of love and hope while combatting indifference and hate. The KSW Fund has already made a positive impact in our community. In 2021, the fund made its first allocations of earned income. Grants were made in support of Calgary Jewish Federation’s Virtual Holocaust Survivor & Descendant Presentations and to the recently launched joint initiative of the Calgary and Edmonton Public Libraries’ Human Rights & Holocaust Education Fund. The KSW Calgary Holocaust Education & Commemoration Endowment Fund welcomes contributions and grant applications through the JCFC.
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The KSW Fund has already made a positive impact in our community. In 2021, the fund made its first allocations of earned income.
2021 | ANNUAL REPORT
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Philanthropy | In Action PANDEMIC SUPPORT RECOGNITION PROJECT
100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000
e z i l a t i Rev Campaign 10,000
19 COVID
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Camp BB Riback and I consider the JCFC to be one of our greatest friends in the province.
The participants and one of my staff, Micah Allen, wanted to do something to honor some of our biggest supporters during the pandemic. Of course, I suggested the JCFC as one of the recipients as your organization has supported us in so many ways. After the loss of the 2020 camping season, in November 2020, the JCFC assisted us with our financial planning and assessment of our immediate financial requirements. The JCFC
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also met with our Board of Directors assisting us in the presentation of this financial analysis which led directly to the development and launch of our COVID-19 Revitalize Campaign. Once again, the JCFC was front and centre playing an active and pivotal role in the development of the campaign. The campaign has been a massive success generating more than $70,000 in donations which were matched to the extent of 50% by the Harold Grinspoon Foundation. In
addition, because of the JCFC we made our deadline and will receive another $10,000. The success of the campaign made the 2021 summer possible. The JCFC, and in this particular case Brenda Sapoznikow and Stuart Myron, were and continue to be amazing resources for consultation and advice. When it became known that the typical 2021 camper season would also be lost due to the pandemic, the JCFC once again responded by actively participating in a review/ confirmation of our financial requirements. Camp BB Riback and I consider the JCFC to be one of our greatest friends in the province. The JCFC is a natural fit to the philanthropy recognition project created by our campers to honor your philanthropy to Camp BB Riback and the greater Jewish community. As such, a plaque as shown in the attached picture has been placed in The Jack Abugov Storm Shelter. Stacy Shaikin Executive Director Camp BB Riback
JEWISH COMMUNITY FOUNDATION OF CALGARY
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2021 | 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, 13 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.
• Craimer-Samuels Endowment Fund • Max & Molly Pressman Endowment Fund • Dr. David Lander Fund • David Waterman Endowment Fund • Bella Singer Memorial Fund • Bogoch Family Endowment Fund for Jewish Education • Charles Wainberg Memorial Fund • Fanny and Aaron Malkin Endowment Fund • Ralph and Florence Switzer Endowment Fund • Aron and Ida Eichler Fund For Jewish Education
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.
• Norman and Beulah Martin Endowment Fund
Thank you so much for awarding me with a 2021 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.
2021 | ANNUAL REPORT
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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 at:
jcfc.ca
Your vision – our mission. Inspiring Philanthropy for more than 30 years.
2020 - 2021 | Our Organization OFFICERS
INVESTMENT COMMITTEE
PAST CHAIRS
Chair
Stuart Myron
Richard Nagan (Chair)
1990-1995 Gert Cohos
Vice President
Andrew Oppenheim
Daniel Blitt
1995-1998 Donna Ribackz’l
Treasurer
Eytan Donsky
Warren Book
1998-2011 Robert Kalef
Franklin Eldridge
1998-2012 Sam Switzer
Gerry Barron
Adam Hoffman
2012-2015 Dr. Bettina Liverant Zeisler
Daniel Blitt
Corey Mitchell Micah Landes
PAST PRESIDENT
Darlene Switzer Foster Jackie Halpern
Martin Molyneaux
Nelson Halpern
Stuart Myron
Barb Krell Stuart Libin
Andrew Oppenheim
Richard Nagan
Paul Wheaton
AUDIT COMMITTEE
Dr. Bettina Liverant Zeisler
CONSULTING ACCOUNTANT
Warren Book
Leib Zeisler
Warren Book
Eytan Donsky
TRIBUTE CARD COORDINATOR
Nelson Halpern
GRANTS AND ALLOCATIONS COMMITTEE
Stuart Myron
Stuart Libin (Chair)
BOARD OF DIRECTORS
Mark Shilling
Milton Bogoch Reva Faber Eva Hoffman Wendy Kennelly Marilyn Libin Marilyn Samuels
Sponsors | Friends of the Foundation
Milton Bogoch
PAST EXECUTIVE DIRECTOR Morris Bleviss
FOUNDATION MANAGER Brenda Sapoznikow
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